6

Biggest problem facing spaceborne bitcoin is communications latency. Consider possible Mars colony. Light speed imposes delay, 4 to 24 minutes. Bad enough this is. If miners on both Earth and Mars, each comes up with new block, possibly extends blockchain twice more, before signal from other crosses distance. Means very long transaction confirmation ...


5

To answer your direct question, transactions will be delayed by the round-trip time light takes to get to the nearest mining community. With low-earth orbit, this really shouldn't make much of a difference. That said, the deeper problem once space travel is wide-spread is that the current protocol is inherently space-time centralized. This is because the ...


5

Bitcoin by nature would be a fantastic currency for interplanetary travel, if mankind every reaches that stage. Advantages No physical medium to be transported Relatively low bandwidth to conduct a transaction Considerations to address bitcoin is highly reliant on having accurate system time A transaction would need to be based on Earth's UTC ...


4

Simply limit the block target (i.e. 10 minutes) to the speed of light (300,000 km/s). Unless there is some wormhole or other unknown to reduce this limit, Bitcoin is safe from honest mining from any planet outside of 180,000,000 kilometers away (300000km/s * 60 sec * 10 minutes) since any miner can't keep up with the blockchain and would get any block at ...


3

Let's say humans have finally made a successful colony on Mars, how useful would bitcoin be to transfer value between Earth and Mars? If you're talking about the Bitcoin blockchain in its current form, it will restrict mining to one of both planets. Bitcoin's assumptions include a block propagation time between miners is negligible compared to the ...


2

If hashes are cheap on Earth, you want them exported to Mars to improve the security of the Martian block chain. Exporting hashes is easy to do in the stateless manner we expect from decentralized Bitcoin technology. Each block on a block chain is protected against modification by the proof of work it shows and by the proof of work shown by the blocks that ...


2

TL;DR: Whatever block interval one employs, another planet with greater mining power will eventually overtake the local blockchain. It would only be possible to lock other miners out by adding low-depth checkpoints. Gedankenexperiment: MarsCoin starts a new blockchain with a 2 minute block interval, they have one Unit of Mining Power [UMP] at their ...


2

Bitcoin, as it works now should work fine in low-earth orbits. I'm pretty sure that anyone currently in space has sufficient internet access and computing resources to view the network, post transactions, and probably even mine. But that's boring... Beyond low-earth orbits, say more than 5 light-minutes* out, I wouldn't recommend mining. There is a limit to ...


1

No, not necessarily, but mining in both locations is infeasible. As Pieter explained in Is it possible to use bitcoin as interplanetary money/store of value?, exorbitant latency between miners would cause perpetual forks especially when the latency exceeds the targeted block interval. Only one of the two latency-separated mining clusters can be profitable: ...


1

The high latency will likely cause one of the following to occur: A consolidation of mining power on a single highly connected orbital station/planet. Each transaction has a round trip latency cost, plus a 6 confirmations time cost as well. Stations/Planets compete for mining power. The latency induced by their distance will cause a number of block chain ...


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