Posted 9 months ago | by Ben Armstrong
Venezuela Gets Access to a Satellite-Based Bitcoin Node – Behold the Failure of Government!
Think you need access to the internet to use Bitcoin?
At least for some people in Venezuela – Bitcoin is now a satellite operated payments service. According to new reports out of the economically stricken South American nation continues to descend into a living hell – but Bitcoin is here to help.
Anibal Garrido is leveraging a space-based Bitcoin node that is maintained by Blockstream to make Bitcoin a one-stop-shop for payments – no matter how bad Venezuelan infrastructure becomes.
We successfully installed and run a satellite #Bitcoin node in #Venezuela which allows us to be independent of the internet to download messages and validate transactions. Thanks to @Blockstream @adam3us @richardbensberg @anibalcripto for all your support https://t.co/TUb6eG19XP
— Cryptobuyer (@cryptobuyer) September 25, 2020
To be sure – this program is in its early stages – but it hold tremendous promise. Instead of having to rely on Venezuelan state infrastructure which is falling apart – and often doesn't work – Venezuelans should be able to use something like a mesh network to make Bitcoin transactions.
You Can't Stop Bitcoin – Even in Venezuela!
It is often said that if the internet goes down – Bitcoin won't work.
While true for most people from a practical standpoint – this idea is only really true because of how the Bitcoin network operates at the moment.
As Garrido and Blockstream have demonstrated – there are other options when it comes how the data that powers Bitcoin is moved around the planet. If governments really drop the ball – the Bitcoin network can be operated via dedicated data networks that communicate via satellites.
We need to be very aware that these options exist, as governments are failing to realize how poorly they have managed the global economy. As the modern world order enters its death throws, it is vital that alternative systems are created to ensure economic continuity.
A Test Case for Collapse
As bad as it looks in Venezuela at the moment – it is very important to remember that President Maduro is still receiving support from many Venezuelans – as well as other global leaders.
Supporting a government that has been in the process of eliminating the nation's economy for more than a decade seems absolutely insane – but we need to realize that this same horror show could play out in nations like the USA or regions like Western Europe in the coming years.
The poverty of the ideas that are in use at both a monetary and political level in many nations is growing worse – and there will be serious consequences.
Don't Look to Central Planners for Help
One of the biggest reasons why Venezuelan people have been so happy to use crypto is because their nation has been under a highly socialist central planning regime since at least Hugo Chavez. Needless to say – these economic philosophies simply don't work.
2020 has proved beyond a shadow of a doubt that these same kind of ideas are now powering the economic planning in the USA and Western Europe – so it is just a matter of time until similar problems manifest in what have been the strongest economies in the world.
As the leading Western economies fall further into a morass – there will be calls for increased government interventions in the marketplace. Free money for all seems like a nice idea – but there is little to buy when the economy is in free fall.
In Venezuela – the choice has been turning to crypto as a means to escaping both a broken economy and a worthless currency. Thankfully Bitcoin can be operated via private satellite networks – and we can continue to create value – no matter how violent and deranged the political and social situation becomes.
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