Bitcoin Transactions to Mars: A New Concept

There’s a fascinating idea that suggests Bitcoin can be transmitted from Earth to Mars in just three minutes, using existing technology. However, this requires a receiving entity to make it happen.

This concept was introduced last month by tech entrepreneur Jose E. Puente along with his colleague, Carlos Puente. The idea, outlined in their recent white paper, centers on the missing elements needed to facilitate Bitcoin transactions across planets.

Essentially, if Bitcoin users wish to send payments to Mars in the future, transactions could be passed through various relay points—including ground antennas and satellites orbiting the moon. Each stage would effectively “stamp” the transaction before moving it along to its final destination.

In a conversation with Cointelegraph, Puente explained that this system utilizes optical links from providers like Elon Musk’s Starlink or other satellite firms, functioning as the receipt layer for Bitcoin and its Lightning Network.

“The tech is practically ready to go. Once there’s a stable connection back to Earth, this system can operate smoothly, making Bitcoin the first currency that works across such large distances,” he noted.

“By simulating delays that would occur on Mars, we can demonstrate this technology effectively right now.”

Puent clarified that a Bitcoin lightning transfer could reach Mars in just a few minutes. He also mentioned the two-week power outage cycle that happens on Mars every 26 months, suggesting a solution could involve rerouting signals around the Sun with relay satellites to avoid interruptions.

Pots—his term for these enhanced timestamps—are versatile enough to extend beyond Earth, according to Puente.

“Picture it being 2050. You want to send money to a friend on Mars to help them pay rent. The vast distance means that the transaction has to navigate through various stations,” he described.

“As each station processes the transaction, it will note the transaction details. By the time it reaches Mars, you’d see a trail of stamps outlining its journey.”

He emphasized that this system could be tested immediately.

Bitcoin’s Space History

This idea builds on previous work by Blockstream from December 2018, which established Bitcoin connections to five satellites for transactions in space. Additionally, in August 2020, SpaceChain accomplished the first Bitcoin transaction from the International Space Station, demonstrating that Bitcoin can indeed be received from Earth.

However, for any Bitcoin transactions on Mars to happen, there needs to be either humans or AI present, which isn’t the case yet. Currently, only NASA and other agencies are exploring Mars.

There must also be individuals willing to accept Bitcoin. Recently, Jeff Bezos’s Blue Origin began accepting various cryptocurrencies, including Bitcoin, but it’s still quite a distance away, hovering around the Kalman Line, approximately 100 kilometers from Earth.

Musk’s Take on Interplanetary Currency

Elon Musk’s SpaceX aims to reach Mars by the end of 2026. Like Puente, he believes a standard currency will be essential for trade between Earth and Mars. Although Musk previously had reservations about Bitcoin’s 10-minute block time, Puente argues that the Lightning Network could solve this issue.

“Pott Plus Lightning provides the efficiency Musk is looking for,” he stated.

Initially skeptical about Bitcoin, Musk has come around to the idea that interplanetary payments could be made more feasible with the Lightning Network.

“To seriously consider multi-planetary civilization, we need a monetary system that is open and independent of any one company, government, or ground station,” Puente asserted, viewing Bitcoin as an ideal candidate for this role.

The Potential for All Planets

Puente mentioned that this system is designed to work for all planets within the habitable zone. He explained that the “travel receipts” generated could be applicable for transactions sent to the moon or other celestial bodies.

This study primarily focused on Earth and Mars because it offers a straightforward, clear example of how the system could function.