Bitcoin will be used on Mars by Elon Musk, but is it really feasible?

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Bitcoin will be use on Mars by Elon Musk, but is it really feasible?. Having been asked what he would use on Mars, Elon Musk, CEO of Tesla, has suggested that there may be a possibility of using cryptocurrency on Mars in response to inquiries about what he would use.

According to Crypto News, Musk provided additional information on his plans beyond Earth on January 11. In his remarks in the “Ark 21Shares Bitcoin ETF (ARKB) Approved” space on X (previously Twitter), Musk discussed his desire to advance humanity as an interplanetary species as well as possible obstacles that may arise.

During the encounter, a user questioned him at the end of the encounter, as he has not yet been provided with a fiscal model from space, in which case he subsequently answered that if everything went well, he would use this amount of money on Mars.

There may be some use of digital assets on Mars in some form, but according to Musk, Bitcoin, which requires a lengthy reconciliation process, may not initially function on Mars because of the length of time required to settle transactions according to the distance between the Earth and Mars.

The use of cryptocurrency on Mars would make sense; you could not use Bitcoin because the reconciliation process would take too long; it would be better to use some kind of cryptocurrency.”

Tesla’s and SpaceX’s CEOs softerened their initial criticism later on by pointing out the differences between Mars and Earth’s distance from the sun. Mars is twelve light minutes away from the sun while Earth is about eight light minutes. Although this may not be a problem at first, it is certainly a possibility at this point. 

That news provided by timenews.

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