Topic: Is Bitcoin vulnerable to quantum computing? (Read 237 times)
I think it's some thing that has been over speculated and over hyped, if quantum computing breaks bitcoin is has also broken the whole monetary machine as they use similar encryption strategies as well to relaxed records.
I'm repeating one of my posts here:
Keep in mind that many security related algorithms are broken by quantum computing (when it arrives). This is not unique to Bitcoin. Common algorithms today depend on the discrete logarithm problem or the elliptic-curve discrete logarithm problem. One example is HTTPS, which will no longer be secure.
All of these technologies, including Bitcoin, will need to find quantum resistant algorithms in order to continue providing security.
My understanding is that there are already quantum encryption methods. These will be more finely tuned as the time comes. Keep in mind that many security related algorithms are broken by quantum computing (when it arrives). This is not unique to Bitcoin. Common algorithms today depend on the discrete logarithm problem or the elliptic-curve discrete logarithm problem. One example is HTTPS, which will no longer be secure.
All of these technologies, including Bitcoin, will need to find quantum resistant algorithms in order to continue providing security.
Is Bitcoin vulnerable to quantum computing?
I think it's something that has been over speculated and over hyped, if quantum computing breaks bitcoin is has also broken the entire financial system as they use similar encryption methods as well to secure information.
With the development of quantum computing also come quantum encrypting algorithms, is well known what quantum computers will have millions of times the computing power we have nowadays, if no improvements are made on the encryption fields then most security algorithms will render useless making vulnerable not only bitcoin but the entire world 'secure' transactions and data sharing.
I demand that everybody asking this question be locked out of a forum until they write an essay on what a quantum computer is.
Is Bitcoin vulnerable to quantum computing?
I have been reading about quantum computing and the related algorithms as an idea since I was studying, it was 20+ years ago, and at the time it was discussed if they would make RSA algorithm (the private-public key exchange) obsolete. Well, quantum computers have NOT arrived yet and from what I am reading on the subject, the level of their design is the same as 20 years ago.Let me just tell you, I wouldn't be making back-up plans for that particular possibility
No it is not. Bitcoin hash methods are complex enough to be calculated by quantum computers.
at least 10 years from now. Lets not focus on it yet
I'm repeating one of my posts here:
Keep in mind that many security related algorithms are broken by quantum computing (when it arrives). This is not unique to Bitcoin. Common algorithms today depend on the discrete logarithm problem or the elliptic-curve discrete logarithm problem. One example is HTTPS, which will no longer be secure.
All of these technologies, including Bitcoin, will need to find quantum resistant algorithms in order to continue providing security.
Keep in mind that many security related algorithms are broken by quantum computing (when it arrives). This is not unique to Bitcoin. Common algorithms today depend on the discrete logarithm problem or the elliptic-curve discrete logarithm problem. One example is HTTPS, which will no longer be secure.
All of these technologies, including Bitcoin, will need to find quantum resistant algorithms in order to continue providing security.
Absolutely, once quantum computing becomes a reality, it will undermine blockchain technology as we know it today. But once it does become real, there will be far more and far more important infrastructural changes than just those to the crypto-economy. Right now we are still fairly far away from this technology being fully technically viable, so this should not affect your investment strategy into bitcoin or other cryptos.
We're no where near "real" quantum computing yet, but traditional encryption will probably be fairly easy to break once it does.
Is Bitcoin vulnerable to quantum computing?
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