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Space travel is giving the future of cryptocurrency a boost for one surprising reason

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Well, okay, the linked article has actually nothing to do with humans traveling into space, but rather, the man-made satellites that are being planned to be launched into orbit.

 

What makes this relevant to the cryptocurrency world?

 

We know that crypto is a digital currency, and as such, it is entirely dependent on digital networks such as the internet. Despite today's progress, there are still around over 4 billion people that does not have ready access to the internet (according to the article). To address this issue, organizations (SpaceX was given as an example here) are planning to launch satellites that will provide 'satellite internet' which may be accessible to every people on the planet. Hopefully, the cost for internet connections and such will be cheap enough for the poorer people.

 

And if more people have access to the internet, then that would mean more potential users of cryptocurrencies. Those who previously have no access to the internet can now learn about, and use, crypto which in turn will give a boost to its global use and acceptance.

 

source: https://www.express.co.uk/news/science/1302826/cryptocurrency-news-space-satellite-internet-spacex-news-bitcoin

Spoiler

Space travel is giving the future of cryptocurrency a boost for one surprising reason

SPACE travel may have untold benefits for cryptocurrencies, as multiple private firms gear up to make satellite launches more and more affordable.

 
 
For a number of reasons, space technology is beneficial for cryptocurrencies. These include added security to network nodes as well as more widespread use of the internet generally. Addressing this latter point is one of the potential strengths of satellite internet. Cryptocurrencies, obviously, can only work if people have access to the web. But in 2016 the World Economic Forum stated that over 4 billion people around the world do not have ready access to the internet.
 

Infrastructure is of course a problem here. As of 2016, 15 percent of the global population didn’t have electricity, let alone access to the internet. 31 percent didn’t have 3G data coverage.

 

The WEF added that broadband internet is only completely affordable for residents in 29 countries, and said it was “urging government to introduce policies that aim to improve infrastructure coverage and quality”.

 

But setting aside the issue of affordability, infrastructure presents a big hurdle for many when it comes to internet access, as building telephone lines or data cables to isolated or mountainous regions can be big task.

 

This is where satellite internet becomes useful. With satellite internet, the internet is already there, so to speak. It’s just that a means of communicating with the satellites – and a subscription service – is needed.

 

And this is where the cost element comes in. For home use, African satellite broadband provider Konnect offers unlimited satellite broadband for £72.85 per month.

But according to global satellite communications service provider GroundControl.com, it can be eye-wateringly expensive.

 

Using Africa as an example, a portable satellite internet terminal for the continent with unlimited data access costs $1,100 every single month. Using a fixed, non-portable solution is even costlier. A professional grade system, including a satellite dish, starts at $4,353 US dollars. So for the vast majority of people, the cost of satellite internet access needs to be brought down significantly before it can be considered for general use. This is why current space-faring developments are important, and why it is linked to cryptocurrency.

 

SpaceX, for example, with its well-known Starlink programme, is setting out to provide low- cost, high-speed satellite internet across the globe. It aims to do this with a ‘constellation’ of tens of thousands of small satellites orbiting the Earth at all times. The firm is making steady progress to this end, launching 60 satellites roughly every two weeks in recent months, and its CEO Elon Musk has said the service will be available as soon as this year – albeit with a limited rollout to Canada and the northern US, initially. There is no official figure regarding cost as of yet, however, though the average cost of a satellite internet plan in the US is said to be about $100 per month.

 

The other benefit to cryptocurrency will be security. Blockstream provides a 24/7 broadcast of the latest Bitcoin blockchain from space, which adds another layer of security to its peer-to-peer network. This is because all points in the Bitcoin network – the nodes – need to connect to each other in order for all of them to know what’s going on in the Bitcoin ‘market’, so to speak. This is called a consensus, and it’s crucial to cryptocurrency’s decentralised operation. But if there was an attack that isolated one node from the rest, it could create issues for a limited number of other nodes, Forbes reports. Using satellite internet as a ‘backup’ of sorts might help address this issue, it adds.

 

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New to the Cryptotalk forum? Here's something that might help you get started:

https://cryptotalk.org/topic/24401-forum-tutorials-tips-and-tricks-for-newbies-compilation/

 

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I remember years ago Zuckenberg had a similar plan to provide satellite internet to parts of Africa that had no access. I think it was meant to be free as a service. Don't know if they proceeded though. And lately it seems that facebbok has real problems. 

Satellite internet can help a lot in cases of remote areas of the world. I think that we are still in an early stage of internet coverage. In the future services as the internet will be even cheaper and perhaps provided by governments as they boost their economies. Television, telephony and other services are switching to an internet model as well. Even the cables we still have won't be needed soon. In 2-3 years all our devices will be conected to high speed 5G networks.

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In many cases that i have encountered, especially in Asian countries, many people do not use internet not because they cannot afford to buy internet, but most of them do not understand technology (a small example is using a smartphone).
So the real problem is how those who don't understand technology can use it, and slowly they get to know cryptocurrency, this will happen if the cryptocurrency wallet has been installed on every smartphone, like YouTube which everyone uses because it's already installed on Android. 

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Posted (edited)
On 7/1/2020 at 11:10 AM, BTC Future said:

I remember years ago Zuckenberg had a similar plan to provide satellite internet to parts of Africa that had no access. I think it was meant to be free as a service. Don't know if they proceeded though.

I do vaguely remember Zuckerberg saying such a remark. (Maybe I'll do a search on it later.)

On 7/1/2020 at 11:10 AM, BTC Future said:

Satellite internet can help a lot in cases of remote areas of the world. I think that we are still in an early stage of internet coverage. In the future services as the internet will be even cheaper and perhaps provided by governments as they boost their economies. Television, telephony and other services are switching to an internet model as well. Even the cables we still have won't be needed soon. In 2-3 years all our devices will be conected to high speed 5G networks.

If such a time comes where the internet connection becomes as free as radio and television signals, then the tech users will sure have a jolly good time. (I sure wish to get to that point in my lifetime.) As for the cost of maintaining internet service, advertisements can provide significant funds, just as they do with TV commercials nowadays.

 

However, we are also aware that there are countries whose population are simply too poor to afford any modern gadgetry. More developed countries may be able to gain access to satellite internet more readily, but this will increase the technology gap between them and the poorer ones even further. Something should definitely be done about it, but it won't be easy.

 

53 minutes ago, ayatoslaw said:

In many cases that i have encountered, especially in Asian countries, many people do not use internet not because they cannot afford to buy internet, but most of them do not understand technology (a small example is using a smartphone).
So the real problem is how those who don't understand technology can use it, and slowly they get to know cryptocurrency, this will happen if the cryptocurrency wallet has been installed on every smartphone, like YouTube which everyone uses because it's already installed on Android. 

It is a pleasure to see one of the moderators posting here.

 

I do agree that this is oftentimes the case. But I also think that those people maybe do not understand such technology simply because they do not find the need to utilize it.

 

As a personal example, I myself have very little knowledge about current smartphone technology (embarassing, I admit!) not because I am too stupid to use it, but because I had no compelling reason to do so since I prefer PC than mobile. Similarly, those people do not want to understand the latest technology, even if they have the capacity to do so, as they prefer to stick to their current lifestyle and would rather not mess with anything new if there is no benefit to them.

 

Taking the topic we have here into account, people with no internet access will prefer fiat for transactions because for them this has always been things are. If somehow there is ready access to cheap internet in their area, and cryptocurrencies are found to be a great alternative to fiat transactions, then even the most stubborn individuals might get to change their minds. The idea of built-in cryptocurrency wallets on smartphones is already a great idea for people to get curious about such a feature.

 

So I think we can let the other organizations go ahead with their plans for more accessible internet. We can deal with teaching people to understand the technologies that goes with the internet, crypto included, as we go on. This has been one of the goals of this forum the way I see it, anyway. 😉

 

Edited by kyoukage01
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New to the Cryptotalk forum? Here's something that might help you get started:

https://cryptotalk.org/topic/24401-forum-tutorials-tips-and-tricks-for-newbies-compilation/

 

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Well great topic mate one of our forum moderator also gives response in your topic, means its really usfull topic and our moderator mention Asian countries peoples not use internet properly yes I agree with him, really this satellite through internet provide plan success then so many peoples use this faculty little bit cost,and smartphone users also increase once they know how to use Internet then they know digital currency also and know the value of this currency in backward areas also.

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It is really good news that satellites are launched in order to provide the Internet to all people especially in poor countries in Asia and Africa, and this will lead to increased use of crypto in these countries but this is not enough. It should also launch educational courses via the Internet about the importance of crypto in these Countries in the future

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The number of users of digital currencies has increased due to the increased use of the Internet by many people, and the number of Internet users varies between countries, for example, poor countries and developed countries. This is the reason for the difference in the use of digital currencies between these countries and ignorance also plays a big role.


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This is great helpful thing for everyone and i am following this too. Elon Musk is the founder and he has said that the speed will be 1Gigabit/s (claimed) and the latency will be 30ms. As in directly we may think how will it affect Crypto, but in deep internet is the reason for Crypto currency. And more reach means more Crypto users from all over the globe. I am hoping for the project to start rolling out and also it's starting from the Northern hemisphere so people there will be the first to use it.

We should thanks Elon For this great project hope his mars colonization dream got true soon.

Edited by Ridam
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