BitMEX Installs Blockstream’s Bitcoin (BTC) Satellite System, As Number of Cryptocurrency ATMs to Pass 10,000 Globally

The research division at the Bitcoin Mercantile Exchange (BitMEX) confirms that they’ve installed the Blockstream Bitcoin Satellite system, which offers a way to download and verify Bitcoin’s (BTC) blockchain through satellite, without requiring an Internet connection.

The BitMEX team said they were able to set up the system fairly quickly and the satellite connection does have the bandwidth needed to “keep the node at Bitcoin’s tip, most of the time.”

BitMEX further noted:

“We conclude by establishing that although many Bitcoin enthusiasts are likely to find installing and running the system enjoyable, it is unlikely to serve any practical purpose for most users. However, because this satellite based system does have the potential to improve the censorship resistance characteristics of the Bitcoin network and defend against some forms of eclipse attacks, its existence is probably a positive development.”

The leading crypto derivatives exchange added that following on from their experimentation with Bitcoin (BTC) miners recently, they decided to install and use the “Bitcoin Satellite,” which is a product offered by Blockstream, a company that supports Bitcoin’s ongoing development. BitMEX noted that they ordered the Blockstream Satellite Pro Kit and Blockstream’s Flat-Panel Antenna which are priced at around S$1,200.

The exchange claims that the installation process was pretty straightforward. It took them about a few hours to complete. (Note: more details about this process are available here.)

Bitcoin adoption is on the rise, globally. One of the ways to determine whether people are actually conducting BTC transactions for making daily purchases is to check how many Bitcoin ATMs have been installed.

As confirmed in a note shared with Crowdfund Insider, the number of Bitcoin ATMs worldwide will soon pass the 10,000 benchmark. This milestone has been achieved only 7 years after these machines were introduced.

As noted in an update by the CoinFlip team:

“This is a huge indication of Covid-19’s effect on the industry, as we have seen ATMs grow from just 7500 in January to hit the 10K benchmark in such a short period of time. Thus signifying a broader trend in finance toward decentralized and more innovative forms of financial interactions.” 

Daniel Polotsky, CEO and co-founder at CoinFlip, one of the leading bitcoin ATM operators in the US, has managed to help his company grow their network of over 850 ATMs in 45 US states.

As covered recently, Bitcoin (BTC) wealth has become more evenly distributed with smaller accounts holding a greater proportion of supply, according to a new report.

Cross-border payments remain inefficient with $48 billion lost in fees each year, but Bitcoin (BTC) might solve the problem, according to OpenNode.

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