One Giant Leap For Bitcoin…
Recent reports have brought to light a story about bitcoin which is out of this world.
Leading blockchain technology provider Blockstream has launched a satellite into space with the intention of providing bitcoin to people all over the world, no matter where they may be (excluding Antarctica).
WHO NEEDS THE INTERNET?
The Blockstream satellite has the ability to beam bitcoins to anyone, and it combats the problem that cryptocurrency has of only being available for people with Internet access. This is a great advancement in the industry as a lot of the people who can benefit most from the decentralised nature of bitcoin are the ones who may not have access to the internet to get involved due to economic instability or political problems in their country. People living in these countries will be able to have access to bitcoin, potentially making their life much easier. Unfortunately this isn’t free as there is equipment required to bring this to reality. Users will need a satellite dish, a personal computer and a USB to connect the two. Although these may be luxuries not all can afford, Blockstream CEO Adam Back made a point in arguing that a village could all pool together to acquire this equipment, giving the whole village the opportunity to interact with the satellite. In my opinion, this is a small price to pay for something that could revolutionise the economy in the area.
THE MORE NODES THE BETTER
There are also benefits for those of us who are lucky enough to live somewhere with access to the Internet. Giving more people access to full bitcoin nodes improves the decentralised nature of the cryptocurrency. The less nodes there are, the more that the bitcoin network is controlled by the same group of people, therefore resulting in a more centralised bitcoin. A more centralised bitcoin can have an impact on users. It spreads out the decision-making and ‘ownership’ throughout the network through a smaller group of people. This results in users having less of a say in the future developments of bitcoin. The fact that bitcoin is decentralised is something we all love about it. We love that it is ‘the people’s currency’, not controlled by any government or institution. The Blockstream satellite helps further the decentralisation of bitcoin, giving more people an input into how it progresses, and I see no downside to that.
THE IMPACT ON BITCOIN
The fact that something of this magnitude has been launched, and has the potential to positively impact so many people, acts as a demonstration of the growth and viability of bitcoin on a global scale. Something like this wouldn’t of been possible had bitcoin not taken off the way it has, the money and interest wouldn’t have been there. If successful, a project like this can also show the non-believers out there how much of an impact bitcoin can have on the world and it isn’t just for tech savvy investors.
It seems that almost everything that happens with bitcoin at the moment only serves to improve it’s perception in the public eye. Even alleged negatives such as the WannaCry virus showed that bitcoin is more traceable and harder to extort than everyone thought. We are getting new all-time highs on an almost daily basis, proving to people that bitcoin really is a valuable asset and is here to stay. Established businesses and investors are regularly coming out in support of bitcoin or offering it as an accepted payment method, showing it is on its way to worldwide acceptance. Hopefully the news of this undertaking will act as further proof to the sceptics that bitcoin really can make a positive impact, and get a few more passengers on the bandwagon just like all the previous stories have.
So say up, up and away, to infinity and beyond and any other space-themed jokes about the progression of bitcoin you can think of. Bitcoin is in a good place at the moment and I am expecting more great things to come in the future. Watch this space.
Picture source: https://btcmanager.com/
Disclaimer: The views and opinions expressed here represent those of the contributor, not necessarily those of CoinCorner.