Will we use Bitcoin on Mars?

Cryptocurrency is the quite frankly the future of our economic ecosystem globally. Right now, everyone wants to trade crypto, the fascination is quite high and the future is brighter than it ever has been. What if there was a convergence of this futuristic tech with another piece of the future that excites us? I’m talking about space travel, of course. More specifically, Mars.

Hopes of future colonization of Mars, various research projects being undertaken for the possibility of survival of life have ignited the talks of having Bitcoin as a currency for Mars. Will Mars have different countries with different currencies like on Earth? Or will it be controlled by a single government and a single currency like Bitcoin?

Would cryptocurrency be the ‘currency of the universe’ ?

Source: Elon Musk believes future Mars economy is going to be based on cryptocurrencies

And who better than Elon Musk can talk about this idea. The serial entrepreneur and of the richest people in the world, Elon Musk has been planning on the future colonization of Mars. His company SpaceX has been sending rockets to Mars to conduct similar research projects. SpaceX is hoping to land a manned mission by 2026. Musk hopes to help humanity by creating a ‘Human Colony’ on Mars.

Recently Musk tweeted that in the case of future settlements on Mars, it will be powered by cryptocurrency similar to ‘Dogecoin’, in response to a Twitter thread started by Lex Friedman, an AI researcher. He also mentioned the possibility of a ‘Marscoin’. The project ‘Marscoin’ was founded in 2014 enjoying its popularity during the crypto Bull Run in late 2017, currently having a market cap under $100,000. With big dreams for the future, he also mentioned that the settlement could be a direct democracy or without governing body of laws, but rather self-governing rules for the settlers there.

Further. other companies like Virgin Galactic are also promoting space travel and tourism. It is pro-cryptocurrency. The founder, Richard Branson, mentioned that the space tourists could pay for their tours in bitcoin also. Sean Patterson, PR Manager of Worldcore, wrote, “Now, Bitcoin holders can get a chance to join the future passengers of SpaceShip II, and the price of a round trip is approximately 340 BTC.”

Given the ‘Mars Society’ of Earth is now accepting their donations in the form of Bitcoin and similar digital currencies for furthering their goal of human exploration and settlement on Mars, it is very much possible that this very donation might be used after settlement there.

The idea of crypto on Mars can be certainly viable if some things can be taken care of. Given how impractical is it to take cash from Earth to Mars and reconcile them, the presence of crypto might facilitate the transactions. This might help in enjoying monetary transactions both on the red planet and back home on Earth along with during the journey. With a robust banking infrastructure, the mechanism using radio waves shouldn’t be very difficult.

It is as if the first human on Mars might bring with him a Bitcoin because cash ain’t viable for use. At that moment he won’t be able to get anything in exchange for his currency, but this initiative will make the currency universal, free from any regulations, and entirely based on blockchain. He might be able to transact from Earth. The time initially would be a bit long for the transactions to take place, but once everything is settled on Mars, it could significantly reduce that. After a while, Martians (erstwhile Earthlings and their progenies) might mine their variant of a cryptocurrency.

Although it is very much possible that the early Martians might just resort to a barter system with crypto coming into being for bigger and luxurious purchases.

The future is uncertain but very exciting. Crypto could become a true ‘universal currency’ with efforts from space agencies, crypto miners, billionaires, and energetic individuals. The hopes are high, the future isn’t so long.

A blockchain enthusiast and entrepreneur’s musings on the next big revolution since the Internet.