In an exclusive interview with Adam Back at Bitcoin Amsterdam, the Blockstream co-founder shared his vision for the Bitcoin space.
Blockstream co-founder Adam Back took a break from the main stage of Bitcoin Amsterdam, a three-day Bitcoin conference in the Netherlands, to speak with Cointelegraph.
Sitting at a park table among tulips and bicycles, the man behind the proof-of-work algorithm challenged Cointelegraph to a game of Jenga and championed the idea of sending Bitcoin into space. One of the few people quoted in Bitcoin.
White Paper, Back also talked about his childhood and his early interactions with computers. The video will soon be posted on Cointelegraph’s YouTube channel.
But why do we need the Bitcoin blockchain, a decentralized peer-to-peer network already protected by nodes on earth, in space? Do Aliens Need Bitcoin Like Humans? Back nonchalantly joked with Cointelegraph:
“Well, I mean, there are a few reasons [to have Bitcoin in the space]. One, because it’s cool and you can”.
However, it also brings benefits such as privacy: “You can receive the data anonymously because it is transmitted, and basically no one can know that you are receiving it. That’s good for privacy,” Back continued, moments before winning the Jenga game.
Adam Back with Cointelegraph reporter Joe Hall.
Additionally, having Bitcoin in the space is also “good for businesses because they really need to make sure they’re on the right blockchain. If there is a problem with the local network or a router is hacked,” Bitcoin’s satellite connection ensures that businesses can continue to transact and use the Bitcoin blockchain without hindrance.
In fact, the news is full of governments and groups trying to inhibit access to Bitcoin or crypto-related activities; so having a connection to a satellite Bitcoin protocol is invaluable and allows for greater resistance to censorship.
For the global south, the argument for plugging in and downloading the Bitcoin data stack to sync up a node is price. Whereas in the developed world, the cost of downloading and syncing the Bitcoin core might be negligible:
“For emerging markets, the cost of an internet connection fast enough to keep up with Bitcoin is really expensive compared to salaries.”
Back explained that he can synchronize a node for free in the developing world using Blockstream satellites. While the process is undoubtedly slower, taking a week or two to update, it does mean that the barrier to entry to participate in the Bitcoin protocol tends to get lower and lower.
Related: Adam Back Denies Having a Beer With Satoshi Nakamoto
Finally, Back remains very bullish on Bitcoin. In a tweet Monday morning, the mathematician shared that Bitcoin will “conservatively” do 10x over the next five years. That means the price of Bitcoin would reach over $200,000 before 2027.