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

[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!

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.

I think that would be too early for them to make one. People aren't even hyped yet about going to Mars. Besides, what else can they add to it to make it stand-out from all those altcoins.

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.

Could be. The settlers would be mostly concerned about survival first before economics. They'd probably come up with their own coin that they can use there since it'll really take some time for signal to be sent back to Earth. Even the advanced technologies NASA use have several minutes delay.

Maybe they'll first start a small network there and use that to exchange mars coins with each other (I can even imagine them using physical tokens at first). Maybe they'd use Bitcoin for sending funds back to Earth.

[Hydrogen]

Those interested in mars, might like this.

NASA proposes building artificial magnetic field to restore Mars’ atmosphere

The Mars of today is a cold, dry husk with no life as far as we can tell. Even if there is still some hearty microorganism living on the Red Planet, it’s not suitable for human habitation without a great deal of protective equipment. A NASA talk given at the recent Planetary Science Vision 2050 Workshop presented a potential way to make Mars more habitable by giving it an artificial magnetic field. This could protect human residents from radiation and bring back some of the planet’s ancient oceans.

Data from missions like NASA’s MAVEN and the ESA’s Mars Express supports the idea that Mars was once more Earth-like. A few billion years ago, Mars had a magnetic field (like Earth does) that shielded it from radiation and the solar wind. Then, the magnetic field died out roughly 4.2 billion years ago, and the Martian atmosphere as slowly stripped away over the next 500 million years. Gone was the warm, wet Mars of the past. If we want to colonize the planet, we need to bring that Mars back.

Even if we were to dump more atmosphere into Mars, it would just be stripped away again. It’s not clear how we would go about restoring Mars’ magnetic field, but we might be able to build an artificial one. According to NASA Planetary Science Division director Jim Green, a powerful magnetic dipole positioned at the Mars L1 Lagrange Point could potentially deflect the solar wind like a natural magnetic field. The L1 Lagrange Point is a location of gravitational equilibrium that ensures the structure remains between Mars and the sun.

Green notes that advances coming out of plasma physics could allow for the future development of inflatable structures that can generate a magnetic dipole of 1 or 2 tesla. That could en enough to shield Mars against the solar wind, and it wouldn’t need to be anything near as large as the planet itself.

The Planetary Science Division worked with scientists from Ames Research Center, the Goddard Space Flight Center, and a number of universities to run simulations of this scenario (PDF). The team found that a magnetic shield would allow Mars’ atmosphere to find a new equilibrium. Currently, it has stabilized at roughly 1% the density of Earth’s atmosphere, thanks to the release of gases from internal pockets. With the shield, that could increase by several times and allow the surface temperature to rise to an average of 4 degrees Celsius (7 degrees Fahrenheit).

The thicker, warmer atmosphere could release the frozen carbon dioxide in the Martian ice caps, leading to even more temperature increases from the greenhouse effect. The frozen water hiding under the surface could also thaw and fill some of those ancient basins. Not only would Mars be warmer, but human residents wouldn’t have to worry about high radiation levels, or, you know, suffocating the instant they step outside.

Green and his colleagues admit this idea is “fanciful,” but it’s not completely outside the realm of possibility. We might have the ability to build a magnetic shield for Mars in the next few decades.

https://www.extremetech.com/extreme/245369-nasa-proposes-building-artificial-magnetic-field-restore-mars-atmosphere?source=Extreme

Summary:

They're proposing putting an electromagnetic shield in mars orbit to block solar radiation & prevent the solar wind from stripping mars of its atmosphere in order to terraform the planet and cultivate an earth like atmosphere.

[HarringtonStark]

I think $ would become digital and it would be just like bitcoin but only, the government would be controlling it.

[BitcoinPanther]

I think $ would become digital and it would be just like bitcoin but only, the government would be controlling it.

This is a possibility and this will be used instead, regulated, controlled and governed by US of A.  Bitcoin if used will have lots of controversies due to its decentralized network and of course the control and regulation.  Probably bitcoin will be an alternative if it gets lucky.

[Clement Kaliyar]

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. 
[/quote
That is the truth,the fact is that the bitcoin protocol cannot handle a few million transactions let alone the complete adaptation and then using it for outer space is just a good science fiction dream but it is not possible because of the issues we are having at the moment ,if a good solution is found on how to make things better and handle the traffic better with reduced fees which is the vision in which it is built then we might think about that in the future.

[el kaka22]

I think $ would become digital and it would be just like bitcoin but only, the government would be controlling it.

This is a possibility and this will be used instead, regulated, controlled and governed by US of A.  Bitcoin if used will have lots of controversies due to its decentralized network and of course the control and regulation.  Probably bitcoin will be an alternative if it gets lucky.

No bitcoin is going to be irresistible option for the people who are going to immigrate into Mars. This is because by the time, people are finding them selves travel ready to Mars, bitcoin would have reached the levels of main stream adoptions. Probably, human may forget to use dollars and will use only bitcoins for every need.

This may seem as a well decorated joke but we need to accept the realistic of how long human may take to travel to Mars as immigrant and development and adoption growth of bitcoin at those times.

I am not thinking that dollars will go Mars.

[Xester]

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?

If people will be successful in creating a colony on mars then cryptocurrency including bitcoin is the best choice. Paper money isnt fit as a currency in mars due to the lack of resources such as trees to create paper money. For convenience sake and to answer the problems on resources digital money is the best thing to do. But if they decided to use bitcoin then we can expect an intense increase on bitcoins value.

[sulendra12]

What the hell is this? 

If there are Internet on Mars you can use Bitcoin as a currency and payment method because it's decentralized feature.
However in Mars there are no internet and it won't possible to use it as well with US dollar.

[pearlmen]

Until we understand the issue about currency before we can know which one is right when it comes to currency, it is whatever group of people accepts that becomes currency then they give it legitimacy and even before dollars people have been using something for transactions so if the people in mars agreed to use US dollars, then so be it and it becomes their currency.

[pinkpanther03]

Wow, good to hear bitcoin is now supporting by the person involved in the space industry. But bitcoin nowadays is only open to any one in the world who'd like to use and adopt it whether in company, or others. But it has a big impact if tat happen and be implement, And I also believed US dollars was being used on Mars, it is really supported by the US.

[dearbesz1219]

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.

Yes, your right. And I think it will still be good if the Internet in the world wouldn't disappear. Together the high technology will become more improve like computers and other device where we can use bitcoin anywhere in the entire world.

[TastyChillySauce00]

What the hell is this? 

If there are Internet on Mars you can use Bitcoin as a currency and payment method because it's decentralized feature.
However in Mars there are no internet and it won't possible to use it as well with US dollar.

In the future, we're probably could find a new technology that makes the internet coverage becoming widest. As for now, NASA with their curiousity inside mars are sending data through X-band. By looking at that, I conclude that we're possible to have an internet on the mars as additional feature for space tourism. Just my 2 cents.

[KenJackson]

The first decade or so of human habitation of Mars, if it ever happens, will be a controlled environment not unlike being in the Navy on a ship at sea. 

When I was in the Navy, I locked up my wallet when we put out to sea and didn't touch it again until we neared port.  There was no need for money at sea.  And so it shall be on Mars (for a while).

Did the astronauts bring any dollars with them to the moon?

[JL421]

What's even wrong with this world i really don't understand people are dying daily because they don't have sufficient funds to buy a house , food or even pay for their health-care and people are planning to spend billion dollars on mars seriously. If this scenario continues end of world is near forget mars we can't live on earth also.

[dothebeats]

We 'can' use bitcoin on our inter-planetary expedition and colonization however the capabilities of bitcoin to handle such loads of transaction is still too small compared to other payment gateways. USD would still be the main currency no doubt about that. But would the other nations follow suit if in case?

[grandy]

I think $ would become digital and it would be just like bitcoin but only, the government would be controlling it.

for i do not think that in next few years such situations can be happen, But to me i think bitcoin is already a digital currency and therefore it will be more suitable to use bitcoin on mars,

[ekoice]

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.

Yes,bitcoin would be the best choice for space.Digital transactions would make life in space easier.already,Richard brandson has said that bitcoin payment will be accepted for space tour.If it happens,dont know how much time it would take for transactions to be confirmed in mars.

[bohr]

When you send people deep into space the truth is they are doing to become their own culture separated from us, with their own customs and money, if we want to explore space that is the only way it is going to work.

[Tyrantt]

Well if US colonizes the Mars first, then they'll probably use $ since that would be  like a US colony, so why not? Also, I've seen this project called Asgardia, some space station country stuff and they're considering using bitcoin as a currency.

[Yakamoto]

There are a lot of variables that can impact something like what kind of currency is used on Mars, and chances are there will be next to no currency used on Mars until they reach a point where their society is relatively self-sufficient and it would be able to function without constant reliance on external sources, to an extent.

Chances are whichever country sets up a colony first will have that be the primary currency for colonies, until they opt to move on to their own currencies and government structures.