4 ms·
Broadcasting transactions is easy and trustless: you can give it to anyone who has an internet connection (over radio, SMS, in-person, physical mail, pigeons...
by nadaviv 9y ago
Broadcasting transactions is easy and trustless: you can give it to anyone who has an internet connection (over radio, SMS, in-person, physical mail, pigeons...) and the worse they can do is not broadcast the transaction. If you send the transaction to multiple parties, you can reduce this risk without introducing any additional risk. It's also something that you don't do very often.
Figuring out Bitcoin's best chain (PoW-wise longest) and remaining in consensus with the rest of the network is the hard part: it requires on-going communications on a reliable uncapped/high-capped internet connection, introduces trust, and adds the risk of fraud (someone feeding you with an alternative best chain that's not recognized by the rest of the network as such could execute double-spend attacks against you [0]).
[0] Blockstream satellite is no different in this regard: Blockstream could feed incorrect data into their satellites. But as a farmer in India, I would feel more comfortable trusting a satellite signal from an internationally known company that many other people are also getting (and audit, and hopefully sound an alarm if something goes wrong) then trusting, say, some internet-connected device two villages away.
- nadaviv 9y agoAlso, one could use the satellite data as an additional source of data, just as-if its another peer on the p2p network. In this case, this would strictly improve your security and protect against partitioning attacks with no downsides at all.