Elon Musk suggested using bitcoin cryptocurrency on Mars

Multibillionaire entrepreneur Elon Musk has proposed the use of bitcoin on Mars. In the article Space on the X Platform, published by ARK Invest CEO Katie Wood, Musk initially rejected the idea of using BTC as a currency on Mars due to the significant time required for transaction settlements. However, the businessman’s opinion has changed.

«It would be reasonable to use some kind of cryptocurrency on Mars. But you can’t use bitcoin because transactions take too long,» Musk emphasized.

However, after an oral brainstorming session, Musk concluded that the use of HTS in space is quite real. The entrepreneur noted that the Earth is only eight light minutes from the Sun, while Mars is about 12 light minutes away.

«You may be able to use bitcoin on Mars, but it will be difficult,» Elon Musk said, adding that the planet may have a potential need for a local network.

After that, Musk agreed with Bitcoin core developer Matt Corallo that the slow speed of BTC transactions could be solved with the help of a localized Lightning Network. Currently, Bitcoin takes up to one hour to secure transactions because its blockchain collects them in 10-minute blocks, requiring six blocks to be confirmed before a transaction is completed.

While Elon Musk is evaluating the possibilities of cryptocurrency transfers on Mars, BitMEX has launched a Vulcan rocket with a crypto wallet with 1 bitcoin to the moon. The spacecraft is expected to land on the moon on February 23. Representatives of the crypto exchange said that the mission demonstrates the potential of bitcoin and blockchain technology in creating a «limitless financial system beyond the Earth.»