Elon Musk Tips Use of Bitcoin On Mars, Highlights Possible Challenges

Bitcoin Elon Musk

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David Pokima

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David Pokima

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David is a finance journalist and a contributor to Cryptonews.com with a keen interest in breaking comprehensive, accurate, and reliable blockchain news.

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January 10, 2024

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Tesla CEO Elon Musk says there’s a possibility cryptocurrencies could be utilized on Mars as he answers questions about what he would use on the planet.

Speaking in an X (formerly Twitter) space, “Ark 21Shares Bitcoin ETF (ARKB) Approved” on Jan 11, Musk threw more light on his plans outside Earth particularly his drive to push the human race to an inter-planetary species and the possible challenges that could arise. 

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 since at the moment, no form of fiscal model has been proffered out of space. 

Musk noted that digital assets can be used to some degree in Mars but Bitcoin might not work at first because the reconciliation is too long taking a significant time to settle transactions based on distance.

“It would make sense to use some kind of cryptocurrency on Mars; you couldn’t use Bitcoin because the reconciliation is too long.” 

Elon Musk makes u-turn 

Afterwards, the Tesla and SpaceX boss watered down the initial disapproval adding that the Earth is about eight light minutes from the sun while Mars is about 12 and although the distance may still be an issue, there is a possibility. 

“Perhaps you can use Bitcoin to some degree, but it would be difficult to use it a lot on Mars. Mars can be like 20 light minutes away, so it is not easy there would have to be a localized things on Mars.” 

Similarly, another user commented on the efficiency of the localized lightning capacity on Mars while staying the mining would not be possible like it is here. Musk also confirmed that certain stakeholders in the crypto industry are brainstorming on moves to take cryptocurrencies to Mars but the challenges are what needs to be tackled. According to most crypto users, virtual assets as a way of payment will be good 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 from 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 is no problem with 10-minute blocks. Plus think bigger: kardashev type 2 requires a Dyson sphere around the sun and put all the miners there too. Problem solved.”

Elon Musk is not only known for Tesla, but also for his space adventure plans with SpaceX and the famous “colonization of Mars” which SpaceX and other partners keep researching. The company has stressed the need for the development of Mars for the long-term survival of the human race and the technology it would integrate would make transportation faster and significantly reduce the costs.