Top 3 Ways Musk’s Starlink Can Boost Bitcoin (BTC)
Elon Musk founded Starlink Technology, a satellite internet service that is seeing a boom in adoption around the globe and Musk expects the number of users to grow up to half a million within a year. The serial entrepreneur also said he would invest upto $30 billion in the company to boost its progress.
ICYMI: Elon Musk said his satellite internet service Starlink was growing quickly and he expected the number of customers to reach half a million over the next 12 months https://t.co/l3sAOd8m0w pic.twitter.com/J25API5bsC
— Reuters (@Reuters) July 3, 2021
Many see Starlink as the future of censorship-resistant forms of the internet. The satellite internet service work quite similar to Dish Antena-based TV connections where the user has a small home base antenna to catch the signal from a satellite hovering around the earth. The firm has also launched an array of satellites into space recently to boost its star link project to make the internet accessible in most remote locations.
Star link also has been a part of the discussion in the crypto community especially Bitcoin and how it could boost the prospects of the top digital currency in near future. Some of the top use cases of Starlink discussed by the crypto community includes,
Low Latency Mining
The Bitcoin subreddit had a full-fledged discussion on possible use cases of Starlink for the Bitcoin community and where one user pointed that miners would love the low latency connectivity. While it is important to note that mining is primarily dependent on the hardware and the internet is just a way of connecting to the Bitcoin node.
Censorship Resistant Bitcoin Operation
A direct satellite internet connection means no ISP shut down. A Starlink connection could secure a censorship-free operation and accessibility in remote areas where there is no availability of any internet connection.
Blockstream offers a similar satellite product for accessing Bitcoin blockchain without the need for a direct internet connection. Many Bitcoiner beleive a blockstream integration could be one of the best possible use cases for Starlink.