How Google’s giant Satellite Balloons are pruning Bitcoin to explode in value
In 2016 there were three large tech companies who had plans to beam internet down to Earth from the sky but each scenario which they approached had sounded crazier than the next.
Two of the scenarios that were approached, became fruitful. Thirty-five Google Loon balloons which were launched in Kenya to transmit a 4G signal to approximately 31,000 square miles in both central and Western Kenya.
SpaceX, another tech company which formed part of the first deliberations, had been in the process of signing up beta testers for the internet-via-satellite initiative with more than 500 satellites which are currently in orbit around the planet.
After being launched from a custom-built crane, the balloons have software which was specifically developed to make use of predictive modelling of stratospheric winds.
In addition, the software makes use of decision-making algorithms to move the balloons in a more favourable position so that reliable connection on earth can be maintained says CEO Louis Schoeman from SA Shares – A dedicated Investment Platform in Africa
The choreography of the balloons is improved by software which constantly learns and subsequently improves the quality of the network.
Wi-Fi signal is obtained from local telecoms partners at a ground station and the signal is then relayed across several nearby balloons and transmitted to people’s smartphones, and other devices reliant on Wi-Fi connection.
This has made great strides in the internet provision on a global scale. Only around 28% of the African population has access to the internet through a computer while 34% have a connection through their smartphones.
Google’s Loon and Bitcoin – can it lead to a surge?
Bitcoin mining, trading, and exchange greatly rely on a strong, consistent internet connection so that transactions can be executed. With more widespread connectivity to the internet, more traders can flock to the market.
Bitcoin’s value can be attributed to a few factors, namely:
It was the first cryptocurrency developed and launched.
It is free from the control of any authority and can thus not be controlled, manipulated, printed, or destroyed.
It can be exchanged across borders.
It is a hedge against inflation.
It is not in favour of any specific system or group of people.
There is a limited supply of it and there is substantial transparency, even with regards to when the last Bitcoin will be generated.
By providing more people around the world with an internet connection, there will be a surge in the mining of Bitcoin, which will inevitably raise its value even more, along with considering the factors that already make it so valuable.