Being an all-online game and requiring a persistent premium connection ([i]low latency and zero packet loss[/i]) is the issue you are running into. Unfortunately, while satellite can supply large bandwidth, it cannot supply low latency connections, and rarely can maintain zero packet loss.
If you cannot find a way to get a different type of internet provider, then this is one game that you may not be able to play. Some other titles coming out next year will also require premium connections, so Destiny is not alone in that factor - it's just the first to experiment with technology requiring it.
You may be able to see other players when in a fireteam with a friend, but that is because you are relaying info through their connection. You will have lag and provide lag to any matches you are in; which is something you also need to be very careful about, since you can be restricted for poor connection quality. Too many restrictions can become a ban.
If you don't mind me asking, where are you that doesn't have any option but satellite?
I live in a rural area in the United States. Where I live, they stopped running internet through the phone/power lines like a mile or two up the road so pretty much the only internet we can get is via satellite.