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Will quantum computers be a Kryptonite for Bitcoin

Will quantum computing prove to be a Kryptonite for Bitcoin

Crypto skeptics have always hailed quantum computing to be a Kryptonite for Bitcoin. But the world still hasn’t seen a fully-operational quantum computer with commercial implications to truly challenge Bitcoin’s dominance as a digital currency. As per Anastasia Marchenkova, a quantum physicist, the impact of a clash between these two technologies is still a mystery.

In a newly released YouTube video, Anastasia describes how quantum computing poses risks to cryptographic encryption technologies. Elliptic curve and RSA encryption can be broken by Shor algorithm. Quantum computers can process data, especially encryptions, at mind-boggling speeds which do threaten the crypto realm as well. Will it prove to be a Kryptonite for Bitcoin remains to be seen.

Quantum computers are surely a Kryptonite for Bitcoin

In specific applications, quantum computers perform way better than traditional supercomputers. However, many encryption technologies are still resistant to quantum computers, and the world needs to develop them before such a computer enters the scene. And that’s the point – there’s no actual quantum computer unveiled yet that can threaten the current encryption standards.

Breaking cryptographic encryption takes massive computing power even by quantum computing standards. It is estimated that 10 million qubits are needed to decode cryptographic encryption. However, that may very well be the first event to happen once a quantum computer enters reality.

Commercial quantum computers are a fantasy

Sporting quantum properties, a quantum computer processes numbers at insanely fast speeds. A large quantum computer has the power to take down RSA encryption. With serious computing ammo, it can quickly solve complex mathematical problems, perform astrological calculations, and much more. So, it does pose a credible risk to cryptocurrencies, albeit theoretically.

Marchenkova doesn’t believe that there’s an urgent need to promote quantum-proof wallets. However, she does warn that the entire cryptocurrency realm is at risk on the case a quantum computer is unveiled in the next few years.

One day, the crypto investors will have to upgrade their security standards. Also, the blockchain will have to be upgraded with algorithms that are immune to quantum computers. Yes, quantum computers are a Kryptonite for Bitcoin but not yet.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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