Elon Musk recommends using Bitcoin on Mars and points out possible challenges
2 min readTesla CEO Elon Musk thinks it’s possible that cryptocurrencies could be used on Mars while answering questions about what he would use on the planet.
In a speech on making the human race an interplanetary species and the possible challenges that could arise from this.
Elon answers what money he would use on Mars: pic.twitter.com/VJQeIM0qqJ
— Sam Callahan (@samcallah) January 11, 2024
During the interaction, a user asked him what money he would use on Mars if everything goes as planned, as no form of tax model from space has been proposed at the moment.
Musk noted that digital assets can be used on Mars to some extent, but Bitcoin may not work initially because it takes too long to match and transactions take a long time to process due to the distance.
“It would make sense to use some form of cryptocurrency on Mars; You couldn’t use Bitcoin because the transition is too long. ”
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In retrospect, the Tesla and SpaceX boss softened his initial denial, adding that Earth is about eight light minutes from the Sun, while Mars is about 12, and while distance could still be a problem, there would be Possibility.
“Maybe you can use Bitcoin to some extent, but it would be difficult to use it on a large scale on Mars. Mars can be up to 20 light minutes away, so finding something on Mars is not easy.”
Similarly, another user commented on the efficiency of localized lightning capabilities on Mars, while saying that mining is not possible like it is here. Musk also confirmed that some players in the crypto industry are thinking about how to bring cryptocurrencies to Mars, but there are challenges that need to be overcome. Most crypto users believe that virtual assets would be good as a means of payment on Mars because there are no centralized financial institutions there and it would be good for technology. Adam Back, the CEO of Blockstream, commented on the issue of speed and distance to Mars as less of an issue, adding that Bitcoin’s current form of 10-minute blocks can handle things
Correct answer: #bitcoin. 12-22 light minutes is no problem with 10minute blocks. Plus think bigger: kardashev type 2 requires a Dyson sphere around the sun and put all the miners there too. Problem solved.
— Adam Back (@adam3us) January 11, 2024
“Correct answer: #bitcoin. 12-22 light minutes are not a problem with 10 minute blocks. And think bigger: Kardashev Type 2 requires a Dyson sphere around the sun and put all the miners there too. Problem solved.”
Elon Musk is known not only for Tesla, but also for his space adventure plans with SpaceX and the famous “Colonization of Mars,” which SpaceX and other partners continue to research. The company has stressed that developing Mars is necessary for humanity’s long-term survival, and the technology it would integrate would make transportation faster and significantly reduce costs.
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