American billionaire Elon Musk recently stated that Martian residents may use cryptocurrencies similar to Bitcoin for transactions.
Musk recently commented on a tweet posted by Lex Fridman, a well-known artificial intelligence researcher and podcaster, saying that he agrees that “the Martian economy will be run using cryptocurrency”, but did not specify whether to use Bitcoin or something else. Cryptocurrency. Another commenter on this tweet referred to the cryptocurrency that Mars residents might use as Marscoin.
Cryptocurrency has huge advantages. Martian residents use virtual accounts instead of any paper money based on Earth’s standards. This idea has its own merits, because dragging cash to Mars is impractical and it is difficult to find a reasonable way to reconcile the accounts. Travelers may have dedicated accounts, which can be used on long trips to Mars or on Mars.
Is it possible to trade between Earth and Mars? This is actually relatively simple. If radio wave transmission is used, the transaction can reach the earth in about 20 minutes at most. Banks and transaction clearing institutions ACH have a strong infrastructure, but most bank data is as simple as possible.
Converting cryptocurrency is likely to require Martian residents to have handheld devices like we do on Earth, and they can conduct peer-to-peer transactions as needed. In a closed economy, this means everyone has their own account to carry and hold funds.
But if Musk envisions a small enough solution where he can establish a direct democratic system, then why do people need money, at least temporarily. This means that there will be some kind of luxury that will not only allow people to buy, but also allow people to act as bargaining chips without currency.
Where paper money is scarce on the planet, people often use candies, buttons or other things to “find change.” It is easy to imagine that in the near future, people on Mars will exchange cryptocurrencies like hardware, salt or spices.
For Musk, a manned mission to Mars is not an unreachable dream, but a near-term achievable goal. Earlier this month, Musk said he was “full of confidence” that SpaceX would send humans to Mars in 2026. He said at the time: “If you are lucky, it may take four years, but we hope to send an unmanned spacecraft to Mars within two years.”
In October of this year, Musk told Robert Zubrin, the founder of the Mars Society, that Mars colonization is something humans need to do to ensure that “the consciousness as we know it continues.”
The Bitcoin and cryptocurrency communities fit very well with Musk’s interest in virtual currencies. Although he revealed in a podcast in early 2020 that he “does not know much about Bitcoin”, Musk has repeatedly used Bitcoin stalks and cryptic quotes. Come to make fun of cryptocurrency watchers.
In the past few months, the price of Bitcoin has soared, breaking the 2017 record and reaching a new high. Earlier this month, Musk’s Tesla announced that it might add Bitcoin to its balance sheet. Musk’s influence is so great that when he mentioned the lesser-known cryptocurrency Dogecoin this month, it prompted a sharp increase in its price.
