Adam Back, co-founder of Blockstream, took a break from the main stage of Bitcoin Amsterdam, the three-day Bitcoin conference in the Netherlands, to speak with Cointelegraph.
At a park table amidst tulips and bicycles, the man behind Cointelegraph’s sanity check algorithm challenged him to a game of Jenga and made the case for sending bitcoin into space. One of the few people quoted in bitcoin (
) white paper Back also talked about his childhood and his first interaction with computers. The video will soon be published on the Cointelegraph YouTube channel.
But why do we need the Bitcoin blockchain — a decentralized peer-to-peer network already secured by nodes on Earth — in space? Do Aliens Need Bitcoin Like Humans Do? Back casually joked with Cointelegraph:
“Well, I mean there are several reasons [to have Bitcoin in space]. One of them is that it’s cool and you can do it.”
However, it also offers benefits such as privacy: “You can receive data anonymously because it is broadcast and basically no one can tell you are receiving it. So it’s good for privacy, Beck continued minutes before winning the game of Jenga.
Adam Back with Cointelegraph reporter Joe Hall.
In addition, having Bitcoin in space is also “good for companies because they really need to make sure they are on the right blockchain. trade and use the Bitcoin blockchain seamlessly.
Indeed, the news is flooded with governments and groups seeking to prevent access to bitcoin or cryptocurrency-related activities; therefore, connecting to the Bitcoin satellite protocol is priceless and provides greater resistance to censorship.
For the Global South, the argument for connecting and downloading backlog Bitcoin data to sync a node is price. Whereas in the developed world, the cost of downloading and syncing a bitcoin core can be negligible:
“For emerging markets, the cost of an internet connection fast enough to keep up with bitcoin is actually high compared to wages.”
Back explained that you can sync a node in developing countries for free using Blockstream satellites. While the process is undoubtedly slower – it takes a week or two to update – this means that the barrier to participation in the Bitcoin protocol is getting lower and lower.
Related: Adam Back denies drinking beer with Satoshi Nakamoto
Finally, Back remains bullish on bitcoin. In a tweet on Monday morning, the mathematician shared that Bitcoin would “conservatively” rise 10x over the next five years. This means that the price of bitcoin will exceed $200,000 by 2027.