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Did you say Bitcoin price is going to the moon? How about “Bitcoin IN space?” All this still seems unrealistic, but the crypto world is heading up, literally.

The first Bitcoin transaction in space via Blockchain Satellite, took place on a network-disabled computer on August 21st 2017.

CEO Adam Back Tweeted, confirming the transaction. The satellite node belonging to Grubles, the BitcoinVPS creator received the first transaction.

The Blockstream website describes its satellite venture:

Introduction to the Blockstream Satellite Network

Using Bitcoin without Internet access.

The Blockstream Satellite network is meant to allow the use of Bitcoin without the need for Internet.

It is important to mention that Blockstream uses leased satellites.

• The satellite broadcasts the Bitcoin blockchain to the entire planet, in three phases.
• This benefits around 4 billion people with no internet access.
• No network is involved, thus eliminating all mid-transaction network interruptions.
• Using Software Defined Radio (SDR) technologies. This is open source and offers cost-effective satellite communications.
• This eliminates the need for outrageously expensive specialized satellite equipment.

According to Back, the company guarantees a 64kbit/sec connection, which means you get “adequate bandwidth to reliably maintain synchronization with the network with modest delay.”

Equipment Needed and Approx. Costs Involved

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• Satellite dish – 45 centimeters (Your TV satellite)
• Personal computer or hardware such as Raspberry Pi
• Open-source software like GNU Radio for radio connection

Find more information about the equipment needed here.

While users will be able to run a full-node, the only caveat at this point is the need for an Internet connection to make Bitcoin transactions.

But Back explained that this is done via an SMS.

USD100 is all you need to spend on the equipment needed to connect your computer to the Blockstream Satellite, according to the company.

With more than half the people in the world not having internet connection, and others having to pay exorbitant amounts for internet access, Blockstream’s satellite broadcast opens up a world of opportunities to use Bitcoin, for people living anywhere in the world.

Blockstream Satellite Network Beta

The beta is currently open to people from *North America, South America, Africa and Europe. Wherever you are in these regions, you can now join the beta and download a fully functional Bitcoin node.

Can there be a more secure place for your Bitcoin than several miles above the earth?

About Blockstream

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Blockstream, known to be one of the biggest funders for Bitcoin Core, boasts of several big names in Bitcoin circles, including many prominent bitcoin developers.

It is a FinTech company that works to provide blockchain applications. They offer both software and hardware solutions for the deployment of blockchain-based networks.

Some of their most popular initiatives include: Bitcoin Core, Elements Project, Lightning Network, Confidential Assets and Hyperledger among others.

The company was co-founded by Adam Back, Austin Hill, Gregory Maxwell and others. In the forefront, is Adam Back, as the CEO and Gregory Maxwell as the Chief Technical officer.

Conclusion

While there is a general sense of excitement over a Bitcoin transaction in space; some feel Blockstream is doing nothing earth shattering.

They say it's a lot cheaper to beam solar power in blocks from space to Earth, than as electricity.

A similar project was attempted by BitSat in 2014 by Bitcoin Core developer Jeff Garzik, but he later suspended the project. On Reddit, he speaks about Blockstream’s satellite network as a centralization of the Blockchain.

Space-age mining comes with many advantages and there are many satellite systems competing in this area. So we may witness a lot of cryptos flying in space.

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Would you be doing a Bitcoin transaction in space anytime soon? Is that beta for you? Your thoughts are important to us.

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Author: @knowledge1