Bitcoin and space colony

[Herbert2020]

people don't need money in outer space!
and even if they become capable of living on other planets they are not gonna need money, they will have all their needs shipped out to them from earth.
and by the time another planet is colonized at least 200-300 years has passed. and by that time who knows if bitcoin is still around.

[Kprawn]

Digital money would be a good alternative, until they have found some other mineral there with value, that they can mine. For synchronization purposes with the Blockchain, I would suggest that they

should create their own side-chain or {off-chain solution} and then sync these changes to the Blockchain later, with one or two transactions. What can be more decentralized than having nodes on

other planets? That is what I would call, real redundancy or disaster recovery options. 

[Jimbola3]

people don't need money in outer space!
and even if they become capable of living on other planets they are not gonna need money, they will have all their needs shipped out to them from earth.
and by the time another planet is colonized at least 200-300 years has passed. and by that time who knows if bitcoin is still around.

hmm you have pretty good imagination but after shifting their people may start their normal life like in earth so its very possible that people can get thier business up, and many more and start using bitcoin again ! but these things are just imaginations !

[Bestwishes745]

I think when the space colonies are formed then for there bitcoin will be a better currency, as at there there will be no any border of nationalism and other borderlines, and there will be people from all over the world, so bitcoin will be better choice for there.

[lionheart78]

It is possible if the bitcoin technology can cope up with what is needed during that time.  As of now Bitcoin and our technology can't be use smoothly if somehow it is used in space colony.  I also think that as technology grow, there are a lot more advance cryptocurrency will appear and will challenge bitcoin superiority.

[Xester]

Human beings are already in its preparation stage to launch the trained astronauts to be sent to mars. This is a preparation for the purpose of making human colonies at Mars. On the other hand some corporations are targeting to mine some rare metals on asteroids.

Bitcoin as a virtual currency can be sent anywhere in the form of waves and frequencies passing through towers, cables or even in air. Bitcoin can be sent to space and it is possible. Maybe in the future when space colony will be established bitcoin is the potential legal tender.

Is it possible? What do you think?

This may possibly happen but it will be or it will take too long that will happen. We will no longer be alive to witness how bitcoin reach outer space for the first time and we may not experience to go to space but we will be buried 6 feet below the ground.

Your idea is not just an imagination but a prediction of how bitcoin will be used as a currency not only globally but interplanetary.

[rhino34567]

I do see how using bitcoins for space colonies. But, It would be very complicated to change currencies.

[davis196]

Human beings are already in its preparation stage to launch the trained astronauts to be sent to mars. This is a preparation for the purpose of making human colonies at Mars. On the other hand some corporations are targeting to mine some rare metals on asteroids.

Bitcoin as a virtual currency can be sent anywhere in the form of waves and frequencies passing through towers, cables or even in air. Bitcoin can be sent to space and it is possible. Maybe in the future when space colony will be established bitcoin is the potential legal tender.

Is it possible? What do you think?

It`s pointless to have bitcoins or any other currency in space colonies.

People aren`t going to space to trade goods,services or currencies.

Or maybe they will trade some bitcoins with the aliens.

[Kakmakr]

The pioneer space colony will have no need for money, when they arrive there. The first thing they need to do, is to find a way to survive in that hostile environment. Who in his right mind, wants to swap earth for a place where no plants will grow in the wild? If they survive there, they will trade goods produced and do research and exploration for the time they are there. ^hmmmm^

This was my first thought as well.. There will only be a very limited number of people going to these colonies even in the coming 50-100 years. The people that go there are paid to build the colony and their food and housing will be provided.

Currency will become a thing when the colony is established, when people can't do everything they need and want anymore. When you don't have time to make bread, but you can grow vegetables, you can trade them and in the end you need currencies to trade for rarer stuff and stuff that spoils easily.

I guess as there is communication with those places, even a bank transfer would be viable through sattellite. 

Not just that, these space colonies will be assisted from earth with continuous supply drops, until they can be self sufficient in their caves under the Mars surface. The amount of radiation in Mars's atmosphere will force them to live underground in hollow magma tunnels that already exist there. I just know for sure that I will never swap earth with it's natural sunlight and clean air for these underground tunnels. I think some of the people living in huge cities with high pollution might consider this option, but not me. ^hmmmmm^

Good luck Martians. ^smile^ 

[Jeremycoin]

Nice idea, and I think it would be possible if in the future Bitcoin will be the World Space Currency. Anyone in galaxy or even in this world can use it, and there's should be no restriction to use it.

[readysalted89]

Human beings are already in its preparation stage to launch the trained astronauts to be sent to mars. This is a preparation for the purpose of making human colonies at Mars. On the other hand some corporations are targeting to mine some rare metals on asteroids.

Bitcoin as a virtual currency can be sent anywhere in the form of waves and frequencies passing through towers, cables or even in air. Bitcoin can be sent to space and it is possible. Maybe in the future when space colony will be established bitcoin is the potential legal tender.

Is it possible? What do you think?

While sending bitcoins from other planets may be fun and all, it has a big risk of forking. Signals can take up to 42 minutes to go back and forth between Earth and Mars. Let's assume we have an advanced colony on Mars with miners. The blockchains on the two planets would fork since blocks on Mars and blocks on Earth would be created at the usual 10 minutes, but propagation delays would prevent blocks from Mars from being added to the chain on Earth, and vice versa.

So I don't think Bitcoin would be fit for interplanetary use unless it has an unholy block time that's proportional to the propagation delay (i.e. We would need longer block times if we were to include Jupiter). Other electronic solutions would also suffer from the same issue (e.g. Paypal's database would not be synced fast enough between the two planets, or transactions would be painfully slow). I think the best fit would be actual fiat or gold.

Take note that I'm not imagining any sci-fi stuff. All of these problems would be solved if physics allowed us to use maybe spooky action to get instantaneous communication between planets (e.g. Spooky routers that would instantly transmit data back and forth between Earth and Mars).

You are assuming radio waves. While your concern is still valid, encoding on light waves would put it between 3 and 21 minutes, depending on distance of planets

There are already projects that are attempting to transmit over great distances using lasers. The problem is the further the target, the harder it is to hit it. Shooting a laser beam from mars to a target on or above the earth is probably impossible with today's technology, but might be possible with tomorrow's. It would allow Bitcoin transactions to be broadcast without forks.

[Soros Shorts]

Human beings are already in its preparation stage to launch the trained astronauts to be sent to mars. This is a preparation for the purpose of making human colonies at Mars. On the other hand some corporations are targeting to mine some rare metals on asteroids.

Bitcoin as a virtual currency can be sent anywhere in the form of waves and frequencies passing through towers, cables or even in air. Bitcoin can be sent to space and it is possible. Maybe in the future when space colony will be established bitcoin is the potential legal tender.

Is it possible? What do you think?

While sending bitcoins from other planets may be fun and all, it has a big risk of forking. Signals can take up to 42 minutes to go back and forth between Earth and Mars. Let's assume we have an advanced colony on Mars with miners. The blockchains on the two planets would fork since blocks on Mars and blocks on Earth would be created at the usual 10 minutes, but propagation delays would prevent blocks from Mars from being added to the chain on Earth, and vice versa.

So I don't think Bitcoin would be fit for interplanetary use unless it has an unholy block time that's proportional to the propagation delay (i.e. We would need longer block times if we were to include Jupiter). Other electronic solutions would also suffer from the same issue (e.g. Paypal's database would not be synced fast enough between the two planets, or transactions would be painfully slow). I think the best fit would be actual fiat or gold.

Take note that I'm not imagining any sci-fi stuff. All of these problems would be solved if physics allowed us to use maybe spooky action to get instantaneous communication between planets (e.g. Spooky routers that would instantly transmit data back and forth between Earth and Mars).

You are assuming radio waves. While your concern is still valid, encoding on light waves would put it between 3 and 21 minutes, depending on distance of planets

Huh? Radio waves travel at the same speed as light, that is, 300,000 km/sec or 186,000 miles/sec. And 42 minutes is the max possible time to go back and forth, so what exactly are you saying that is different with light?

[Yutikas_11920]

Nice idea, and I think it would be possible if in the future Bitcoin will be the World Space Currency. Anyone in galaxy or even in this world can use it, and there's should be no restriction to use it.

Yeah, that is certainly true. If this idea can be realized then everyone will definitely be able to use the bitcoin without restrictions on who can give you the impact that is not good. Bitcoin appears indeed to provide solutions for everyone to perform transactions with easy fast and cheap. It is so good to make it work

[DOGE12321]

That is a very good point that you have brought up. I have never even thought about that.

Theoretically, it would be possible to make Bitcoin the legal tender. However, over time new currencies would take over. Humans would start to extract minerals from the ground and make the fiat that we have today.

 

[gentlemand]

Good to see people are thinking ahead. I would hope that by the time humanity was ready to start colonising the stars we would've left the concept of money far behind. It hasn't really spread a great deal of happiness.

[pereira4]

In the future Bitcoin will be the currency that everyone uses in our galaxy, since in other galaxies there's probably intelligent life too and they will invent other type of Bitcoin with a different blockchain. We will have wireless interplanetary connection and we will share the same blockchain.