Blockchain and bitcoin based on it, as any new revolutionary technology, have their drawbacks.
The mechanism of ‘proof-of-work’ consensus uses enormous volumes of electricity, cryptocurrency is used for speculations and sometimes in illegal activities.
But to say that because of that the technology faces a failure, is the same as saying in 1995 that the Internet will not work because it’s clumsy and unorganized.
Bitcoin has been living for over 10 years now despite numerous predictions of its demise. And it is constantly developing. The first cryptocurrency is no longer a “toy for geeks” as it used to be in 2009. Today Blockstream satellites allow making bitcoin transactions even without Internet.
Blockstream company which deals with bitcoin blockchain pilot projects and New Zealand developer goTenna have united their efforts to improve the project that allows sending and receiving bitcoins without Internet with the help of data translation via satellites using radio frequencies which are supported by goTenna devices.
The users will be able to receive bitcoins via satellite and goTenna Mesh network without direct connection to the Internet. If you do not like the control of the local provider or your connection is down for some reason, for example, because of a natural disaster, you will still be able to make a transaction.
With all the innovative features, this technology is quite easy to use. With an electricity generator, satellite dish, Raspberry Pi, a Wi-Fi point and the necessary software you could make global bitcoin transactions.
At first sight, it sounds rather expensive. But if you divide the expenses among people, for instance, if the whole village chips in for the purchase of the equipment, the costs are not so high. To use this service, you need a small satellite dish that uses USB port to connect to PC or specialized equipment such as Raspberry Pi. To manage connection, you can use free software with open source code, for instance GNU Radio.
And the service itself has demonstrated “excellent” uptime and its network has excess capacity to ensure reliability.
And do you still think that bitcoin does not have any future and nobody uses it?