2024-01-11 17:01:55
We can still remember that at that time he was the CEO of Tesla and the founder of SpaceX How Elon Musk was against the idea that Bitcoin will be the currency on Mars. This has changed somewhat since then. At least that’s what emerged from a conversation on X that he had, among others, with the CEO of ARK Invest, Cathie Wood.
Musk is open to Bitcoin on Mars, but he has concerns
In a recent conversation, he said it was a good idea to use cryptocurrency as a means of payment on Mars. However, Bitcoin is not a good idea because the settlement of transactions is too slow. The topic of the conversation is that according to Musk, people will already be living in a colony on the red planet in 2050, because the key to the survival of humanity is if we don’t just build our future on Earth. But then, as the thought process progressed, Musk realized that perhaps Bitcoin could work on Mars after all. After all, the Earth is only 8 light minutes from the Sun, while Mars is only 12 light minutes away. Of course, there are problems with this, first of all, you probably need a localized network on the planet. They quickly agreed with Bitcoin core developer Matt Corallo that the best solution would be a localized Lightning Network.
Currently, with regard to Bitcoin, it can take up to 1 hour to settle a transaction, because the blockchain collects them in blocks every 10 minutes and six blocks need to be confirmed before the transaction is finalized. Of course, not everyone agrees with Musk. Blockstream CEO Adam Back responded to the conversation on X and wrote that he thinks 12-22 light minutes shouldn’t be a problem with 10-minute blocks. In any case, using Bitcoin would be pretty self-explanatory on Mars. Back in April 2023, Glassnode wrote that the sending fee on the Bitcoin Lightning Network is 0.0029% of the value. This is a thousand times cheaper than a MasterCard or VISA payment. At the end of the day, the question remains that Musk is already thinking about Mars, while the use of cryptocurrencies on X still does not seem to be an option.
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