“It would make sense to use some kind of cryptocurrency on Mars. But you won’t be able to use Bitcoin because transaction verification takes too long,” Elon Musk announced to listeners of an online broadcast on the social network X (formerly Twitter).
Musk concluded that it was indeed possible to use cryptocurrency on a neighboring planet, given that Earth is only eight light-minutes from the Sun and Mars is about 12 light-minutes away.
“But it's not easy. There must be something localized on Mars. You may be able to use Bitcoin to some extent, but it will be difficult to use it in large quantities on the planet,” reasoned the billionaire crypto enthusiast.
During the broadcast, Musk agreed with Bitcoin developer Matt Corallo that the slow speed of BTC transactions could be solved using a localized Lightning Network.
Musk, who once launched a red Tesla into space, dreams of building a colony on Mars by 2050. The businessman argues that humans must evolve to survive on the red planet.
SpaceX recently received approval to launch the DOGE-1 lunar satellite. A screen is installed on the outer skin of the satellite, which should broadcast advertisements, images and logos, and this picture (a screen with advertising in space above the Moon) will be broadcast to Earth. DOGE-1 will be the first lunar satellite whose cost, including launch, is paid for with cryptocurrency, namely DOGE tokens.
Musk recently said that he had thought about the nature of money for a long time and decided not to think about cryptocurrency anymore.
Source: Bits
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