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Blockstream’s Adam Back Talks Bitcoin In Orbit via Satellite Can Act as a Connection Buffer

Blockstream’s Adam Back Talks Bitcoin In Orbit via Satellite Can Act as a Connection Buffer

The CEO of Blockstream, Adam Back, has recently talked about how Bitcoin could be useful in space during a recent presentation at the Consensus 2019, which happened today. According to him, there are some lesser-known uses for beaming BTC from space.

He talked about this because his company decided to launch a crypto satellite in space recently. They actually did it two years ago and their objective was to help the people who did not have an internet connection to be able to download a whole Bitcoin node using this secure network.

They also affirmed that something like this can be used in several kinds of situations and that it can be especially useful for the people who live in regions which lack political stability and could be stuck in the middle of the political mayhem in some region.

Back affirmed that one of the first things that happens in a coup is to cut the connections to the internet, so people would still be linked to the Bitcoin network if they used a system like the one proposed by him now. In this case, the satellite would work as an alternative way to access the network.

Interestingly, Back did not only talk about people in unfortunate situations. Obviously, they could be considerably helped by the changes, but there is also something interesting for the people who are more fortunate.

He argued that it is cheaper to use these services than internet connection, for instance, so you can actually save a lot on bandwidth costs if you outsource your satellite to download the updates on the nodes instead of using the internet.

Also, the service can be very interesting for the people who really care about their privacy. People can easily track you online and even see the IP associated with your node. If you have a satellite connection, though, it will be considerably harder for someone to understand fully your connection to the node. This way, nobody will know that you are connected to the network.

Finally, he also added that if you download a BTC node using a satellite, you can have an alternative in case of outages since exchanges and merchants are always working. Then, you will at least have a way to remain connected to the network.

If a BTC miner loses the connection with the internet while the block rewards are being mined, they may often lose the rewards. In other news, here is the latest on the price of bitcoin:

Bitcoin’s price is $8,147.90 BTC/USD exchange rate today. The real-time BTC market cap of $144.24 Billion currently ranks #1 with a chart dominance at 57.53%, daily trading volume of $8.5 Billion and live coin value change of BTC 4.35 in the last 24 hours.

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