Elon Musk initially objected, but later said it was “possible” to use Bitcoin on Mars despite concerns about its transaction speed.
During the Space on The content of the meeting was posted by Sam Callahan, market analyst of Swan Signal, on January 11 on X.
“It would make sense to use some cryptocurrency on Mars,” Musk replied. “But you can’t use Bitcoin, because the transaction process is too long.”
However, he then thought again and said: “Maybe you could use Bitcoin to some extent, but it would be difficult. Mars is about 20 light minutes away, so it’s not easy . There must be something localized on Mars.”
Elon Musk at an event in Rome (Italy). Photo: Reuters
Musk also agreed with Matt Corallo, one of Bitcoin’s core developers, that Bitcoin’s slow transaction speeds could be solved through a local network called Lightning Network. According to CoinTelegraph, Bitcoin currently takes an hour to secure transactions, as its blockchain assembles into 10-minute blocks, requiring at least six blocks to be confirmed before a transaction is completed.
According to Adam Back, CEO of blockchain company Blockstream, Lightning Network can speed up transactions. However, even without “localizing” Bitcoin transactions, speed is still a factor that is not really a concern. “12-20 minutes of light is no problem with 10-minute blocks,” Back commented.
Previously, Musk publicly supported a number of digital currencies, such as Dogecoin. However, responding to user X last August, he said he would “never” launch his own cryptocurrency.
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