Bitcoin Forum

Do you think crypto will be the future for payments in space ?

How will they pay people long distance ... from planet A to planet B ?

We'll need a slower blockchain for that though.

It could take anywhere from 3 to 23 minutes toget a signal there travelling at the speed of light (depending on orbit). So you'd need a block time og at least 30 minutes to ensure you don't keep orphaning the chain - a more realistic or worthwhile time would be around the 4 to 6 hour mark imo too. If you're going further than Mars, you'd need even longer. It might just be better to rely on a centralised system.

If cryptocurrency won't be the means for payment then fiat may not be. People in different planet AB or C will require a payment system that will be decentralised, not limited by any individual regulation, universal and free from control , these are the attributes of cryptocurrency led by bitcoin. If the planet will require a free transaction that is encrypt in the blockchain where everyone sees transaction A and B then cryptocurrency can be the best adapted with space.

I think this question should be asked first of all to Elon Musk. He is going to colonize Mars and he will somehow pay off with the people who will live there. Most likely, Elon Musk can offer his Dogecoin if his passion for this cryptocurrency is serious. I think that at first there may even be a natural exchange, and then the money will still be needed. We do not yet know what it might be. This will depend on many reasons.

it may take a long time but I am 1000% sure in the future cryptocurrency will be a payment system used between planets
if using fiat then we will take a very long time to send funds to mars (for example)

nothing beats the speed and ease of transaction with cryptocurrencies, show me if you have one!
the human was lucky has cryptocurrency nowaday

I didn't think about it that far. You're awesome enough to even think about interplanetary payments. Meanwhile, the problem of economic payments on earth alone has not been realized. Moreover, the government often monitors crypto transactions by asking for income taxes.
I like how you think, but it would be great if we had resolved what has been a problem on earth regarding the economic prosperity of the micro and macro economies which remain uneven.

this may just be my opinion but i'm still not sure that there are creatures that live on other planets :)
and even though there might be I'm not sure they do the same thing as on earth like transacting via fiat or crypto for example :)

this is too far to think about, the problem that exists on one planet about crypto payments is still a lot of pros and cons actually. So, why think about new problems again if the problems on earth can't be solved yet.

no one can guarantee this because indeed we don't even know if there are other species like humans that live on other planets and use crypto as a means of transacting.
you are too far in guessing.
because even if there are other species living on earth called aliens by us, can they communicate with us and transact via crypto?
The benefits for humans and other species on other planets are also what when they make these transactions.

There are several possibilities that could be employed to solve this problem, as mentioned before one option is to slow down the blockchain to allow the data to travel through space and be added to the blocks, however eventually our technological level could make this unfeasible as we will need to slow down the blockchain more and more.

Another option that seems to come from science fiction is that it seems that information can indeed travel faster than light under some specific circumstances, if that technology could be developed then it would not matter how farther away each planet or colony was since information could be transferred in an instant.

The third option is just for each planet to have their own cryptocurrency based on bitcoin, similar to what we see right now with most countries as they have their own currency as well.

Starting over on a new planet will reset everything you think you know about economics.  The utility of your wealth on Earth is of no practical value to people on Mars unless there is a way to transfer that wealth into things you actually need on Mars to survive, and we're probably hundreds of years out from having cross-planet commerce after we establish a colony, assuming we even will.  Money will have no practical value on Mars because there is no excess anything to spend money on.  Every ounce of effort of the settlers will be devoted to survival.  An economy can only develop when there is voluntary excess savings from what you create past what you need to survive, and that's not likely to happen for hundreds of years.

This may happen in the distant future and we find payments in space through crypto, nothing is impossible with blockchain technology, as it is characterized by the speed of transactions and decentralization, so it is perfectly suitable for payment in space and between planets, which cannot be controlled by governments or central banks, but before we think about The matter of space, we must first believe in this technology on our planet, adapt it and use it in reality.

https://i.ibb.co/4F6xhZx/452b-artistconcept-comparisonwithearth.jpg

I think the concept of internet will need to be reinvented for interplanetary commerce to happen. Of course trades will still go between Earth and possibly Mars as we enter interplanetary exploration courtesy of Elon Musk. Digital will be the mode of payment that Martians and Earthlings will be comfortable of since you can't expect people to run millions of kilometers away from each other just to pay in cash, not to mention the standards it will check for the currency system to be stable between two planets. So digital, if not cryptocurrency, will be the payment as we enter interplanetary age as a species. I think cryptocurrencies will be a faster and more efficient alternative to fiat when making transactions between two planets. That being said the cryptocurrency system that we all have right now would still need to be improved because as great as it is, it will be inefficient for people to pay huge transaction fees, albeit wait for long periods of time in order for a single transfer to be made. Overhauling the Proof-of-work nature of bitcoin and translating it into proof-of-stake will be a great start towards this dream.

Maybe?

Internet? Satellite signal?

I have never thought of this but I'm aware that there are projects that I've read that they're bringing bitcoin to the moon. So whatever is the most possible payment on space then it's going to be whatever that has monetary value.

Actually the decentralization may not a feasible solution for payments between one planet to another, it is possible with mars and Earth but its certainly not possible due to the blockchain confirmation Nature if we are talking about planets with distance of light years.

The question is, can humans live on other planets?. with today's technology it seems difficult, so there is no need to think what kind of currency will be used there. because for the next few hundred years humans have not been able to do that. if we already have colonies on other planets, it means that technology has developed quite far compared to today. so it won't be difficult to transfer money between planets.

Hahah very hopeful of you, I don't think anyone could potentially predict this sort of thing, first of all expecting scientists to make such a thing which could take you on different planets as a tourist trip, and secondly predicting the price of any Cryptocurrency at that point in time, bitcoin might have reached more than a million atleast. So I don't think it would take more than 1 btc for you to go into space. I hope you have this much?

No doubt that the crypto currency payment methods will be the best one among all the traditional payment system so far. Because it is not a matter of a city to city. OP mentioned planet to planet. So decentralised methods will be prioritized here as payment methods as it is used Blockchain Technology too. Hopefully people will pay through it.

Anything could happen in the future with crypto since our technology is continuously developing but we could still take small steps at a time before imagining things that no one could answer for now. Crypto is multifunctional so it could reach almost all areas of the world but considering other planets, for now, will only lead us to lots of questions.

This is a wild imagination, first we must find other civilizations in the planets where there is sane life in space, then we must have the necessary technology to communicate with these civilizations, which we do not know what their nature is, even if we find other civilizations we do not know what the nature of money or The payment methods they accept may be something different from all we know, however maybe at that time in the distant future humans may invent a payment method that is more advanced than Bitcoin and has much more features and is completely different from it. Nobody knows what the future may hold for us.

No it won't, crypto operates on a principle of a single global network, and you just can't keep it in sync without faster-than-light communications, which as we know now are impossible. In the future distant places will have local payment systems that will be at certain interval matched synchronized with some sort of central database on Earth, for example. So a payment from Mars to Earth would take quite some time, but payment on Mars will be as fast as it's currently on Earth.

The technology based growth is progressing with time. We can't limit ourselves, maybe there is chance of even better technology getting into usage. Earlier we had edge, then 2G, later on the growth continued and now the network is 5G. This is how transition happen, so with time we can see payment processing system not to be the same.

From planet A to planet B only the rich can reach and spend their days. So, there is need of transaction support. Same time we don't know how perfect will things function there as our earth.

Technological developments are indeed very fast, almost all sectors experience significant development. Since the internet began to become a basic
need, everything has become digital. Including the payment system to be cashless, so it's gone through a lot of changes. Bitcoin was created
by Satoshi Nakamoto as an alternative payment, so we feel financial transactions without the need to go through a third party. But new things are not
easy for everyone to accept, so it takes time for crypto to be accepted as payment. Similarly, crypto will be used as a payment in space, it could
happen, but it will take a long time. Because before deciding on crypto as a payment in space, it is better to think in advance how crypto can be
accepted as a global currency on earth.

You sure have a very imaginative mind. I haven't thought of this ever since I've known cryptocurrency. But I think, we can't really tell. As much as we want to know, we can only take a guess. NASA is known to conduct experiments, observations, and studies around space because that's their agency's field of expertise and job in general. Maybe we can ask them about it since they are the ones recruiting people to the other planet particularly Mars. Although we must also take into consideration the connectivity and processing time using our common sense. Is it possible? Is it going to be possible? That's what we're still uncertain of. Maybe, maybe not. But I guess none is really impossible since people have made such great discoveries that we are utilizing today such as satellites that are on the atmospheric surface and in outer space which brings us signals and connectivity. The question is how long will it take to be invented and how long would the trial be to know if it is indeed effective to use.

The world is moving forward with the advancement of technology blockchain technology is taking crypto forward while the universe was still the subject of observation and research, the time that the universe was considered to be the sole purpose of displaying national prestige and military prowess continued for some time. With the advent of satellite and powered flight technology it soon became clear that these technologies could be effective for life on earth and what has become possible, instead has become essential as part of the social activities of the common people on the ground or as part of the military force.

hahaha right, lets wait for Elon Mask to announce if his grand plan for establishing a human settlement on Mars will be successful. If it is possible to  live on other planet then that will be the time to realize how can we transact using cryptocurrencies from planet to planet. I hope I am still alive by the time if he could manage to do it but right now lets be realistic.

     This idea is very plausible and is very likely to be the best option for such use cases. Although I can only speculate on when, it really has a huge possibility. The last thing we'd ever need in space are regulations that slows everything down and hinders many things which in turn can be detrimental for progress for the humankind. Man.... I really wish I was born or will be reincarnated in the future to witness mankind's future breakthroughs and achievements!! T_T... Oh well, at keast I had a great childhood.

Why don't we just colonize come planets,before we start thinking about payments in space. ;D
I think that the human civilization will be capable of colonizing other planets after the year 2100,if the Apocalypse didn't happen before the new century.
Nobody knows what will happen with the cryptocurrencies after 80 or 100 years.Cryptocurrencies might become obsolete by 2100.The human civilization might find other ways to reallocate resources,replacing the market economy and the use of currencies,both fiat and crypto.
I also don't think that the first human colonists would need currencies,when they arrive at a new planet. ;D

Sorry OP, but the topic is the edge of schizophrenia. Based on your imagination, why not think about why cryptocurrency or something resembling money on other planets at all?
Start dreaming first about seashells that were used as an exchange on earth, during a certain development of mankind.
I wonder what you ate, what do you think about other planets and life on them?
I want to applaud everyone who supported and continued your fantasies.
At least our community has a sense of humor.

At the moment it seems very unrealistic to have humans life on another planet. Maybe in a hundred years it will look different but even if we could fly to Mars and back, the first people going there would be astronauts and scientists. We just started with commercial space flights for the super rich. The flights are short and of course all inclusive. When it ever comes to inter planetary travel we will probably see similar setups, you have to pay all costs before on earth. And if there was a need to send money to another planet the information would be send with light signals, it's the fastest way.

I'd like to imagine those payment methods that we use now will not be a thing of the future. Actually, I would like to think that we won't need methods of payment at all. You see, space travel, at least any serious form of it is still a distant future, as well as is planetary colonization. When we reach the point where private payment of individuals (on a larger scale) could be conducted, we might have very well abolished the concept of money and payments in a future society.

It could happen in the future but with a note that all countries accept crypto as payment. If that can happen, we will see people can use crypto to pay long distances to order a product or pay something.

But it is too far to think about paying from planet A to planet B. I do not think that it will be like that because we have the different infrastructure for each planet ;D

Banks have different E payment system so I think this one will be the most favorable to the people since crypto have delays especially when network is congested but hopefully this issues from crypto will have a solution so that the transaction delays will not be the barricade of crypto to be an option in terms of digital payments to merchants. But let see how the government will scale this since for sure there are so many things needed to tackle when we talk about crypto and its adoption.

Yes, I believe it is currently impossible to do so because our technology is not advanced enough to handle such transactions. However, if we say all over the world or country, it is possible because we are all connected and many tech companies have already developed some sort of system. Also, if we are going to be living in space soon, I believe it will be possible because bringing a large sum of money out there is extremely difficult, so online payment is a good idea.

the imagination of the OP and all my friends really appreciate it especially for people who talk bitcoin in space.
but your imagination now your imagination is too far, at least until now we can only to the moon and mars. and even then only done for research purposes and people who want to waste money by vacationing there.
imagination is good and no one forbids it but I think your imagination is too far and even if there are those who can live on other planets of course not now or in the next few years maybe even until we are not in the world there is no technology that supports for that matter.

we need modern civilization if we want this to happen, and indeed something like this will not happen in recent years even though the technology on earth has advanced but so far we have not been able to get to that stage.
because now we are still making observations and research on the solar system has not yet reached the stage of how we live there and how we do transactions through crypto as Op intended.

That depends, but I can’t imagine anyone living in a different planet than earth. I know a lot of people have believed that we can live in Mars, apart from the planet Mars there is no other planet that people go to. And by the way, even on the planet Mars, humans won’t be able to survive because the air is mostly made up of 96% as Carbon dioxide, so nobody is going to survive there unless they came with an oxygen tank, and oxygen tank doesn’t last forever, at some point it is going to finish and you would be left to nothing.

So, you can see that’s quite unlikely to happen, unless you’re going to be staying for just a short time. And moreover, I don’t see why you would fly to a different planet and be expecting someone to send you money.

I think it's possible because what I know in the movie spongebob outer space can be explored by a squirrel "Sandy" hah ,well it possible to send from planet a to planet b if there is an internet connection then it is possible ,but who will live at there no water no free air and no plants ,empty planet made up of debris

You think too far into the future, it's better if we talk more about the reality that has happened and measure it fairly into the future. The point is that Bitcoin will become a means of payment in the future among humans and its popularity on the internet will play a more important role than now. Well, surely Bitcoin is long-lived.

My hope at this time is that until bitcoin is legalized as a currency, I already have financial freedom as a result of cryptocurrency, so that later I have lots of bitcoins and are free to shop as needed, especially from now on we already understand the use of bitcoin, how it works and so on, so this is something to be grateful for

The delay in communication will make payment on a Blockchain very interesting.

"All communication between Mars and Earth goes through satellites. Because of the distance, there is a substantial delay. As communication signals travel at the speed of light, this means that it can take between 3 and 22 minutes for the information to reach the other end, so a phone call would not be practical." Source : https://www.mars-one.com/faq/technology/how-does-the-mars-base-communicate-with-earth

They can run their own Blockchain network on their own planet and then create a interplanetary Blockchain for all interplanetary "bulk" transfers. (Something similar to what the Banks are doing with SWIFT)  ;)

I dont think that the transaction speed will be that different. We have seen how astronauts make live video calls to the Earth with good graphics pictures. That means that we already now have a technology to transfer heavy streaming videos from out of space. What a blockchain or regular bank (swift) transaction? Just a number of bytes. By the time technology develops so much that will allow us to fly from populated planet A to populated planet B, data transfer would be so fast, that it wont matter what you send.

But I think future payments in space a still very far. Space payment will be on when we will have a unite currency on Earth. And having one unite currency in every country looks impossible to me.

I do believe that cards are not going anywhere but I do believe that apps will become the major thing in the future. If you do not need those machines and all you need is a phone to get paid then why would you require cards and those machines? That was what we needed back in the day but that is no longer needed right now. What do we really need to do now? We need a bank app that will allow the shop to show me a QR code and then I will open my bank app and then read that QR code and then I will be paying it, that's it.

I would be confirming and writing my pin and so forth on my app so that it is more secure but literally 2 phones is enough right now in technology. There are so many places that started using this as an option if you would like to and that needs to grow. That will be the future of the crypto world and the payment processing companies as well, apps on phones.

You are asking about the future of payment systems while we cannot be sure about anything even in a few days, however, with the current situation, bitcoin cannot be used as a payment method by itself, and there other alternative coins are not really trusted by old crypto users to be used a payment method. So, I believe at least right now fiat can be a better option for payments and both crypto and fiat are good in their own place.  

The difference is that crypto is actually digital, so when you send something like a bitcoin to someone in mars, then you are already sending it and you do not have to do anything anymore, you are done. Whereas the difference is that if you are sending money in bytes and that's it in fiat, then you are not actually having paper there at all, in the regular world we could just send money trucks in between banks and it would work and there are no issues, if one bank store is getting too much compared to what they have, they will send it to main headquarters and all that.

What are we going to do, if I send 10 billion dollars to a bank in mars, then what are we going to do? Not like people could withdraw that in mars, not like we can withdraw 10 billion here neither, but in the end we are going to be at least having the money there, with the mars one we need to send the paper version there as well. This is the slow part.

I suppose that if, for the payments of different space travel (which are already in fashion) it is imperative to handle crypto and BTC, the amounts of money are enormous, and the only way to be able to bypass standard regulations with governments, banks and control entities it is with crypto.
In addition, in an eventual fall of the world economy, I think that the value in crypto could be maintained, but in order to guarantee it, work must be done in a network that never fails the internet or the power supply, the rest I think is a matter of implementation and I do not see something impossible, it is a fact that it will be so. For me Blockchain is the perfect bridge for this world with many.

https://www.jpmorgan.com/insights/technology/blockchain-in-space
https://www.reuters.com/business/finance/jpmorgans-blockchain-payments-test-is-literally-out-this-world-2021-02-24/

Actually there is already some tentative attempts in regards with this one.
Future payments? Maybe yes or no.

Yeah it could be. Aside from the securities it offers, crypto payments are much reliable and faster than other mode of payments. In terms of inter-planetary payments, I think its easy. Internet is probably available in Mars if humanity migrated there. It would be easy to set it up as well as technology is developing faster than any before. 

far-fetched thinking. I think also the main thing that must be there is the human population on the planet mars and the internet network that can connect the two planets. We don't know what it will be like in the future, but it could happen that between the two planets there will be interdependence of businesses, thus triggering transactions

seem far ahead of time really. i wouldn't go that far yet when we haven't even explorer the deepest oceans we have. 100 years later who knows what they would be teaching to our kids maybe the earth is actually flat and all those mars landings are just stunts.

the future of money is blockchain that's for sure, look at Mr. Mukele as he is just trolling even the IMF. if it weren't for Bitcoin, he will still be afraid of the future of his country but with BTC, seem like he can face all sanctions.

To solve questions about money on other planets inhabited by people, you first need to create the necessary living conditions on these planets. Of course, this will be done from our planet Earth, and therefore the currency used by the inhabitants of the Earth and primarily by corporations or states that will be engaged in interplanetary transportation will be used. Only after the necessary infrastructure for normal life is created on other planets or even satellites of the planets, when a decision is made to provide them with the status of autonomy, only then can there be a question about a separate currency. We can confidently say that this question will arise in more than one generation. By that time, a lot may have changed, including cryptocurrency.

I have never doubted the sophistication of technology because I know that the longer technology will advance and it is not even impossible that this technological era will make human civilization continue to develop from year to year.
but speaking of this I don't think I don't believe in interplanetary transactions.
but maybe the problem here is how we live there (another planet).
Indeed, for now, humans are intelligent in their thinking and some have even been able to reach mars and the moon, but that is still temporary and is still an experiment.
how can we think of a way to transfer between planets, we live on a planet other than earth, we still haven't thought about how to do it.

He was talking about planets so I was just thinking about the possibilities that could emerge in the future. If NASA or any 3rd party businesses could transport humans to Mars and populate that planet, I think its not impossible to have an internet there as well as to satellite would be available there too. I don't think its far-fetched kind of thinking as its proven that technology is fast approaching. Payments in the other hand would be easier if internet could be established.

I think modern crypto payments are just one of the factors that allow for better security than how regular payments work.  Not to mention, the main direction of focus is towards creating a closed circle towards decentralized finance, where satisfaction needs to be overcome for a more liberal outcome to be expected.  blockchain is the main structure to facilitate not only payments but requirements at a more important level.

Your mind has come so far. Even me, I'm not sure if there are creatures like us that live on other planets. Or maybe if there is, their payment technology may be even more advanced and unlike our method and payment system.. But if it’s possible for people to live on another planet like Mars, I don’t think sending payments using bitcoin is a problem as long as planets A and B have an internet access.

That's correct. Radio communication to Mars (5-20 min (https://mars.nasa.gov/mars2020/spacecraft/rover/communications/)) is already slow and needs improved. 3.03-3.11 minutes (https://www.space.com/24701-how-long-does-it-take-to-get-to-mars.html) for the speed of light is also not great.
Some Ansible (https://en.wikipedia.org/wiki/Ansible)-like device/technology has to be invented first. And for that we, humans, need to find out how to send information in a faster-than-light manner. Let's be kind and say that it's gonna take a while...  ;)

I'm very unsure that paying from planet A to planet be will become a thing in the next few centuries (for Earth), and by then there can be very different approaches to economy, and we might not be the ones to set the currency. After all, to accept payments in cryptos, the recipients must acknowledge their value. So for now, the only relevant question is about payments on Earth. And regarding that, huge money transfers can cost way less with cryptos than in fiat back transfers, but small-scale transactions are faster and way easier to perform using a debit card.

Maybe in the future things are going to change, but now I don’t think anybody is leaving earth to go and leave on any other planet. Where exactly do you plan to live apart from earth, just fly out and be flying in space or what? Or are you going to be living on Mercury, Venus, or Mars?

Alright, I do know that humans do go to Mars, and some people believe that it is going to be possible for them to, maybe, move to Mars in future, but if you are doing your research on this, you will discover that humans cannot live on Mars now, although it is quite similar to earth, but it doesn’t have all the components that will make it possible for human beings to be living there. If you are to be dropped off on Mars, it is going to be a matter of days before you die.

Elon Mask promised that cryptocurrencies like Dogecoin or Marscoin once will become the official money of the Mars. In future the speed of transactions will be quicker as technologies are developing and become quicker. I’ve read that now Space Agencies are starting to launch satellites that transmit information from orbit to the Earth using lasers that significantly increase speed and quality of info they transmit. Maybe in future similar technology (or even better) will be used to transmit information (money transactions as well) from the Earth to people on the Moonbase, or on the Marsbase.

If they had promised out then  there might be some possibilities or tendency  that it could really happen since we are on a digital era or age
then we might really see that possibilities that it could happen but lets just wait up on what the future holds because as long these
innovation or changes would happen then that would really be a good option or addition for us to use.

With the current massive growth of cryptocurrency in the global world, it seems crypto will over take many mode exchanges and payment for good and services. Many countries are accepting cryptocurrency and many developed countries have some companies that has started accepting crypto payments. If this keep moving and the rate at which people embrace crypto, it will surely take up the entire world.

The influence of crypto is getting stronger and we can see from a lot of data that the daily transaction volume now reaches more than $150 billion, of course this is a very large value and will continue to increase as crypto trends continue to improve. For payments in space, of course, we are still waiting a lot because the future is always unpredictable.

From a scientific point of view, we who have studied Engineering with classical and traditional physics is only fulfilled here on earth, but when going out into space other phenomena occur that are not explained by traditional physics, that is why the Quantum physics, when we talk about Blockchain technology, it is for me the only technology that can serve as a bridge between earth and space, since quantum still has a lot to develop, so if a transaction can be made from the blockchain I think it will not have No delay like this is done from the Moon, or Mars, or some planet X, for me it is the only way that you can handle the payments of the earth and another world.

It's definitely too early to think about it. If the colonization of Mars occurs relatively soon, then various equipment from Earth will be supplied there for a long time. In this way, money can also be supplied. And what will happen later, no one knows yet. Also, no one knows what awaits the cryptocurrency even in a few decades. In any case, this is not a problem of current generations. In the future, with the gradual exploration of outer space, a more valuable material than gold may appear, and it is he who can become a universal means of payment.