Bitcoin vs Quantum Computers: Real and Imagined Fears
(CryptographGlobe) Quantum computing could provide a huge boost to the sciences but it also represents a threat to existing cryptographic algorithms. Many crypto enthusiasts are concerned that this could compromise the blockchain and render cryptocurrency worthless. The question is, how real are these fears?
The big fear with quantum computers is that they would render all real-world uses of cryptography obsolete overnight. This would make online banking, messaging, and e-commerce completely unsafe and cripple the internet as we know it. It would also render cryptocurrencies inoperable.
Most of the major blockchains, including Bitcoin, rely upon ECDSA (Elliptical Curve Digital Signature Algorithm). This allows blockchains to create a random 256-bit private key and a linked public key that can be shared with third parties without revealing that private key.
Quantum computers could unravel the relationship between these keys thus allowing cryptocurrency wallets to be hacked and a holder’s funds to be liquidated.
the threat is still present, if a little distant. The good news is that some projects are actively working to counter it.
In general, cryptocurrency investors shouldn’t be too concerned about quantum computing in the short-term. But it would still be prudent to keep an eye on the quantum computing world