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Cryptocurrency Without Internet – A Good Backup Plan

Bitcoin is now available even without internet

Bitcoin is now available even without internet
CONTENT

  • Now the blockchain can work without an Internet connection

  • Venezuela is the first country to introduce satellite technology for blockchain

  • Maduro’s regime does not hide that it bypasses US sanctions with the help of blockchain

International consortium of news organizations developing transparency standards.

Satellite communications have removed an important weakness in blockchain technology. Users can now access bitcoin even without an Internet connection.

Bitcoin goes over satellite communications

Bitcoin is now available even without internet

A startup with Spanish roots, Blockstream, is transferring the Bitcoin blockchain to satellite communications. This will make cryptocurrencies available to those countries that are experiencing problems accessing the Internet. The company launches four satellites that provide access to bitcoin for users in poor areas of Venezuela.

“Venezuela was chosen for the first field test of the new technology for a reason. The economic crisis, the autocratic rule of President Nicolas Maduro and the weak penetration of the Internet make the country an ideal testing ground, ”commented Alvaro Perez, one of the developers of satellite communications technology for the blockchain..

End users can connect to Blockstream satellites in two ways: they either buy their own receiver kit, consisting of an antenna, receiver and a Linux computer, or they connect to the created Bitcoin node, which is launched in Valencia.

“Users can connect to this site through a network independent of the Internet. An ordinary television antenna is sufficient for this. Two more nodes are planned in Caracas and the city of Bolivar in the south of the country, “said Perez..

Studies have shown that satellite communication technology can be used by countries with low economies. However, it requires improvement and remains useless for traders so far. According to Perez, satellite technology serves primarily to protect bitcoins from government interference and, to a lesser extent, to practical cryptocurrency trading..

Venezuela’s economy needs cryptocurrency

The use of satellite technology could be a real breakthrough for countries with deplorable economies. This includes Venezuela. After the introduction of a number of sanctions by the United States against the regime of the incumbent President Nicholas Maduro, cryptocurrencies have become almost the only means of savings and income for the country’s residents..

Most recently, the country’s leadership announced that it is using blockchain technology to evade US sanctions. The Maduro regime created its own cryptocurrency Petro, which is used to receive payments for oil and gold, and also exchange it for bitcoins and ether, and then for dollars and euros.

Bitcoin is now available even without internet

And in order to popularize the cryptocurrency within the country, the ruling regime decided to issue salaries to civil servants at Petro, as well as organize a network of casinos, where bets will be accepted in the national cryptocurrency Petro. All the money received will go to the development of the health and education system in Venezuela.

In general, Venezuela has become the leader in the turnover of cryptocurrencies in the world. Criptolago belongs to the Venezuelan state of Zulia, governed by Omar Prieto, a loyal ally of Maduro who is under US sanctions for refusing to deliver humanitarian aid to Venezuela, according to Sayari’s financial intelligence report..

Over the past year, over 4,000 bitcoin transfers in the amount of over $ 380,000 were received to Criptolago addresses, and more than $ 360,000 were sent. Chainalysis believes that through Criptolago, the associates of the Maduro regime are actively laundering money.

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