Blockstream, the company funding the development for much of bitcoin core and bitcoin in general has announced today a massive step for securing the bitcoin network and making transactions a reality, anywhere in the world. They now have a satellite that is running the bitcoin blockchain and at the moment covering around 2/3 of the world. They have plans on expanding that coverage to the rest of the world in the very short term.
One of the biggest arguments for people using bitcoin has always been , “what if the internet goes down?”. While there have always been roundabout ways to still access your coins and trade them in such a scenario, having a satellite run the blockchain makes it extremely easy. Now, no matter where you are in the world, whether you have internet access or not, you can still access the bitcoin blockchain and transact with people using bitcoin.
Even if your government shuts down your connection to the internet entirely, you will still be able to move funds in a censorship resistant way. The satellite is just a small reason why bitcoin has some of the best developers in the world. The bitcoin developers are thinking about fringe use cases and still trying to get access to as many people as possible. A satellite broadcasting the bitcoin network helps only solidify the future of the network for all taking part.
It is estimated that around four billion people have no access to the internet, yet a sizable chunk of those people have access to sms phones. With the current infrastructure it is possible to create a seed wallet and transact on any mobile phone, now on other devices as well without ever having to connect to the internet. This also might help security for those who never actually want to go onto the internet and risk exposure of identity or location.
With the addition of the bitcoin satellite, there is nothing that governments can do to stop the spread and use of the currency as a store of value and a medium of exchange. Even if they came to your door and took you away, there is no certainty that they would be able to access any of your coins. When countries kill the internet connection or stop peer to peer, they still will not be able to take away your financial freedom with bitcoin. It really is an amazing reality we are living in and many of us who have been around for a while are impressed more and more every day to see what is happening in this space.
Thanks to @Elyaque for the badges