Blockstream Is Using Satellites to Beam Bitcoin Down to Earth

[real_links]

Sounds fantastical? Maybe, but Blockstream swears it isn't as crazy as it sounds.

Today, the bitcoin infrastructure company is launching Blockstream Satellite, an ambitious attempt to use leased satellites to beam bitcoin nearly anywhere in the world. Now in beta, bitcoin users in Africa, Europe, South America and North America can already use the satellites to download a working bitcoin node capable of storing the network's entire transaction history.

But while complex conceptually, the company believes its end result can solve a real issue facing the $66 billion network – without internet, you can't access bitcoin.

And this poses a problem for bitcoin proponents who believe the cryptocurrency could be especially beneficial to people without internet, who also generally live in areas with economic instability.

So, Blockstream decided to set its sights on a solution, and found it in space.

According to Blockstream CEO Adam Back, the project is all about putting bitcoin into the hands of those who "desperately need" it.

https://www.coindesk.com/blockstream-using-satellites-beam-bitcoin-earth

[ImHash]

You make it sound like a horror movie this is not a bad thing you know, they are putting their money to a good use, this will ensure the survival of bitcoin even without any internet access, but satellites are extremely expensive to maintain in orbit, I wonder if they could keep it up there for at least 10 years?

[Iranus]

satellites are extremely expensive to maintain in orbit, I wonder if they could keep it up there for at least 10 years?

Blockstream have raised millions before.  I doubt they're struggling for cash.

If they had a problem, they could always start some ICO with a bullshit token and a promise to "revolutionise" something or other.  I'm sure they'd raise tens of millions of dollars in a matter of seconds.

Looks like they're getting ahead of themselves though.  It would be better to make it possible for more poorer people to actually use BTC before trying to make it happen.  As it is, those people would shove the fees up out of control.