In a recent Space on X broadcast with ARK Invest CEO Cathie Wood, Tesla CEO and SpaceX founder Elon Musk revisited the idea of using Bitcoin on Mars. Musk, who was initially skeptical due to the longer transaction completion time, seems to be warming up to the concept. This reassessment has sparked debate about whether the Lightning Network can solve the challenges of Bitcoin’s slow transaction speed in the Martian environment.
Elon Musk can use Bitcoin on Mars
During the broadcast, Musk expressed concerns about the impracticality of using Bitcoin on Mars, citing the long time required for transaction settlement. He emphasized that the significant distance between Earth and Mars of approximately 12 light minutes poses an obstacle to uninterrupted cryptocurrency transactions. This led Musk to consider the need for a localized network on the red planet.
Despite the difficulties, Musk suggested that it might be possible to use Bitcoin on Mars during a solo brainstorming session. But he acknowledged the challenges and proposed the idea of a localized network to facilitate transactions more efficiently. This marks a potential shift in Musk’s perspective, aligned with his vision of establishing a human colony on Mars by 2050.
Lightning Network solution
Realizing Bitcoin’s slow transaction speed, Musk proposed a solution: implementation of a localized Lightning Network on Mars. This network could potentially solve the time-consuming nature of Bitcoin transactions by providing a faster and more efficient method. The current one-hour confirmation time for Bitcoin transactions can be shortened with the capabilities of the Lightning Network.
Notable names in the crypto space responded to Musk’s idea, with Bitcoin core developer Matt Corallo agreeing that the Lightning Network could increase transaction speed. However, opinions differ, with Blockstream CEO Adam Back expressing optimism about Bitcoin being used on Mars even without the Lightning Network, suggesting that 10-minute blocks are sufficient for the distance.
As the debate around Musk’s idea continues, the potential integration of cryptocurrencies into Musk’s platform X adds another layer to the conversation. While reports in January 2023 hinted that X was hosting cryptocurrencies in its payment features, Musk clarified in August 2023 that there were no plans to launch a crypto token on the platform. The evolving narrative around cryptocurrency use on Mars reflects the ever-changing landscape of technological innovation and discovery.
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