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Blockstream Satellite Expands The Reach of Cryptocurrency in to Africa

“Blockstream” launches their first satellite in to space, expanding reach of Bitcoin in to Africa and more.

 

Only one year after the 2008 financial collapse we witnessed the birth of a new currency based on the exchange of energy and information through miles of winding fiber optic cable – a trillion gigabytes worth of binary code weaving through borders, and across entire oceans. Bitcoin was a radical vision of the future, a new international currency based on your computers ability to solve complex mathematical equations. Set your computer to “mine” bitcoin and with enough electricity and time it will eventually “crack the code” and reward you with “crypto-currency” that can be exchanged for real money.

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Albeit contentious, Bitcoin started with no less than libertarian ideals. It came at the right time and inspired much of the disenchanted masses of post-2008. However being unregulated as it is – quickly escalated in to a sort of digital wild-west, attracting hackers, criminals and maverick entrepreneurs alike. Yet despite this chaos and uncertainty, it grew faster than any other asset on the market. Passing companies and whole countries by tenfold, hundredfold and even thousand fold later in the game. Over the last 8 years bitcoin has risen from a couple of cents per coin to over 3000 US dollars.

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One of the biggest obstacles to further integration of BTC was former confinement to ground based fibre optic cable transmission. This means that most of the developing world had no means of accessing the “Blockchain” a decentralised open source ledger used in the exchange of crypto-currencies. Indeed this “digital divide” has splintered a huge demographic of the world in to virtual ghettos. Luckily for them, arguably the most influential Blockchain company in the world has deployed the first Blockchain satellites capable of recording transactions on the ledger and broadcasting them back to a large swathe of previously untapped territory.

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As you would imagine the proliferation of any digital asset is much easier to control when there is virtual “Choke points” on land. Now that this is no longer the case with Bitcoin, the expansion of cryptocurrencies in to Africa and South America will allow anyone with access to a small satellite antenna and inexpensive USB receiver to purchase and store Bitcoin on the Blockchain. Since Bitcoin has increased thousand fold over the last half a decade access to the crypto-currency opens up a reservoir of potential for the African continent especially.

Phase 2 of Blockstreams satellite operation will unfold during the fourth quarter of 2017 (Oct 1st-January 31st) and will see the expansion of Bitcoin in to the last remaining corners of our planet including the East European and Asian seaboard. At this point Blockchain technology will have encapsulated the entire world with free un-tethered access to Bitcoin, quite frankly “opening up the flood gates” for de-centralized crypto-currencies everywhere.

 

Sources

08/27/2017 Announcing Blockstream Satellite: Broadcasting Bitcoin from Space

10/27/2017 Bitcoin is World’s 30th Largest Currency, Market Cap Nears Mastercard’s $171 Billion

 

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