Elon Musk, Founder, SpaceX believes that cryptocurrency is the future economy of Mars. He believes that if any settlements he has to do financially then it will be only via cryptocurrency.
This debate has been started by Lex Fridman, AI Researcher on his Twitter handle. Musk agreed to him and said that the Mars economy will run on crypto. He compared the Mars cryptocurrency to dogecoin or better could be called as Marscoin on Twitter.
Elon Musk feels that cryptocurrency will have a big role for the Mars settlers
Musk sees big dreams for Mars settlement. He believes that the economy will probably run without the government interference or to be precise for any governing body of laws. He believes it will be a direct democracy.
For the people who want to settle on Mars, the resources will be limited and so is the financial settlement. It means that either one is a solid claim. However, it is not clear to Musk how the economy will run on Mars or how he will even carry everything to Musk that settlers require to sustain.
It means that the plan by Musk and the currency is 20 steps ahead of the plans that are actually on the books. Musk has a dream project named SpaceX Mars Mission which is expected to launch people to the red planet from 2024. He is positive of completing the mission on Mars by 2026.
The company is working on the prototypes and has prepared one prototype named SN8 or Serial Number 8. The performance of this prototype is yet to be determined by the scientists.
People can use cryptocurrency for transactions and multiple transactions can be done to and fro
Musk believed that cryptocurrency has many advantages. He thinks that the idea of having a virtual currency for the people settling in Mars is good as compared to the paper currency on Earth. He is of the opinion that it is impractical to carry cash to the other planet. He further suggests that travelers could have a dedicated accounts that will work on the long trip to Mars and on the Earth too.
Can transactions be done to and fro? Yes of course as it is the simplest way. The transaction to Earth can be done in 20 minutes if it is transmitted through radio waves. Peer to peer transactions could be done easily for people living on the red planet. Exchanging cryptocurrency would not be difficult for them. Mars settlers have to handle devices that we all use on Earth. Every person would have an account to bring in and hold money.
