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 ...


5

Well, the fact that it will be possible to implement features similar to Namecoin that it will become obsolete. Bitcoin is intended as a currency and a payment system, while Namecoin is designed specifically as a DNS provider for .bit domain names. The fact that Namecoin would be able to handle .com domain names, doesn't mean the currently employed ...


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

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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