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Spatial exploration and colonization are an inevitable reality in the future. NASA and private companies such as SpaceX and Blue Origin already have the technology to launch missions on other planets, but they take their time to raise money and guarantee 100 percent success.
SpaceX says it will land people on Mars in 2024.
The richest man in the world and founder of Blue Origin, Jeff Bezos, he says he will create a great lunar colony with or without the help of NASA.
Bitcoin with its instant, decentralized and secure transactions traveling at the speed of light is obviously the perfect currency for space, but there are some downsides.
Here, we will explore the advantages of using Bitcoin in space and warnings.
The cost of "launching" Bitcoin into space is simply the transaction fee, usually less than $ 1, plus the cost for high-powered antennas to communicate with the Internet over long distances in space.
Compare this with money in fiat currency, which would not be practical to launch into space due to the costs of missile fuel. Starting a $ 20 bill in space costs $ 22. Maybe the $ 100 bill of space throwing will work, but the tax would still be hard to bear, and the inhabitants of the moon or other planets will not have small bills or coins.
Perhaps a fiat system could be set up with all the $ 100 bills stored in a central repository and then people use digital logs to track, but why go through all those problems if Bitcoin already solves this problem.
Decentralized currency will be important in space. For example, if Jeff Bezos decides to leave Earth and become the emperor of the moon, there may be a backlash from the governments of the Earth.
This may seem strange, but it is inevitable that once colonized by other planets new countries that have no territory on Earth can be born. In the example of the lunar colony, if they have bank accounts in dollars, they may find that all their money is immediately frozen at the first sign of political problems.
It will be almost impossible for a country on the moon or another planet to recover their money in the event of a seizure of an account. Just as Donald Trump says, making America great again, whoever the President is in the future could say to make the Earth great again, and seize all the bank accounts of interplanetary nations to subsidize the Earth's economy. . Space nations will need Bitcoins to conduct interplanetary trade without the threat of account seizures.
The problem with centralized money becomes even more serious for space cowboys, people who go into space and decide to do whatever they want to do. If they break a law in any jurisdiction, which could be as simple as taking their ship off the planet without permission, they would have their bank accounts frozen.
The only option for adventurers of the anomalous space is to bring the currency with them, because if their bank is blocked, and dependent on the bank, they will die in space or have to return to their planet and stop.
Because of the scarcity of money in space, the only good option for space cowboys would be gold or bitcoin. Gold is heavy and would cost huge taxes in the form of missile fuel whenever they take off from a planet. Also, holding a large amount of gold on a spaceship would make them easy targets for space pirates. Bitcoin would never cost anything during take-off, since it is on the Internet, and can not be stolen unless the private key is delivered.
Also, imagine if someone gets a job from an employer on another planet, which will be quite common in interplanetary economics. Workers probably never even met their bosses, and perhaps the workers did not want the native currency on their employer's planet, since they would never be able to physically own them.
Bitcoin can be personally owned, regardless of where people are in the space, since Bitcoin is cryptographically secure and the possession of the private key guarantees full ownership, in the same way, the possession of money in the portfolio is of full ownership .
As has already been seen on Earth, Bitcoin is a universal currency. Instead of creating a complicated FOREX system in the space created with seizures of accounts and third parties, it makes more sense to use only Bitcoins. A space economy powered by Bitcoin would be much more liquid and efficient than a fiat currency economy.
There are caveats in using Bitcoin in space due to the speed of light. Transactions with Bitcoin would be able to travel through space only at the speed of light. This means that for Bitcoin it takes 1.28 seconds to reach the moon from the Earth, three minutes to reach Mars, 33 minutes to reach Jupiter and 67 minutes to reach Saturn. Double these times and add 10 minutes for the average time to confirm the Bitcoin transaction on other planets.
We mention Jupiter and Saturn because they have many moons that are ripe for colonization and could be a reference point for human civilization in the future.
Transaction times for other planets, even for Saturn, which is more than one hour, is not a big deal. Even if the transactions take a long time to propagate on Earth and confirm, they will still be confirmed. Perhaps people on other planets should put reasonable transaction fees to ensure that transactions confirm as quickly as possible once they are received.
Clearly, Bitcoin will no longer be instantaneous in space, since transactions will not even appear on the Block Explorer until the transaction propagates to Earth and vice versa, but it will work.
Bitcoin mining on other planets is a big dilemma. On the moon, the extraction of Bitcoin will still be feasible, since the few seconds of delay will not prevent miners from hitting blocks on the Moon, but will only put them at slight disadvantage.
The mining on Mars is where the problems will start. If a miner on Mars hits a block and someone on Earth finds the block in the 3 minutes that takes the block of Mars to reach the Earth, the Martian miner will not be paid. Some really stubborn miners can extract Bitcoins on Mars, but they will be at an extreme disadvantage and will not profit nearly as much as Earth miners.
On the moons of Jupiter and Saturn, the extraction of Bitcoin becomes intractable. In the 33 minutes and 67 minutes respectively, take the Bitcoin transactions to reach the Earth, the miners of Jupiter and Saturn will be deprived 100% of the time. This makes centralized Bitcoin, at least on a planetary scale, since any planet has the highest hash rate will get all the rewards of the block.
This is just a vision centered on Earth, however. Because Bitcoin is decentralized, another planet could generate 50% or more of the hash rate and deprive all miners on Earth of rights. To prevent this kind of thing from happening, perhaps it would be better to have Bitcoin Jupiter, Bitcoin Saturn, Bitcoin Earth and so on.
The versions of Bitcoin for different planets are particularly important, considering that a planet that reaches a significant hash rate, but not a majority hash rate, would deal with constant forks.
For example, the miners on the moons of Saturn can verify the transactions and put them in blocks, only to have the orphaned chain every time a transmission is received from the Earth. If each planet uses the same version of Bitcoin, it would be much less confusing and safer to have only miners on one of the planets.
Since many years will pass before the colonization of other moons and planets becomes a reality, perhaps the Bitcoin developers will have time to optimize Bitcoin for use in space, remove these warnings and ensure that the Bitcoin functions are perfectly in space.
