Do you think crypto will be the future for payments in space ? - page 3.

AicecreaME

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Quote from: spy100 on October 16, 2021, 10:14:53 AM

Do you think crypto will be the future for payments in space ?

How will they pay people long distance ... from planet A to planet B ?

You sure have a very imaginative mind. I haven't thought of this ever since I've known cryptocurrency. But I think, we can't really tell. As much as we want to know, we can only take a guess. NASA is known to conduct experiments, observations, and studies around space because that's their agency's field of expertise and job in general. Maybe we can ask them about it since they are the ones recruiting people to the other planet particularly Mars. Although we must also take into consideration the connectivity and processing time using our common sense. Is it possible? Is it going to be possible? That's what we're still uncertain of. Maybe, maybe not. But I guess none is really impossible since people have made such great discoveries that we are utilizing today such as satellites that are on the atmospheric surface and in outer space which brings us signals and connectivity. The question is how long will it take to be invented and how long would the trial be to know if it is indeed effective to use.

BuNga_cute

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Quote from: Vaskiy on October 17, 2021, 05:30:00 PM

The technology based growth is progressing with time. We can't limit ourselves, maybe there is chance of even better technology getting into usage. Earlier we had edge, then 2G, later on the growth continued and now the network is 5G. This is how transition happen, so with time we can see payment processing system not to be the same.

From planet A to planet B only the rich can reach and spend their days. So, there is need of transaction support. Same time we don't know how perfect will things function there as our earth.

Technological developments are indeed very fast, almost all sectors experience significant development. Since the internet began to become a basic
need, everything has become digital. Including the payment system to be cashless, so it's gone through a lot of changes. Bitcoin was created
by Satoshi Nakamoto as an alternative payment, so we feel financial transactions without the need to go through a third party. But new things are not
easy for everyone to accept, so it takes time for crypto to be accepted as payment. Similarly, crypto will be used as a payment in space, it could
happen, but it will take a long time. Because before deciding on crypto as a payment in space, it is better to think in advance how crypto can be
accepted as a global currency on earth.

Vaskiy

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The technology based growth is progressing with time. We can't limit ourselves, maybe there is chance of even better technology getting into usage. Earlier we had edge, then 2G, later on the growth continued and now the network is 5G. This is how transition happen, so with time we can see payment processing system not to be the same.

From planet A to planet B only the rich can reach and spend their days. So, there is need of transaction support. Same time we don't know how perfect will things function there as our earth.

hatshepsut93

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No it won't, crypto operates on a principle of a single global network, and you just can't keep it in sync without faster-than-light communications, which as we know now are impossible. In the future distant places will have local payment systems that will be at certain interval matched synchronized with some sort of central database on Earth, for example. So a payment from Mars to Earth would take quite some time, but payment on Mars will be as fast as it's currently on Earth.

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This is a wild imagination, first we must find other civilizations in the planets where there is sane life in space, then we must have the necessary technology to communicate with these civilizations, which we do not know what their nature is, even if we find other civilizations we do not know what the nature of money or The payment methods they accept may be something different from all we know, however maybe at that time in the distant future humans may invent a payment method that is more advanced than Bitcoin and has much more features and is completely different from it. Nobody knows what the future may hold for us.

Cling18

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Anything could happen in the future with crypto since our technology is continuously developing but we could still take small steps at a time before imagining things that no one could answer for now. Crypto is multifunctional so it could reach almost all areas of the world but considering other planets, for now, will only lead us to lots of questions.

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Quote from: spy100 on October 16, 2021, 10:14:53 AM

Do you think crypto will be the future for payments in space ?

How will they pay people long distance ... from planet A to planet B ?

No doubt that the crypto currency payment methods will be the best one among all the traditional payment system so far. Because it is not a matter of a city to city. OP mentioned planet to planet. So decentralised methods will be prioritized here as payment methods as it is used Blockchain Technology too. Hopefully people will pay through it.

teosanru

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Quote from: spy100 on October 16, 2021, 10:14:53 AM

Do you think crypto will be the future for payments in space ?

How will they pay people long distance ... from planet A to planet B ?

Hahah very hopeful of you, I don't think anyone could potentially predict this sort of thing, first of all expecting scientists to make such a thing which could take you on different planets as a tourist trip, and secondly predicting the price of any Cryptocurrency at that point in time, bitcoin might have reached more than a million atleast. So I don't think it would take more than 1 btc for you to go into space. I hope you have this much?

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Quote from: spy100 on October 16, 2021, 10:14:53 AM

Do you think crypto will be the future for payments in space ?

How will they pay people long distance ... from planet A to planet B ?

The question is, can humans live on other planets?. with today's technology it seems difficult, so there is no need to think what kind of currency will be used there. because for the next few hundred years humans have not been able to do that. if we already have colonies on other planets, it means that technology has developed quite far compared to today. so it won't be difficult to transfer money between planets.

Findingnemo

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Quote from: albon on October 16, 2021, 06:13:17 PM

Quote from: spy100 on October 16, 2021, 10:14:53 AM

Do you think crypto will be the future for payments in space ?

How will they pay people long distance ... from planet A to planet B ?

This may happen in the distant future and we find payments in space through crypto, nothing is impossible with blockchain technology, as it is characterized by the speed of transactions and decentralization, so it is perfectly suitable for payment in space and between planets, which cannot be controlled by governments or central banks, but before we think about The matter of space, we must first believe in this technology on our planet, adapt it and use it in reality.

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Actually the decentralization may not a feasible solution for payments between one planet to another, it is possible with mars and Earth but its certainly not possible due to the blockchain confirmation Nature if we are talking about planets with distance of light years.

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Quote from: spy100 on October 16, 2021, 10:14:53 AM

Do you think crypto will be the future for payments in space ?

Maybe?

Quote from: spy100 on October 16, 2021, 10:14:53 AM

How will they pay people long distance ... from planet A to planet B ?

Internet? Satellite signal?

I have never thought of this but I'm aware that there are projects that I've read that they're bringing bitcoin to the moon. So whatever is the most possible payment on space then it's going to be whatever that has monetary value.

pinggoki

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I think the concept of internet will need to be reinvented for interplanetary commerce to happen. Of course trades will still go between Earth and possibly Mars as we enter interplanetary exploration courtesy of Elon Musk. Digital will be the mode of payment that Martians and Earthlings will be comfortable of since you can't expect people to run millions of kilometers away from each other just to pay in cash, not to mention the standards it will check for the currency system to be stable between two planets. So digital, if not cryptocurrency, will be the payment as we enter interplanetary age as a species.

Quote from: albon on October 16, 2021, 06:13:17 PM

Quote from: spy100 on October 16, 2021, 10:14:53 AM

Do you think crypto will be the future for payments in space ?

How will they pay people long distance ... from planet A to planet B ?

This may happen in the distant future and we find payments in space through crypto, nothing is impossible with blockchain technology, as it is characterized by the speed of transactions and decentralization, so it is perfectly suitable for payment in space and between planets, which cannot be controlled by governments or central banks, but before we think about The matter of space, we must first believe in this technology on our planet, adapt it and use it in reality.

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I think cryptocurrencies will be a faster and more efficient alternative to fiat when making transactions between two planets. That being said the cryptocurrency system that we all have right now would still need to be improved because as great as it is, it will be inefficient for people to pay huge transaction fees, albeit wait for long periods of time in order for a single transfer to be made. Overhauling the Proof-of-work nature of bitcoin and translating it into proof-of-stake will be a great start towards this dream.

albon

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Quote from: spy100 on October 16, 2021, 10:14:53 AM

Do you think crypto will be the future for payments in space ?

How will they pay people long distance ... from planet A to planet B ?

This may happen in the distant future and we find payments in space through crypto, nothing is impossible with blockchain technology, as it is characterized by the speed of transactions and decentralization, so it is perfectly suitable for payment in space and between planets, which cannot be controlled by governments or central banks, but before we think about The matter of space, we must first believe in this technology on our planet, adapt it and use it in reality.

image loading...

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Quote from: spy100 on October 16, 2021, 10:14:53 AM

Do you think crypto will be the future for payments in space ?

How will they pay people long distance ... from planet A to planet B ?

Starting over on a new planet will reset everything you think you know about economics. The utility of your wealth on Earth is of no practical value to people on Mars unless there is a way to transfer that wealth into things you actually need on Mars to survive, and we're probably hundreds of years out from having cross-planet commerce after we establish a colony, assuming we even will. Money will have no practical value on Mars because there is no excess anything to spend money on. Every ounce of effort of the settlers will be devoted to survival. An economy can only develop when there is voluntary excess savings from what you create past what you need to survive, and that's not likely to happen for hundreds of years.

wxa7115

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Quote from: spy100 on October 16, 2021, 10:14:53 AM

Do you think crypto will be the future for payments in space ?

How will they pay people long distance ... from planet A to planet B ?

There are several possibilities that could be employed to solve this problem, as mentioned before one option is to slow down the blockchain to allow the data to travel through space and be added to the blocks, however eventually our technological level could make this unfeasible as we will need to slow down the blockchain more and more.

Another option that seems to come from science fiction is that it seems that information can indeed travel faster than light under some specific circumstances, if that technology could be developed then it would not matter how farther away each planet or colony was since information could be transferred in an instant.

The third option is just for each planet to have their own cryptocurrency based on bitcoin, similar to what we see right now with most countries as they have their own currency as well.

izsara

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no one can guarantee this because indeed we don't even know if there are other species like humans that live on other planets and use crypto as a means of transacting.
you are too far in guessing.
because even if there are other species living on earth called aliens by us, can they communicate with us and transact via crypto?
The benefits for humans and other species on other planets are also what when they make these transactions.

alpamar99

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this may just be my opinion but i'm still not sure that there are creatures that live on other planets

and even though there might be I'm not sure they do the same thing as on earth like transacting via fiat or crypto for example

this is too far to think about, the problem that exists on one planet about crypto payments is still a lot of pros and cons actually. So, why think about new problems again if the problems on earth can't be solved yet.

tulusikhlas

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I didn't think about it that far. You're awesome enough to even think about interplanetary payments. Meanwhile, the problem of economic payments on earth alone has not been realized. Moreover, the government often monitors crypto transactions by asking for income taxes.
I like how you think, but it would be great if we had resolved what has been a problem on earth regarding the economic prosperity of the micro and macro economies which remain uneven.

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Quote from: spy100 on October 16, 2021, 10:14:53 AM

Do you think crypto will be the future for payments in space ?

How will they pay people long distance ... from planet A to planet B ?

it may take a long time but I am 1000% sure in the future cryptocurrency will be a payment system used between planets
if using fiat then we will take a very long time to send funds to mars (for example)

nothing beats the speed and ease of transaction with cryptocurrencies, show me if you have one!
the human was lucky has cryptocurrency nowaday

Ozero

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Quote from: spy100 on October 16, 2021, 10:14:53 AM

Do you think crypto will be the future for payments in space ?

How will they pay people long distance ... from planet A to planet B ?

I think this question should be asked first of all to Elon Musk. He is going to colonize Mars and he will somehow pay off with the people who will live there. Most likely, Elon Musk can offer his Dogecoin if his passion for this cryptocurrency is serious. I think that at first there may even be a natural exchange, and then the money will still be needed. We do not yet know what it might be. This will depend on many reasons.

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