Cryptobuyer, a startup providing Bitcoin services in Latin America, recently finalized installing the first BTC node connected to a satellite network within Venezuela.
This innovative infrastructure that taps into the Satellite network provided by Blockstream bypasses the need for local internet connectivity for Bitcoin users in the region.
CryptoBuyer collaborated with several partners to launch the satellite node, including AnibalCripto, a crypto training program provider.
Jorge Farias, CEO of CryptoBuyer, asserted that the project aimed to offer Venezuelans real and tangible products that solve real-world challenges.
The Bitcoin services provider has in the recent past deployed Bitcoin ATMs and Bitcoin point-of-sale terminals across Latin America, along with a fiat-crypto exchange platform.
Cryptobuyer now intends to further promote Bitcoin’s adoption in the country by installing additional nodes in Caracas (the capital) and Bolivar state.
Addressing the Challenge of Poor Internet Connectivity
Venezuelan BTC users will now have the capacity to connect with the satellite node via local mesh networks across the country. This connectivity lets users access a 24/7 digital money structure that does not require a local internet infrastructure.
Anibal Garrido, CEO of AnibalCripto, noted that the project is essential to upholding privacy and decentralization principles. This development is crucial, given that the Venezuela government recently attempted to centralize BTC mining.
“With this development, we are no longer subject to requirements such as the use of an Internet Service Provider (ISP), which may attempt to break the principles of privacy and decentralization that are the foundations of this cypherpunk technology,” Garrido explained.
The newly launched Bitcoin satellite node seeks to address the local issues of poor internet connectivity plaguing Venezuela. The project now ensures that users never get cut off from the Bitcoin network. Likewise, this move enables the processing and facilitation of BTC transactions without physical internet lines.
As we reported, the ability to bridge gaps in internet infrastructure is crucial to accelerating BTC adoption in nations with poor connectivity.
Latin America Turns to Crypto
Blockchain analytics firm Chainalysis recently released a report highlighting how economic turbulence in Latin America drives crypto adoption.
Countries like Venezuela have struggled with hyperinflation for months, resulting in many residents turning towards crypto as their primary means of exchange.
Latin Americans are reportedly also using cryptocurrencies such as BTC as an inflation hedge, a store of value, and an investment vehicle.
As per Chainalysis, banking difficulties and the need for cross-border remittances are primary factors driving crypto usage in Colombia, Argentina, Venezuela, and Ecuador.