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Author Topic: Bitcoin in Space  (Read 302 times)
Abiky (OP)
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April 20, 2021, 05:10:17 PM
 #21

I can see Elon Musk doing something similar for cryptocurrencies that he's doing for his business "Starlink". If not, someone will eventually come along, and do the same. However, this really isn't a priority if your thinking this is a good idea for prolonging the life of Bitcoin, unless you plan on catering to undiscovered extraterrestrial beings, because currently not many humans are away from earth, and none at all are away from earth permanently.

For this to become a priority you would probably need established colonies on another planet, and even then there's far more things that would need to be prioritized than establishing a currency that can't be destroyed or is unlikely to be destroyed.

I'm not exactly sure who holds jurisdiction in space, and whether there is any at all, and that's why I say that Elon Musk might consider this in the near future. It could be beneficial to establish nodes outside of jurisdiction of governments, and prying eyes. That would really be the only justifiable reason that this could become a priority, and even then that's a stretch. I do have a feeling though that to launch anything into space, it would require permission from some sort of governing board.

I understand the idea of it is cool, but its not exactly needed any time soon.

This is something optional than necessary for Bitcoin to work as intended. Expanding Bitcoin throughout space is a great idea, but it's something that requires a lot of funding to come into fruition anytime soon. Not to mention, the company doing this would need mainstream governments' approval. As you've said before, someone like Elon Musk should be more inclined in strengthening Bitcoin's infrastructure throughout space. At least, we have thousands of nodes supporting the Bitcoin blockchain on Earth. They're distributed among many countries around the world, greatly reducing the risks of a single point of failure. If something catastrophic happens in the future, you can rest assured that Bitcoin will stay alive because nodes aren't concentrated in a single region. The same will happen with Ethereum and other decentralized cryptocurrencies. Establishing nodes throughout space will only make Bitcoin completely "indestructible".

Nonetheless, there are far more important things to focus on besides expanding Bitcoin throughout space. First, Bitcoin needs to solve scalability issues to increase widespread adoption in the mainstream world. Then, it's going to need to adopt privacy mechanisms to become as fungible as cash. And last but not least, Bitcoin is going to need a proper regulatory framework to attract institutional investors into it. The last one will solve volatility issues, making Bitcoin a stable cryptocurrency for mainstream payments. Once all of Bitcoin's inherent issues are addressed, then we can talk about expanding Bitcoin to "infinity and beyond". Just my thoughts Grin

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May 17, 2021, 05:28:11 PM
 #22

The delay of the radio signal from the Earth to the Moon and back is about 3 seconds. Wouldn't such parameters interfere with mining?
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May 17, 2021, 05:44:52 PM
 #23

When I hear about bitcoin and space in one sentence, only one person comes to mind with such crazy and dangerous ideas for everyone - Elon Musk, who recently lowered the market by 15 percent with his contradictory and illogical statements. If a meteorite of sufficient power falls to the ground to cut out all the networks, I think most people will die along with the networks, both from the impact and from the subsequent consequences. So it is unlikely that in such a situation, someone will need bitcoin.

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May 17, 2021, 09:26:26 PM
 #24

would be great if we are to advance in to a type 1 or 2 generation, but with the current technology at hand I would say this is next to impossible at the moment. A good thought experiment, nonetheless. But as long as we stay stagnated with wars and conflicts, and to put the cherry on top, pollution and deterioration of our own planet, we will not be able to make it out alive to even see this being planned.
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May 17, 2021, 09:52:21 PM
 #25

Do you think some company or startup will invest money in launching Bitcoin nodes (and miners) into space? If not, why? What will the future of Bitcoin look like once settled in space? Your input will be greatly appreciated. Thanks. Smiley

If I was think of someone or company, it would had been Elon and his spaceX company, he was once the enthusiast and had all the facilities to accomplish that but with his new additional fame it seem it has gotten to him and it's overwhelming him. Because I don't see any excuse for his recent change of behavior.

It would had been a great idea as already Elon has plans of sending dogecoin literally to the moon but just hope that of bitcoin doesn't backfire leading to the nodes on earth been targetted probably shutting them down.

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May 17, 2021, 10:53:22 PM
 #26

We still in its early years and I don't think that would happen now because we still exploring more about it and the market volatility still there and you still have some transaction problems. If all of these things will be fixed in the next upcoming years, then things like what you are thinking will be more possible. There's still a lot more to explore here on Earth about what Bitcoin can do and to ascend it in space in its early age, I don't think it's necessary for now.

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May 17, 2021, 11:11:04 PM
 #27

We still in its early years and I don't think that would happen now because we still exploring more about it and the market volatility still there and you still have some transaction problems. If all of these things will be fixed in the next upcoming years, then things like what you are thinking will be more possible. There's still a lot more to explore here on Earth about what Bitcoin can do and to ascend it in space in its early age, I don't think it's necessary for now.

I agree that it is too early for Bitcoin in space, there are still many problems regarding Bitcoin that must be fixed. Besides, there is no need related
to this matter, there are still many problems on earth that need to be resolved first. Maybe in 2 decades we can talk about Bitcoin in space again,
but for now it's not the right time. Moreover, not all countries accept Bitcoin, so it is better to focus on the earth to educate many people about
the future of Bitcoin.

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May 19, 2021, 05:32:29 PM
 #28

If I was think of someone or company, it would had been Elon and his spaceX company, he was once the enthusiast and had all the facilities to accomplish that but with his new additional fame it seem it has gotten to him and it's overwhelming him. Because I don't see any excuse for his recent change of behavior.

It would had been a great idea as already Elon has plans of sending dogecoin literally to the moon but just hope that of bitcoin doesn't backfire leading to the nodes on earth been targetted probably shutting them down.

It would've been great to have Elon Musk in the Bitcoin bandwagon. He could've used his expertise to make Bitcoin more resilient and censorship-resistant. With his SpaceX company, Bitcoin could've gone towards the far reaches of space. Imagine Bitcoin nodes on the Moon, on Mars, and so on. Nothing will be able to stand on its way, as it becomes truly "immortal".

Unfortunately, Mr. Musk withdrew his support from Bitcoin after discovering how energy-intensive it is compared to other cryptocurrencies on the market. It'll be a hard task to bring him back into the project. We'll never know when will be the day that Bitcoin will reach space. There's no need to worry about this, since the network is alive and running for nearly 12 years now. With thousands of nodes and miners on Earth, there might be no reason to expand the network throughout space. Just my opinion Smiley

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