(DailyHodl) Cybersecurity experts at a World Economic Forum Centre’s Future Series meeting, cybersecurity experts explained how quantum computing may pose a serious threat to Bitcoin. “The key exchanges, encryption and digital signatures that protect financial transactions, secure communications, e-commerce, identity and electronic voting all rely on mechanisms which would be made redundant in such a scenario.”
But before quantum computers can actually endanger the security of cryptocurrencies, more quantum information or qubits are required. Dragos Ilie, a quantum computing and encryption researcher at Imperial College London, says quantum computers have a long way to go before they can start breaking into Bitcoin. “In order to have any effect on bitcoin or most other financial systems, it would take at least about 1,500 qubits and the system must allow for the entanglement of all of them.”