Residents on Mars will use cryptocurrency like bitcoin for exchange: Musk

Elon Musk recently stated that Martian residents may use cryptocurrencies similar to Bitcoin for transactions. There will be a cryptocurrency economy on Mars.

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.” Another commenter of this tweet The cryptocurrency that Mars residents may use is called Marscoin.

Earlier this month, Musk said that he was “very confident” that SpaceX would send humans to Mars by 2026: “If we are lucky, maybe four years. We hope to send a robot there within two years. Man and machine.”

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. Cash is not practical and it is difficult to find a reasonable way of reconciliation. Travelers may have dedicated accounts, which can be used on long trips to Mars or on Mars. If radio wave transmission is used, transactions can reach the earth in about 20 minutes at most.

Converting cryptocurrency is likely to require Martian residents to have handheld devices as 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.

The Bitcoin and cryptocurrency communities are very much in line with Musk’s interest in encryption. 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 to make fun of Cryptocurrency watchers.

In October of this year, Musk told Robert Zubrin, the founder of the Mars Society, that Mars colonization is something that humans need to accomplish to ensure “the continuation of human consciousness.”

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