If you were wondering what will happen to your Bitcoin if the internet collapses, your question has now been answered. Blockstream – a blockchain technology company – is transmitting the entire Bitcoin blockchain from space via five strategically placed satellites. This means that wherever you are in the world, if you connect to one of these satellites you can still transact with Bitcoin either on-chain of through the Lightning Network – pretty awesome, right?
Opening up a Myriad of Possibilities
On the surface for city dwellers who have access to a stable internet connection, this seems like a silly idea. However, when you look at it from the global perspective it’s actually a marvelous thing. That means if you’re trekking through the Sahara Desert and you come across a snack bar that only let you pay in crypto, you can eat like a king. On top of bringing Bitcoin payments to everyone in the world, you can now also potentially use your Bitcoin on a flight. Obviously, an airline needs to roll out Bitcoin support, but this new idea from Blockstream makes it possible.
Mining in the Middle of Nowhere
This new satellite link allows mining firms to potentially open up shop in the middle of nowhere. A firm could realistically install a ton on solar panels to power the farm and use Blockstream’s Bitcoin network connection to join pools and mine the next Bitcoin block. Hypothetically, the entire Sahara Desert could be turned into a mining farm using this technology and methodology, putting an end to critics claims that Bitcoin uses too much power and is killing the planet.
Bringing Digital Money to the Poorest Countries
There are millions of people that don’t have access to banking or proper finance. Blockstream’s satellite program will allow these people in remote parts of the world to have access to the Bitcoin network to carry out transactions and make payments between one another – talk about banking the unbanked. With this project, Blockstream could have found a way to provide monetary aid and banking systems to some of the poorest corners of the globe.
Bypassing Government Regulations
In addition to all of these benefits, the satellite link will allow crypto users to bypass government firewalls and blocks on crypto sites. This is great news for Iranian and Venezuelan Bitcoin holders, as they now have a way to get around government crypto bans. Maduro initiated a Bitcoin clampdown when he launched his own crypto – the Petro – and Iran made a similar move after Bitcoin was deemed haram – wrong in the eyes of god.
Blockstream is helping to push the boundaries of mass adoption, and now there is no reason at all as to why people cannot accept Bitcoin payments. With a completely global reach, Bitcoin is now truly available to the people and we should see more rural communities beginning to cash in on its amazing potential.