Bitcoin radio waves transactions: future or dream?

Nick Szabo, possible creator of Bitcoin, proposed to conduct Bitcoin transactions using the radio waves
09 November 2017   1259

Cryptographer and specialist in the theory of computers and systems Nick Szabo, together with researcher Elaine Ou from Stanford University, presented a project in which they test the conduct of transactions in the network of bitcoins using radio waves. The presentation took place last weekend during the Scaling Bitcoin conference in San Francisco, reports.

According to the authors of the concept, despite the fact that at the moment the bitcoin network is sufficiently secure to protect, there are fears that in the future it will be attempted to attack or block through firewalls, network blocks or other means that may be used by governments or monopolists in area of ​​telecommunications.

Bitcoin radio wave transaction
Bitcoin radio wave transaction

To solve this problem, Szabo and Ou suggest using Skywave communication tools that use the ionosphere, a layer of the Earth's upper atmosphere, which serves as a kind of mirror for radio waves of a certain length, including those that can be used to carry out bitcoin transactions.

To do this, we are going to propose using skywave communication using the ionosphere where the sun hits the upper atmosphere of the earth near space with ultraviolet radiation — the layer it ionizes particles and creates this layer that acts as a mirror for certain radio wavelengths like the kind we want to use. The radio community — the two regimes we are interested in, in the radio community it’s near-vertical incidence skywave, this is the 70 degree angle there, it’s nearly vertical. You get a range of about 5 or 600 km. The most reliable frequency are 40-80 m. That’s what we’re targeting.

Nick Szabo
Bitcoin reasercher

Using the GNU Radio software tool to demonstrate the modulator involved in the testing, Szabo and Ou conducted a loop test with 70 cm antennas for the transmitter, using also the HackRF-1 device and 21 Bitcoin Computer.

20 % of University Students gain Cryptocurrency with Aid

The Student Loan Report along with Pollfish interviewed 1,000 university students with related loan debt
23 March 2018   200

It took them for 4 days to collect the data (from March, 16 till March, 20 of this year). All the participants were to ask the following question: Have you ever use student loan money to invest in cryptocurrencies like bitcoin?

The results were remarkable. The poll revealed that 21,2  % of current students with the loan debt have used aid money in order to fund a cryptocurrency investment. So, over one-fifth answered in the affirmative.

Drew Cloud, the leader of the Student Loan Report, clarified that the younger Americans are more active investors as they are rather optimistic about cryptocurrency. Therefore the students want to get involved in this subject in any way possible. Drew Cloud sincerely thought the percentage would be lower. He considers that any college student's budget is thin and limited, therefore some extra money may be used on rest, groceries, or books.

The Student Loan Report approved: student loan debtors would be to pull off such a manipulation as they are given their remaining loans to be used on “living expenses”. From time to time they borrow more than they end up needing for studies. College debtors`spending of the money is not officially tracked and this allows the leftover means to be spent in the way preferred by the student. Another important factor is loan debt payments often do not occur until after graduation, and generally 6 months after.

Mr. Cloud claimed that cryptocurrency was the most prevalent investment of 2017. The young Americans consider that digital money is a savvy way to spend their refund checks. Some students even suggest that they would be able to quickly pay their debts off (because “not long ago every virtual currency was experiencing seemingly unstoppable growth”).

A significant shortcoming from the survey are data concerning how much the average student of the university spent of their financial aid on cryptocurrency. It also would have been interesting to know what types of digital means students favoured.