Venezuela: Satellites, Bitcoin and More
Venezuela has the worst performing internet connection in Latin America, which negatively affects a very active user base in terms of crypto-finance and access to blockchain.
In Steemit and Hive for example, Venezuelan users have great representation, we have discovered the benefit that cryptocurrencies provide to humanity and we have known how to take advantage of it in the sense of improving our quality of life, mainly in the acquisition of food.
The constant interruptions of the electrical service together with the blockages or "drops" of the internet service, affect the performance of this population of users, who despite the adversities, maintain their presence and have managed to mark milestones such as the country of Latin America with higher volume of weekly Bitcoin trades which reached more than 2,000 BTC (around USD 6.8 million) on the peer-to-peer (P2P) exchange LocalBitcoins at the beginning of 2019.
Venezuela also ranked first in Latin America for being the country with legislation on crypto-finance, this due to the creation of government agencies.
New Venezuelan Landmark.
Despite its political and economic problems, Venezuela ranks first among all Latin countries in adoption of cryptocurrencies.
Now we are again surprised by the news of the installation of the first Blockstream satellite node to transmit Bitcoin transactions
Source
The company Blockstream (Provider of products and services based on Bitcoin and blockchain), launched a new satellite service that has a transmission protocol with higher bandwidth, additional coverage areas and the ability to synchronize with a Bitcoin node. This will allow users to obtain all the information on the BTC blockchain from the genesis block to the most recent one, "without the need for internet".
The company Cryptobuyer, a Latin American startup that offers payment solutions based on cryptocurrency, together with the work team AnibalCrypto, hired the EUTELSAT-113 satellite belonging to Blockstream to transmit data offline (without internet).
"We downloaded the entire Bitcoin blockchain and successfully carried out the first transaction through a Bitcoin satellite node in our country on September 23, from the city of Valencia." “We receive bitcoins through the satellite connection without any internet connection. It was a moment of great achievement."
Álvaro Pérez, programmer of AnibalCrypto
Conclusion
The implementation of this new BTC satellite node in Venezuela represents a great advance in telecommunications matters, but mainly it provides Venezuelans with the possibility of continuing to carry out their Bitcoin transactions without having to depend on the Internet access service, which is controlled entirely by the Venezuelan State.
This technological independence will bring a better performance of BTC operations in the country and we will surely see a new increase in the number of weekly operations.
More Information & Resources:
https://anibalcripto.com/
https://medium.com/@Cryptobuyer
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Venezuela will not fully embrace what cryptocurrencies provide until Maduro is out of office and the leftwing politicians accept that the venezuelan people want to transact with Bitcoin instead of the government issued currency.
Well said!
Are you or one of your relatives, Venezuelans?
I'm not Venezuelan. Mi mama es boricua y mi papa es de Peru, yo naci aqui en los estados unidos, pero me gusta el periodismo.
Tu sangre es Latinoamericana.
Es un placer conocerte!
Por eso estás tan bien informado de la situación en Venezuela.
The good thing about all digital ecosystems is that it offers opportunities like this satellite in the case of cryptocurrencies to further stimulate their level of confidence for their use, thanks for great information.
Thank you, for commenting, dear friend.
Hello friend @juanmolina
Now that's progress.
Breaking the dependence even on the Internet for BTC transactions is a milestone. I didn't know it could be done. Impressive.
It's a point in favor of the entire Venezuelan population, which, as you say, has a great presence in the cryptographic world.
#onepercent
#colombia
We must think that this service will not be cheap.
So: Who can afford these expenses? Only those who move considerable amounts of BTC, people very close to the government.
@tipu curate 2
Upvoted 👌 (Mana: 2/6) Passive income || Compare APR
You really shed more light on this issue. I have come accross many Venezuelans complaining about internetfacilities in the country. I hope things get better there. I laud your interests in crypto despite the challenge of poor internet.
Hopefully many Venezuelans benefit from this technology, but the reality is different:
Only a privileged group will be able to pay these service fees.
That's another issue.
It is very good news dear friend, I am going to investigate more about this topic, maybe in the future I will need to use this advance, I am happy with this type of news, when good things happen in our country I am really happy
Hopefully, this technology is beneficial for you.
This is good news for Venezuelans who are interested in cryptocurrency, it feels exciting when progress is being made and I feel this is really one level of progress indeed. Congratulations once again.
It really is a breakthrough, just as you say.
Too bad very few people will benefit from this.
Among some negative things, some good things always move and consolidate, and this is the case that in technological matters, where BTC transactions can be made without the need to have Internet access, an excellent advance for Venezuela. Thank you my dear friend @juanmolina for teaching us about this great advance. Greetings
Hello dear friend, @ carlos84
Thanks for reading and commenting.
You are right, this is a great technological advance in Venezuela.
If we see it well, we simply have a company that made an investment and hired a service.
This company will offer its service to interested clients.
These clients must pay for this service, which will not be cheap or popular, on the contrary, only an exclusive elite will be able to enjoy its benefits.
I think so.