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Will Bitcoin Be Used On Mars?

Elon Musk stated that theoretically, using Bitcoin on Mars could be possible, but the transaction speed might pose some challenges.

Tesla CEO and SpaceX founder Elon Musk initially opposed the idea of using Bitcoin on Mars. However, during an event on the Space platform with ARK Invest CEO Cathie Wood titled "ARK 21Shares Bitcoin ETF (ARKB) Approved," Musk shared his thoughts on using Bitcoin on Mars. Initially rejecting Bitcoin due to long transaction times, Musk stated the following on the matter:

"It would make sense to use some form of cryptocurrency on Mars, but you can't use Bitcoin because transactions take too long."

This statement was made during a period when Musk continued his goal of establishing a colony on Mars by 2050, emphasizing the importance of humanity becoming a multi-planetary species for survival. 

Elon Musk, in his speech, highlighted that Earth is only eight light minutes away from the Sun, and Mars is approximately 12 light minutes away, suggesting that colonizing space could indeed be possible but not without facing various challenges.

Musk expressed that Bitcoin could be used in space up to a certain point, but he believed long-term use on Mars would be challenging. Emphasizing that Mars is about twenty light minutes away, he added that localized networking would be necessary on Mars, stating, "The distance to Mars is about twenty light minutes. So, this task is not easy; there needs to be a localized network on Mars."

Later, Musk mentioned that he and Bitcoin core developer Matt Corallo agreed that the slow transaction speed of Bitcoin could be improved with a localized Lightning Network. He pointed out that securing Bitcoin transactions, the blockchain assembling transactions in 10-minute blocks, and requiring six block confirmations for a transaction to be finalized can take up to an hour.

Blockstream CEO Adam Back claimed that Bitcoin could be used in any condition, regardless of whether it has a localized Lightning Network or not. In response to Musk's statement in Space, he mentioned, "12-22 light minutes are not a problem due to 10-minute block intervals."

According to data from Glassnode in April 2023, transactions made through the Bitcoin Lightning Network were found to be significantly cheaper compared to other methods. Glassnode reported that the cost of conducting transactions via the Lightning Network is 0.0029%, making it about a thousand times cheaper than Mastercard or Visa payment transactions.

Speculation arose about whether the option to use cryptocurrencies would be introduced to the X platform, as Musk planned to make X an "all-in-one app." In January 2023 news, Musk mentioned the possibility of integrating cryptocurrencies as a payment method on the X platform.

However, on August 5, 2023, Musk responded to a user on X, stating that he would "never allow payments with cryptocurrency" on the platform.

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