Venezuela Launched The First Bitcoin Satellite Node
Venezuela inflation rate is just going parabolic as Venezuela's economy continues to endure hyperinflation, therefore more business started to accept cryptocurrencies as a protection of their purchasing power and a more stable of medium of exchange. On top of the hyperinflation, Venezuela also facing with the slowest internet speeds of the world, which makes cryptocurrency transaction even more difficult.
A Latin-American start-up Cryptobuyer come up with a solution, offering cryptocurrency-based payment solution in collaborations with Blockstream's satellite technology, capable of broadcasting Bitcoin transaction without internet access. That is huge in a country where internet connection is poor.
The satellite antenna installed in Venezuela is in charge of the communication between the blockchain and the node. This technology allows the Venezuelan node to process information in real-time completely offline, facilitating the use of cryptocurrencies in remote areas.
This could be the first stage of an ambitious project that could contribute to Bitcoin's mainstream adoption and usability in poor countries as well.
What do you think, is it going to boost Bitcoin and Crypto adoption? Comment down below ;)
Disclaimer: Information found on Ivy Kepiro Ltd. is gathered from variety of sources to bring information to you. It does not represent the opinions of Ivy Kepiro Ltd. on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.