BitMEX Successfully Sets Up Blockstream’s Bitcoin Satellite System.

BitMEX Successfully Sets Up Blockstream’s Bitcoin Satellite System.

2020-09-14 | Big Bob

BitMEX Successfully Sets Up Blockstream’s Bitcoin Satellite System.

Global leading cryptocurrency derivatives exchanges, BitMEX, has set up a Blockstream’s Bitcoin satellite system to run a node without the necessity of an active web connection.

The satellite system is a way to download and to verify Bitcoin’s blockchain via a satellite without having to be connected to the web. Aside from the very fact that one among the leading exchanges is showing open support for Bitcoin, this also showcases exciting features of the leading cryptocurrency and its underlying network.

Blockstream Bitcoin Satellite Node

Within an official web-blog post published today, BitMEX announced that it's successfully installed a Blockstream Bitcoin Satellite node.

BitMEX Successfully Sets Up Blockstream’s Bitcoin Satellite System.

The team revealed that installing the node was relatively easy, and it only took them a couple of hours. In essence, what one has got to do is “install the satellite dish, point it towards the right direction, connect it to a laptop running Linux and run some custom Blockstream software, alongside a modified version of Bitcoin Core 0.19.1.”

BitMEX added that the foremost challenging part was the particular alignment of the dish to the geostationary satellite. Using the alignment tool properly, however, meant that the team had to spend about some minutes after that to set up it.

Bitcoin Network – Censorship Resistance

Apart from supporting the network, generally, the feet highlights one among the renowned qualities of Bitcoin’s network – censorship resistance.

One of the foremost common questions that folks generally ask is, “What would happen to Bitcoin if the internet stops?”

Well, if the satellite connection has enough bandwidth, this is often an ideal solution thereto the issue. It’s how to download and verify Bitcoin’s network through a satellite, without having to be linked to the world wide web. BitMEX added:

"Although many Bitcoin enthusiasts are likely to seek out installing & running the system enjoyable, it's unlikely to serve any practical purpose for several users."

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