{"id":9719,"date":"2024-01-11T16:56:13","date_gmt":"2024-01-11T14:56:13","guid":{"rendered":"https:\/\/forklog.com\/en\/elon-musk-considers-bitcoin-for-martian-economy\/"},"modified":"2024-01-11T16:56:13","modified_gmt":"2024-01-11T14:56:13","slug":"elon-musk-considers-bitcoin-for-martian-economy","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/elon-musk-considers-bitcoin-for-martian-economy\/","title":{"rendered":"Elon Musk Considers Bitcoin for Martian Economy"},"content":{"rendered":"<p>Billionaire Elon Musk has entertained the idea of using cryptocurrencies, including Bitcoin, as a monetary unit on Mars.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Elon answers what money he would use on Mars: <a href=\"https:\/\/t.co\/VJQeIM0qqJ\">pic.twitter.com\/VJQeIM0qqJ<\/a><\/p>\n<p>\u2014 Sam Callahan (@samcallah) <a href=\"https:\/\/twitter.com\/samcallah\/status\/1745246418724339798?ref_src=twsrc%5Etfw\">January 11, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The businessman made this statement at a <a href=\"https:\/\/twitter.com\/CathieDWood\/status\/1745201465151344760?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1745201465151344760%7Ctwgr%5E0dfc740f9671a71a6c8c48622f4c7381be1720cc%7Ctwcon%5Es1_&#038;ref_url=https%3A%2F%2Ffinbold.com%2Felon-musk-discusses-idea-of-using-bitcoin-on-mars%2F\">conference<\/a> focused on the approval of a spot Bitcoin ETF by ARK Invest.<\/p>\n<p>In response to a question about what currency would be used on Mars, Musk initially expressed doubts about the functionality of the first cryptocurrency for such use. He cited the significant time required for transaction confirmations as a limiting factor.<\/p>\n<p>However, after discussions, the billionaire concluded that it is quite feasible:\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIt might be possible to use Bitcoin to some extent, but it would be difficult to use it in large quantities on Mars. Mars is about 20 light minutes from the Sun, so localizing such things there is not easy.\u201d<\/p>\n<\/blockquote>\n<p>Subsequently, Musk agreed with Bitcoin Core developer Matt Corallo that the low transaction speed could be addressed with a localized Bitcoin micropayment network, the Lightning Network.<\/p>\n<p>According to the entrepreneur, some stakeholders in the crypto industry are discussing steps to deliver cryptocurrencies to Mars, but technological challenges must be resolved first.\u00a0<\/p>\n<p>Meanwhile, Blockstream CEO Adam Back described the distance to the \u201cred planet\u201d as the least significant obstacle. He also noted that Bitcoin\u2019s current throughput is quite suitable for Mars.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">Correct answer: <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#bitcoin<\/a>. 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.<\/p>\n<p>\u2014 Adam Back (@adam3us) <a href=\"https:\/\/twitter.com\/adam3us\/status\/1745247310764798435?ref_src=twsrc%5Etfw\">January 11, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThink bigger: Kardashev type II requires a Dyson sphere around the Sun, and put all the miners there too. Problem solved,\u201d he stated.\u00a0<\/p>\n<\/blockquote>\n<p>Previously, BitMEX and Astrobotic <a href=\"https:\/\/forklog.com\/en\/news\/bitmexs-lunar-bitcoin-mission-faces-potential-failure\">organized<\/a> a project to send a hardware wallet with 1 BTC to the Moon. However, the mission faced potential failure due to technical issues.\u00a0<\/p>\n<p>Since 2021, Elon Musk&#8217;s SpaceX has been preparing to launch the Doge-1 satellite, paid for with meme tokens. However, the initiative has yet to be realized.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Billionaire Elon Musk has entertained the idea of using cryptocurrencies, including Bitcoin, as a monetary unit on Mars.\u00a0 Elon answers what money he would use on Mars: pic.twitter.com\/VJQeIM0qqJ \u2014 Sam Callahan (@samcallah) January 11, 2024 The businessman made this statement at a conference focused on the approval of a spot Bitcoin ETF by ARK Invest. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9718,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1217,1170],"class_list":["post-9719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-elon-musk","tag-space"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=9719"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9719\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/9718"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=9719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=9719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=9719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}