Elon Musk wants to start a colony on Mars as soon as 2024. That in itself is a technological marvel, but once the voyage is done and the infrastructure is built, the team of SpaceX pioneers will have to undergo a new challenge—building a functioning society.
What that society looks like is anyone’s guess, but they’ll more than likely need to have some sort of financial system in place. Should they use a fiat currency like the US Dollar or Euro, come up with their own currency, or look towards blockchain technology for help? Here are four reasons why we think Bitcoin should be Mars’ official currency.
- Bitcoin is decentralized: There’s no central bank that regulates Bitcoin. It’s completely decentralized, meaning everyone has equal access to its records and its currency. That means Martians don’t have to worry about printing money or regulating interest rates either.
- Bitcoin transactions are transparent: While Bitcoin is semi-anonymous, all the transaction and wallet information is available for everyone to see. This makes it easier to track government spending, which is instrumental in preventing corruption and money laundering on the Martian colony.
- It’s a universal currency: Once there’s technology in place on Mars to link the settlers up with the internet, they can start participating in the global (Earth) market using bitcoin. That means buying and selling goods and services with people on Earth. Of course, this will probably be limited to digital goods and services until transportation between the planets has been figured out.
- The financial infrastructure is already in place: Bitcoin has been around since 2009 and has been a household name since 2017. Tech-savvy people already know how to use it, and the number of everyday citizens using cryptocurrency is growing by the day. By the time a Mars colony is built, there’s a good chance that most of contemporary society will have functional knowledge of cryptocurrency. This means that all the groundwork has been done—there’s no need to develop a new currency when you can just use Bitcoin.
It’s impossible to tell what the future holds and whether there will even be a Martian colony in our lifetime. But if we do build a colony, its citizens are going to need money—and what better place to make Bitcoin an official currency than outer space?
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