New Bitcoin Satellite Receiver Setup Is Successful By Cypherpunks Taiwan

Innovation is a critical part of the cryptocurrency industry, nearly as important as mining. With a new initiative from Blockstream, Bitcoin satellites are being set up as a new way to access the network. How could this impact investors and miners, going forward?

  • Taiwan recently installed a Bitcoin Satellite Receiver.
  • Taiwan is the second country to install such a receiver, though China still has a ban against them.

China is one of the dominating countries in the world when it comes to cryptocurrency mining. However, there’s a strict policy against erecting Bitcoin satellite receivers, unlike other areas in Asia. Now, recent reports from Blocktempo, another Bitcoin satellite receiver has been erected by Cypherpunks Taiwan. Taiwan is only the second country in Asia to install such a satellite after Japan added one last year.

This new setup is part of the Blockstream satellite project, which has seen a lot of controversy. China is known for implementing censorship laws, which is probably why projects like these are first showing up in Taiwan and other countries with progressive stances on cryptocurrency.

The cost of setting up the Bitcoin satellite receiver is fairly low, costing 13,000 Taiwanese dollars ($418 in USD) and requiring specific components described by Blockstream. The GitHub page for Cypherpunk Taiwan offers a more detailed version of this process.

Bitcoin satellite receiver setup

The use of a satellite to run a Bitcoin node is still a hassle, since the blockchain is quickly reaching 240GB. Still, for consumers that have the ability or even the necessity, the Bitcoin blockchain can be accessed by the Blockstream satellite network at any time of day, thanks to the coverage it affords. A full in-depth tutorial can be viewed at hackernoon.com.

At this point, the current transmission regulations are rather strict, which means that the installation is only capable of receiving messages at the moment. However, co-sponsor Chen Bowei of the Cypherpunk Taiwan project has stated that the company is looking into getting a license. Still, technology can be used for much more than the storage of blockchain data.

Bowei explained,

“Information received by the satellite receiver is not just for trading over the Bitcoin network, but also information from all over the world. For example, the previous Nakamoto Chong Treasure hunt is transmitted via Bitcoin satellite.”

Right now, developers are still working to find ways to send and publish news that is free of censorships. A developer that is only known as SafetyFirst says that finding a way to interact like this would offer reporters a new medium for the highly controlled media.

The coverage that Blockstream provides is excellent in most parts of the world, particularly in Africa. If the entrepreneurs behind this movement can get the funding they need, their skills may make it possible to send Bitcoin through space.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,478FansLike
2,795FollowersFollow
4,199FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

The Good and Bad of the Crypto Going Public

This week, big news came in the form of crypto businesses that are planning to go public either later this year or next year. Crypto...

US Secret Service Has Modernized Its Role in Tackling Financial Crimes in The Crypto Era

The role of the US Secret Service, whose purpose extends from protecting the US President Trump to protecting the US financial systems, has...

Bitcoin is in a ‘Consolidation Zone,' We’ll Move to $14,000 Once BTC Gets Above $10k: Mike Novogratz

Bitcoin is about system change, said Mike Novogratz, CEO of Galaxy Digital, in his latest interview with Barron’s Carleton English. While talking about the catalysts...

Volvo Invests In Blockchain Traceability Startup Circulor To Track Cobalt Supply Chain

Volvo Cars Tech Fund, a subsidiary of Volvo, announced its investment in blockchain traceability firm Circulor on July 8. The popular carmakers have used...

Blockchain Developer Platform Releases Alchemy Build, A Tool Suite for Faster Production

Alchemy, a blockchain startup, focuses on building developers' tools to help them become more productive and focus more on actual product development. The blockchain...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today