2 November 2024
First Bitcoin Node Ever Installed In Venezuela
When it comes to the internet, Venezuela has poor internet infrastructure. To overcome this, using Blockstream's satellite technology to broadcast Bitcoin transactions could get around that.
Venezuela has installed its first Bitcoin satellite node and is capable of processing transactions without an internet connection.
It allows for a node on the ground to receive Bitcoin transaction details from a Blockstream satellite without the internet.
The space node in Venezuela was set up in the country by Anibal Garrido and the Anibal Cripto team.
Blockstream technology is used to contract satellites in this case, EUTELSAT-113—to broadcast data between points via offline connections.
The idea is taken from Cryptobuyer which is a Latin American startup focused on offering cryptocurrency-based payment solutions.
CEO of Cryptobuyer, Jorge Farias said
"We started in Venezuela because of the obvious connectivity problems and Cryptobuyer is always looking for a way to be resilient to these kinds of problems by anticipating any possible contingency."
Through Blockstream, the node on the ground receives the data packet via satellite.
There are three antennas installed, one in Valencia and the other two in the capital city, Caracas, and Puerto Ordaz. Valencia was the choice of Cryptobuyer as it is an industrialized city but doesn't have many tall buildings that could block the signal.
This ambitious project is the first stage towards increasing Bitcoin's usability in a country with below-average technological infrastructure. Venezuela has the slowest internet speeds on the entire continent.
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