Even though it sounds like a Jetsons scenario exploring the boundaries of space and research into life in space is attracting more and more attention every day.

Founder and CEO of SpaceX Elon Musk Her work in adopting this vision supports humanity’s vision to establish a colony on Mars by 2050.

So much so that even the currency that will be used when Mars settles is being discussed.

The main reason why cryptocurrencies are the best candidate for currency use on Mars is decentralized structure It is said that it could provide an ideal solution for secure and efficient financial transactions on Mars.

Moreover, given that there can be no traditional banking systems on Mars, cryptocurrencies can facilitate financial transactions is being considered.

cryptocurrencies Thanks to the transparent and fast transaction capacity It is said that it could boost economic activity and pave the way for innovative initiatives in future Mars colonies.

However, when it comes to Bitcoin, transactions on Mars may be prevented from being used. verification time and possible communication delays It is noted that there are some technical hurdles such as:

Musk argues that it makes sense to use cryptocurrency on Mars, but Bitcoin won’t be the first choice due to its long consensus period.

Elon Musk’s statements on this topic are as follows: ‘It would make sense to use some form of cryptocurrency on Mars, but you can’t use Bitcoin because the reconciliation process takes a very long time.“

Additionally, Musk said that Mars is about 12 light-minutes away from the sun, while Earth is about eight light-minutes away. This difference can still be a problem states.

According to International Business Times, Elon Musk is working on Mars, in addition to using existing crypto assets to solve these problems. It is necessary to create a local network emphasizes.

Musk and other names who have made a name for themselves in the world of technology have made it possible to make the use of cryptocurrency on Mars more practical by speeding up Bitcoin transactions and lowering the fees for using Bitcoin on Mars. “lightning network” He argues that such solutions can be used.

Finally, the idea of ​​using Bitcoin on Mars An undertaking that is both exciting and challenging. appears as.

Let’s see in the following processes What will we witness…

Source: International The News, IBT, Cointelegraph

Our other content that may interest you: