Elon Musk Discusses Bitcoin Use on Mars
Date: 2024-01-12 Author: Dima Zakharov Categories: IN WORLD
During the video conference, Elon Musk, the billionaire entrepreneur, rejected the idea of using Bitcoin (BTC) as a currency on Mars, citing the significant time required for transaction confirmations.
"It would be reasonable to use cryptocurrency on Mars, but you won't be able to use Bitcoin because the validation process is too time-consuming," Musk noted.
These remarks are connected to Musk's plans to establish a colony on Mars by 2050 and make interplanetary life a reality. However, after some contemplation, Musk concluded that it might still be possible. This is because Earth is approximately eight light minutes away from the Sun, while Mars is about 12 light minutes away.
"Perhaps to some extent, you will be able to use Bitcoin, but it will be challenging to use it frequently on Mars," Musk concluded.
Subsequently, Musk agreed with Bitcoin core developer Matt Corallo that the slow transaction speed on the Bitcoin network could be addressed with the help of a localized Lightning Network.
These ideas are currently relevant for the American billionaire, who recently expressed his readiness to use Bitcoin on his acquired social media platform, X.
