Do You Think They’ll Use the US Dollar on Mars?

[xijieboy-8]

The space age is shifting into a higher gear with extraordinary momentum. The US Congress recently directed NASA to prepare a plan for deep space exploration, which should include sending humans to Mars. Concurrently, private companies continue to create and expand the commercial space market. 

In this regard, the fact that Bitcoin is borderless and possesses other relevant, unique features makes it essential for a space-based economy.
NASA to Send Humans to Mars


CubeSats
Space exploration is gaining renewed interest. The US Senate and the US House of Representatives passed Bill S.442, respectively, in February and March 2017. The bill authorizes NASA to spend $19.5 billion in the fiscal year 2017, to work towards accomplishing objectives to advance human deep space exploration, including a journey to Mars.
The bill also directs NASA to develop a strategic plan, focusing on information security and cybersecurity.

Bitcoin-Friendly Companies  Lead the Space Industry

Interplanetary Transport System – SpaceX

The space industry is growing exponentially, particularly, in those sectors related to space tourism, space habitat, space power, and space vehicles.

On February 27, SpaceX announced plans to send tourists around the Moon. This mission would be in the context of pursuing SpaceX’s ultimate goal of transporting people to Mars.

Elon Musk, CEO of SpaceX, wants to colonize Mars. He has shown his support for the cryptocurrency declaring, “Bitcoin is a good thing.”

Another bitcoin-friendly company focusing on space tourism is Virgin Galactic, which is expanding its operations. According to its website, “Effective today [March 2, 2017], our family of space companies numbers three. As with before, Virgin Galactic will be our commercial human spaceflight services provider, and The Spaceship Company will continue to offer design, manufacturing and testing services to build vehicles for Virgin Galactic. And our small satellite Launcherone team will become our newest company: Virgin Orbit.”

Sir Richard Branson, the founder of these companies, believes that “Bitcoin is working.” Branson has announced that space tourists will be able to pay for their tours in bitcoins.

In this regard, Sean Patterson, PR Manager of Worldcore, wrote, “Now, Bitcoin holders can get a chance to join the future passengers of SpaceShip II, and the price of a round trip is approximately 340 BTC.”

Bitcoin Shoots for the Stars and Beyond

Almost from Bitcoin’s inception, cryptocurrency enthusiasts and scientists have envisioned Bitcoin-based operations in space.

Do You Think They’ll Use the US Dollars on Mars?For instance, the idea of setting up satellite networks in space for Bitcoin operations has long been pursued. Indeed, early Bitcoin miner and developer Jeff Garzik was discussing and working on the idea of nanosatellites and Bitcoin in space as early as 2013.

Indeed, Jeff Garzik was planning “to launch a network of mini-satellites to beam the blockchain of Bitcoin down to every corner of the earth – circumventing any attempts at censorship,” according to a 2014 interview.

As a result, Bitsats, nanosatellites that operate in low Earth orbit, were designed for Bitcoin operations.

The Bitsat project envisions a network comprising 24 satellites orbiting the Earth. Each satellite in the network would function as a Bitcoin node.

A Bitcoin network operating from space could enhance Bitcoin’s freedom, writes Danny Bradbury. “Each of these satellites will save the entire Bitcoin blockchain, providing a backup for the earthbound Bitcoin network. They will receive updates with new blockchain data from selected ground stations, during 15-minute passes overhead. They will then independently verify that information to make sure that it is accurate.”

Bitpremier is offering Bitsats made by Dunvegan Space Systems for, as of this writing, about 835 BTC. This price includes the spacecraft, the launching, and operations.

Bitcoin’s Intergalactic Challenges

Granted, interplanetary distance and the speed of light will have to be factored in. Mars is very far away. Therefore, the communications time delay between Earth and Mars can vary between 3 and 22 minutes, depending on their relative positions.

So, the time delay would be greater than the blockchain’s average transaction delay, which is about ten minutes by design.

On Mars and other far away planets, perhaps a “Marscoin” could be used. Then, the “Marscoin” transaction could be settled with the Bitcoin’s blockchain. Thus, Bitcoin could act as a truly universal currency.

Earth-Moon transactions would not be an issue because the communications delay is only 1.3 seconds.

Bitcoin is here to stay. Eventually, humans will settle in space, and astropreneurship will become a mainstream activity.

Commerce in space will undoubtedly be cashless. Fiat currencies, already obsolete, will be of no use in a space-based economy. Therefore, let’s apply the amazing potential of Bitcoin and its blockchain technology to create innovative business solutions related to the emerging space economy.
What do you think about Bitcoin being the currency of the space economy?

[dawnasor]

It is a good idea if Bitcoin will be the currency in the space.
But I dont think to some governments if they want it.
And im think Bitcoin technology is fit in the space.

[panju1]

Bitcoin right now is in no position to handle all transactions on the Earth. We can do without the extra load of inter-planetary and inter-galactic transactions. 

[xypos]

Probably.

No matter how you look at it it would make sense right now to use USD on Mars. I mean realistically bitcoin isn't going to even be the reserve list for an international reserve currency any time soon.

Whilst USD has been that for the past century, without a dispute, however much people despises it.

I mean, the first question shouldn't even be what currency is used on Mars, it's when we'll inhabit Mars.

[Amph]

It is a good idea if Bitcoin will be the currency in the space.
But I dont think to some governments if they want it.
And im think Bitcoin technology is fit in the space.

as long as there are a computer you can use bitcoin, you don't need the permission to anyone to use it, that's why it's decentralized

i can't see a real difference between using bitcoin here on earth or any other planet, if there are the prerequisite to use it, such as internet and a computer

and both thing are needed by the government anyway to comunicate with earth...

[davis196]

It is a good idea if Bitcoin will be the currency in the space.
But I dont think to some governments if they want it.
And im think Bitcoin technology is fit in the space.

Maybe we could sell come bitcoins to the marsians or some other aliens.
This is too far away in the future and nobody can predict what will happen.
I don`t think that anyone here has an idea how expensive it would be to inhabit Mars.
The cost will be so high,that it would be pointless to invest so much capital and efforts.

[mummybtc]

I won't happen, I don't know when mars would start to support huge community but I think the concept of money might not work overthere because the necessity here will be completely different from  Mars

[pedrog]

You mean, there should be a marscoin?

Bitcoin is not suitable to be used on mars because of the communications delay, unless someone comes up with a new instant means of communication on very long distances bitcoin is useless outside earth.

[carlfebz2]

As long theres internet bitcoin can be used anywhere even you are on pluto the main issue here is the internet connection which is mainly needed on connecting between the network. It would be useless if theres no internet theres no need to create a new coin.

[romero121]

It is a good idea if Bitcoin will be the currency in the space.
But I dont think to some governments if they want it.
And im think Bitcoin technology is fit in the space.

Bitcoin best suits the space world. Because things can be operated from anywhere is the basic of our virtual currencies. Dollars might be used if US explore the outer space living. Governments don't easily accept bitcoin if such an living chance increase in Mars or any other planets.

[gabmen]

As long theres internet bitcoin can be used anywhere even you are on pluto the main issue here is the internet connection which is mainly needed on connecting between the network. It would be useless if theres no internet theres no need to create a new coin.

Funny though that we're lookingnthis far forward. I don't even think mars can be colonated by humans in the first place. Imagine stores and businesses in mars LOL. It hasn't even been proven yet that mars  is inhabitable.

[NeuroticFish]

What do you think about Bitcoin being the currency of the space economy?

Nice thoughts, but no, sorry.
Bitcoin is designed as something extra. A side-coin, which will not replace USD, for example.
If humans will have a colony on Mars, the biggest worldwide companies will go there to sell their products. Since they pay their taxes on Earth, they'll use USD, EUR, CNY..
If the colony will become a real country, it will have a currency. There's a chance that only then we could think of Bitcoin, but even then that's a rather small chance.

[Mometaskers]

I like the idea of a Marscoin, that make's it a bit more neutral. Much of what currency would be used there would depend on when and how the planet is colonized. If it's a point that bitcoin is already wide-spread on Earth, then it makes sense that it would be the currency used there. What would complicate this though would be the rivalries between the spacefaring nations. Obviously they'd all want their currency to be the one used in their colonies (and no to mention the taxes that would be paid to them by the settling companies). Still hopefully, they'll either pick-up bitcoin or maybe just make a new coin for the planet.

I was wondering though, what could be a good name for the mars coin?

Bitcoin right now is in no position to handle all transactions on the Earth. We can do without the extra load of inter-planetary and inter-galactic transactions. 

Ahaha! True!

[Taki]

I like the idea of a Marscoin, that make's it a bit more neutral. Much of what currency would be used there would depend on when and how the planet is colonized. If it's a point that bitcoin is already wide-spread on Earth, then it makes sense that it would be the currency used there. What would complicate this though would be the rivalries between the spacefaring nations. Obviously they'd all want their currency to be the one used in their colonies (and no to mention the taxes that would be paid to them by the settling companies). Still hopefully, they'll either pick-up bitcoin or maybe just make a new coin for the planet.

I was wondering though, what could be a good name for the mars coin?

Bitcoin right now is in no position to handle all transactions on the Earth. We can do without the extra load of inter-planetary and inter-galactic transactions. 

Ahaha! True!

I am afraid that after this post some nerds will creat this "Mascoin", which will be another one stupid altcoins that appear and disappear almost every day today.

[allthingsluxury]

Lets hope not! Lets hope that if we are smart enough to establish a colony on Mars, then we will be smart enough to get rid of the horribly flawed fiat money system. Likely, what will be in place, at least for the beginning is a barter system, as it will be a tough survival.

[Hydrogen]

Elon Musk, CEO of SpaceX, wants to colonize Mars. He has shown his support for the cryptocurrency declaring, “Bitcoin is a good thing.”

Another bitcoin-friendly company focusing on space tourism is Virgin Galactic, which is expanding its operations. According to its website, “Effective today [March 2, 2017], our family of space companies numbers three. As with before, Virgin Galactic will be our commercial human spaceflight services provider, and The Spaceship Company will continue to offer design, manufacturing and testing services to build vehicles for Virgin Galactic. And our small satellite Launcherone team will become our newest company: Virgin Orbit.”

Sir Richard Branson, the founder of these companies, believes that “Bitcoin is working.” Branson has announced that space tourists will be able to pay for their tours in bitcoins.

In this regard, Sean Patterson, PR Manager of Worldcore, wrote, “Now, Bitcoin holders can get a chance to join the future passengers of SpaceShip II, and the price of a round trip is approximately 340 BTC.”

Elon Musk, Virgin Galactic, Richard Branson and Sean Patterson endorsing bitcoin.

Round trip to the moon on SpaceShip II only 340 BTC.  

This is a lot to take in.

I would tend to think mars would have some type of barter system, initially. The economy might not be fair if some people had zero bitcoin and others had 500 btc to start. The beginning would probably be trading equipment for other pieces of equipment or services. Then maybe later mars would implement its own altcoin or currency, something mars residents would have control of, rather than something controlled by outsiders.

[batang_bitcoin]

Since many are saying that bitcoin will fly to the moon, then it should be good that bitcoin will be used on Mars. (sarcasm  )
I'm thinking that bitcoin can be used a flight ticket on a space craft going to Mars just like what cheapair.com is implementing. But if this is for real, we need to see people first living on Mars. And that will be long time before it happens, so my thought on this is those satellites will be used for the operation here on Earth.

[ridery99]

There's not going to be a Mars colonization. What ever Musk or others say to advertise their companies or dreaming big. There's going to be more wars in the future and space programs must be cut down.

[Lieldoryn]

Bitcoin is still too weak to compete with the dollar. Colonies on Mars will go the dollar. The problem with bitcoin is that it has not received such distribution, such as the dollar. The Americans gave the dollar loans after the war in large quantities and even if you know that the loan will not be returned. For now the dollar in all countries of the world.And on Mars will be

[whizter]

As long theres internet bitcoin can be used anywhere even you are on pluto the main issue here is the internet connection which is mainly needed on connecting between the network. It would be useless if theres no internet theres no need to create a new coin.

to me i think it will be more convenient to use bitcoin on mars instead of USD, because bitcon is the need of the modern age and most of the people are mostly depend on bitcoin fo living. so the importance of bitcoin is increasing from time to time.