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Elon Musk discusses idea of using Bitcoin on Mars

Elon Musk discusses idea of using Bitcoin on Mars

In a Space on X titled “ARK 21Shares Bitcoin ETF (ARKB) Approved,” featuring ARK Invest CEO Cathie Wood on January 10, Elon Musk initially dismissed the idea of using Bitcoin (BTC) as a currency on Mars. He cited the considerable time it takes to settle transactions as a deterrent.

He said:

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

This debate started due to Musk’s plans to build a livable colony on Mars by 2050, as he aims to make humans an interplanetary species.

A change of stance

Nevertheless, following a verbal brainstorming session, Musk concluded it might be feasible. This optimistic perspective stems from the fact that Earth is merely eight light minutes away from the sun, while Mars is approximately 12 light minutes away, despite acknowledging the potential obstacles.

He concluded:
“Perhaps you can use Bitcoin to some degree, but it would be difficult to use it a lot on Mars.”

A possible solution 

Subsequently, Musk concurred with Bitcoin core developer Matt Corallo, acknowledging that the sluggish transaction speed of BTC could be addressed through a localized Lightning Network.

Bitcoin transactions take up to an hour to secure, as its blockchain aggregates them into 10-minute blocks. Confirmation of six blocks is required before the transaction is ultimately finalized.

Whether this is just the start of making the flagship crypto the first digital asset to be used on multiple planets remains to be seen. It seems that the approval of spot-Bitcoin ETFs has prompted many investors, scientists, and CEOs to think about all the possible applications of maiden crypto and, therefore, expand its reach.

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