Is quantum computing be a treat on Bitcoin and other Cryptocurrency???

[OninLoki]

In the near Future Quantum computing will be develop. How will effect on bitcoin and other currency and Special on protocol use could it be updgrade to quantum algorithms

[howlong3098]

I believe in the near future quantum computers will be put to use: http://www.newsweek.com/quantum-computers-kill-bitcoin-cryptocurrency-509053

[franky1]

bitcoin has many different parts

sha hashes are binary
ECDSA are vectors

quantum computers are not really going to do much harm to binary, because what quantum needs to do is to while calculating outside the realm of binary, it needs to ensure the result and method can be solvable by a binary system. thus limiting quantum's capabilities

however vectors are at risk. quantum computers can solve vector issues much faster
its been suggested that quantum computers can solve a sha only 2x as fast as a binary computer but solve a vector 65536 faster

and with quantum computers only having half a dozen units at a low processing power.. compared to the combined bitcoin network of ASIC power... quantum computers has no chance of bruteforcing sha hashes any time soon

.. but ecdsa has some risks.. given enough time

[OninLoki]

I believe in the near future quantum computers will be put to use: http://www.newsweek.com/quantum-computers-kill-bitcoin-cryptocurrency-509053

But I do believe that cryptocurrency findways to adjust on the new era

[jseverson]

Well theoretically, quantum computers could derive your private key from your public key. It's one of the reasons why reusing addresses is discouraged. If quantum computers were a thing, they could probably get access to any address that has ever sent a transaction.

As for its effects on Bitcoin, it's really hard to tell. It's not guaranteed that the first quantum computers will necessarily have enough power to break Bitcoin's cryptography. It could take a while even then. If they happen to break through before Bitcoin shifts to quantum proof cryptography, then it's likely toast.

[devarajdp]

An international group of quantum boffins reckons Bitcoin could be broken by the year 2027.

The researchers from Singapore, Australia also France say that scenario represents the worst case and would see a quantum computer able to run Shor's algorithm against the cryptocurrency's protective elliptic curve signature quicker than the 10 minutes Bitcoin needs to record a transaction in the blockchain.

There are two items of good news in the paper for Bitcoin: its proof-of-work isn't as vulnerable to “quantum speedup” as people think, and the signature can be replaced with something more quantum-resistant before the day of reckoning.

[sarfwr]

In the near Future Quantum computing will be develop. How will effect on bitcoin and other currency and Special on protocol use could it be updgrade to quantum algorithms

Then it might be possible to update the code against the quantum computer, and for years to come, who might have been.