So what will happen to Bitcoin?

[marshall2020]

I read an article today on https://gizmodo.com What's Going to Happen With Bitcoin?
Some experts posted their views.

Here's my little non-expert view

So what will happen to bitcoin? Bitcoin's creators have been clear that they intend this to become a currency of the future and not a speculative investment at a time when the rest of the world was struggling with stock market crashes in 2008.

As noted elsewhere,  It's also part of a worldwide trend toward digital money so it will continue and will survive.

The fact that the Bitcoin protocol has been around for a while means that it will continue to evolve. You bet.

This is one reason Bitcoin could easily become a global currency while staying true to its original intentions.

However, to what extent the cryptocurrency will evolve as a payment system depends on global acceptance.

But what about Google's claim to have reached quantum supremacy? History has shown us that the will of the people and the masses can never be suppressed by any new tech. Where there's a will there will always be a way.
What do you all think?

[1714512444]

1714512444

[1714512444]

1714512444

[AverageGlabella]

What does Google reaching "Supremacy" have anything to do with Bitcoin? The quantum computer they are developing will not effect Bitcoin anymore than it will effect the banks of the world. Anyone claiming anything different is scare mongering and has a lack of knowledge about quantum computers and specifically the one that Google is developing. The Google quantum computer is not designed to mine Bitcoin or break the algorithm which Bitcoin uses. Even if we were to assume that the quantum computer could break the algorithm or mine Bitcoin then this would be the only quantum computer in the world that is capable of doing it and a change in algorithm which is quantum resistant would prevent any issues on that side and the difficulty of Bitcoin would be adjusted only slightly with one quantum computer in existence capable of shifting the network computation balance.

[Darooghe]

The much bigger concern is breaking military and commercial encryption that doesn't hash public keys. Bitcoin addresses are naturally quantum resistant because the public keys are hashed several times to create the addresses, and the hashing function is not endangered by quantum computing yet.

While an attacker could use a quantum computer to derive your private key from your public key, your public keys are not revealed until your bitcoins are spent. As long as addresses are not reused, the only time your bitcoins would be vulnerable is the brief window between the time your transaction is broadcast to the network (revealing your public key) and the time it is confirmed by a miner. This is one of the reasons why modern wallets issue change to brand-new bitcoin addresses with new keys.

Once you send bitcoins out of an address, you ought to never put bitcoins back into that address ever again. If you do, then the attacker might already know your private key and could forge a transaction to steal those newly-added bitcoins. Best practice is to use a new randomly-generated address every time you receive bitcoins, and let your wallet application manage all of those addresses for you. In summary, Addresses that have not been previously used in spending transactions, burned bitcoins, and unintentionally lost bitcoins, are not vulnerable to quantum computer attacks.

[AverageGlabella]

The much bigger concern is breaking military and commercial encryption that doesn't hash public keys. Bitcoin addresses are naturally quantum resistant because the public keys are hashed several times to create the addresses, and the hashing function is not endangered by quantum computing yet.

While an attacker could use a quantum computer to derive your private key from your public key, your public keys are not revealed until your bitcoins are spent. As long as addresses are not reused, the only time your bitcoins would be vulnerable is the brief window between the time your transaction is broadcast to the network (revealing your public key) and the time it is confirmed by a miner. This is one of the reasons why modern wallets issue change to brand-new bitcoin addresses with new keys.

Once you send bitcoins out of an address, you ought to never put bitcoins back into that address ever again. If you do, then the attacker might already know your private key and could forge a transaction to steal those newly-added bitcoins. Best practice is to use a new randomly-generated address every time you receive bitcoins, and let your wallet application manage all of those addresses for you. In summary, Addresses that have not been previously used in spending transactions, burned bitcoins, and unintentionally lost bitcoins, are not vulnerable to quantum computer attacks.

Lets just pretend that quantum computers are a threat right now and we would currently need to use one time only addresses. I think there will be a lot of people who would get complacent and lazy and not do this. It would probably have to be built into the existing system to only allow single use addresses and a way of doing this automatically in the wallet software. I would think that by the time quantum computers are becoming a threat we would have already figured out most of the concerns right now.

[Wexnident]

I read an article today on https://gizmodo.com What's Going to Happen With Bitcoin?
Some experts posted their views.

Here's my little non-expert view

So what will happen to bitcoin? Bitcoin's creators have been clear that they intend this to become a currency of the future and not a speculative investment at a time when the rest of the world was struggling with stock market crashes in 2008.

As noted elsewhere,  It's also part of a worldwide trend toward digital money so it will continue and will survive.

The fact that the Bitcoin protocol has been around for a while means that it will continue to evolve. You bet.

This is one reason Bitcoin could easily become a global currency while staying true to its original intentions.

However, to what extent the cryptocurrency will evolve as a payment system depends on global acceptance.

But what about Google's claim to have reached quantum supremacy? History has shown us that the will of the people and the masses can never be suppressed by any new tech. Where there's a will there will always be a way.
What do you all think?

Bitcoin would naturally imo what people want itnto be. A leading digital currency in the age filled with block chain technology. As the forefather of coins, it has the best potential to improve itself since most of the community would develop it rather than create something else.

Quantum supremacy doesn't necessarily mean only they would reach it. The community would soon counter their supremacy and achieve an equal standing with them, preventing the crash of digital currency. Besides, with them announcing supremacy right now already informs the community that we should move to create preventions or alternatives to counter it.

[AniviaBtc]

As noted elsewhere,  It's also part of a worldwide trend toward digital money so it will continue and will survive.

The fact that the Bitcoin protocol has been around for a while means that it will continue to evolve. You bet.

This is one reason Bitcoin could easily become a global currency while staying true to its original intentions.

However, to what extent the cryptocurrency will evolve as a payment system depends on global acceptance.

There's an importance of digital currency in this world, like it can provide security and privacy to your money. There's a time that bitcoin will go ups and downs, but it will always survive because of its ability to control our market. Bitcoin can really excel and become more useful in the world as the global currency.

Cryptocurrency will extent depends on the countries that values it as a money to. There's a lot of countries who accepts bitcoin in their market. Maybe in the future, more countries will now adapt the bitcoin as their digital money when they comprehend its importance and value in the market.

[CryptoBry]

The much bigger concern is breaking military and commercial encryption that doesn't hash public keys. Bitcoin addresses are naturally quantum resistant because the public keys are hashed several times to create the addresses, and the hashing function is not endangered by quantum computing yet.

While an attacker could use a quantum computer to derive your private key from your public key, your public keys are not revealed until your bitcoins are spent. As long as addresses are not reused, the only time your bitcoins would be vulnerable is the brief window between the time your transaction is broadcast to the network (revealing your public key) and the time it is confirmed by a miner. This is one of the reasons why modern wallets issue change to brand-new bitcoin addresses with new keys.

Once you send bitcoins out of an address, you ought to never put bitcoins back into that address ever again. If you do, then the attacker might already know your private key and could forge a transaction to steal those newly-added bitcoins. Best practice is to use a new randomly-generated address every time you receive bitcoins, and let your wallet application manage all of those addresses for you. In summary, Addresses that have not been previously used in spending transactions, burned bitcoins, and unintentionally lost bitcoins, are not vulnerable to quantum computer attacks.

Lets just pretend that quantum computers are a threat right now and we would currently need to use one time only addresses. I think there will be a lot of people who would get complacent and lazy and not do this. It would probably have to be built into the existing system to only allow single use addresses and a way of doing this automatically in the wallet software. I would think that by the time quantum computers are becoming a threat we would have already figured out most of the concerns right now.

Honestly, I got a little concerned with the news from Google that it already achieved the so-called Quantum Supremacy. But then I also thought that I am sure there are ways to protect Bitcoin from this technology so it will not disturb Bitcoin in any way. As someone here stated, if there is a will there is always a way. Sooner or later, wallets will be adopting measures to protect their network and ecosystem from possible incursions and destruction that we presume can come from quantum technology. Actually, quantum computing technology is an exciting development and there are many good uses for that though just like a weapon of war it can also be utilized for something we do not desire in the first place...so it can be a double-edged weapon and the way I see it can have some military and security applications countries may be interested to explore with.

[glendall]

bitcoin arises indeed to answer all the problems of the world economy, especially in the future,
the economy is now very fragile, the banking system is making everything chaotic, inflation unstoppable, and money ownership uneven,
bitcoin appears to eliminate it all, if the government must regulate bitcon and provide regulation, this is a danger because bitcoin will be difficult to move because it is still regulated by the government.

[Kelvinid]

What we would like to see after this long bearish struggle? is to see it regains market dominance. I know and I believe that Bitcoin could face this is a problem and for the crypto believer to patiently wait for its come back. It is gonna be a long fight for Bitcoin but I'd never think that it will drop below 5k even this downtrend will continue until the end of this year. 

[Youghoor]

But what about Google's claim to have reached quantum supremacy? History has shown us that the will of the people and the masses can never be suppressed by any new tech. Where there's a will there will always be a way.
What do you all think?

Bitcoin has been around for ten years and has not encountered any problems regarding quantum supremacy. These claims made by people on the account that quantum computers will be a threat to the entire blockchain network and blockchain technology do not really understand what blockchain technology is and how it operates. These claims are just FUDs

[Kyraishi]

Not sure why google reaching "supremacy" is really meant to affect how BTC works, it's not a deal-breaker and I doubt the computer they make would be used to brute force private keys (we don't even know when the quantum computer will be ready as well).

Larger problem would be to military and government operations if a super-computer could get created, and even if it could break private keys, there are a lot of ways to avoid these issues (eg, using changing addresses).

[maydna]

Here is what I thought about bitcoin. Bitcoin will survive in the bear market and will get the bull market soon. The price will rise to the highest price, and that will attract a new investor to come. The claims from Google do not make bitcoin afraid, although we know that Google wants to conquer the internet and real-life, I am sure that bitcoin can handle it. Google still needs more time to develop their project, especially if they're going to join in the crypto world, and there are many things to do from Google before they can convince people to use their product. I don't think that Google can beat bitcoin even if they say that they have reached quantum supremacy which I don't know for sure what is mean.

[BlackFor3st]

I read an article today on https://gizmodo.com What's Going to Happen With Bitcoin?
Some experts posted their views.

Here's my little non-expert view

So what will happen to bitcoin? Bitcoin's creators have been clear that they intend this to become a currency of the future and not a speculative investment at a time when the rest of the world was struggling with stock market crashes in 2008.

As noted elsewhere,  It's also part of a worldwide trend toward digital money so it will continue and will survive.

The fact that the Bitcoin protocol has been around for a while means that it will continue to evolve. You bet.

This is one reason Bitcoin could easily become a global currency while staying true to its original intentions.

However, to what extent the cryptocurrency will evolve as a payment system depends on global acceptance.

But what about Google's claim to have reached quantum supremacy? History has shown us that the will of the people and the masses can never be suppressed by any new tech. Where there's a will there will always be a way.
What do you all think?

You have pointed out the best part of why bitcoin has existed in the first place but as you have said we still plenty of obstacles before bitcoin become the future currency.

If googles claim will become reality then I am not sure if bitcoin can still adjust to it for it to continue it's goal which is to become the future currency.

[Kakmakr]

Bitcoin's future is not clear, so everything we say now is just pure speculation. As with most technologies and new products, you will always find that competitors enters the market and they try to mimic the original idea. You see this with the 1000s of Alt coins that was developed after Bitcoin was launched.

Will Bitcoin always be the dominant token? The short answer is probably not, because there are very talented developers out there and they can come up with a faster or more efficient solution in the future. 

Will Bitcoin survive? Yes, because a lot are done by our developers to constantly improve the Bitcoin protocol.

[Wind_FURY]

Too many talking about Bitcoin as a "global currency, the "price", the bears and the bulls, but have forgotten Bitcoin's real value proposition. Censorship-resistance.

I believe that would be something seldom used as a "medium of exchange/global currency for coffee transactions". It would be an opt-out mechanism/hedge against the the banks.

[Darker45]

Well, Bitcoin has to evolve, as with everything else. That is one law of nature. Either that, or it will become obsolete and will eventually be replaced by a better one. Circumstances differ from one point of time to another and so there will be necessary adjustments. Bitcoin is constantly developing. Adjustments have been made. Transaction fees lower down, confirmation time lessens, blocks increase in size, data removed from transactions, even a layer two network is added, etc. These are necessary adjustments to keep Bitcoin's relevance and to extend its longevity.

[Astvile]

But what about Google's claim to have reached quantum supremacy? History has shown us that the will of the people and the masses can never be suppressed by any new tech. Where there's a will there will always be a way.
What do you all think?

Quantum computers by Google can be a threat to bitcoin in security if used in a bad way, but Google is aint that cheap and they will not have the intention to attack us I think.

The team stating that they built bitcoin to become a currency will be useless if us users/supporters will not help to make a move to develop bitcoin to a legal currency, tons people here see bitcoin as a speculative investment, not a currency. Bitcoin will die off if something will not change from now for sure.

[funchiestz]

I read an article today on https://gizmodo.com What's Going to Happen With Bitcoin?
Some experts posted their views.

Here's my little non-expert view

So what will happen to bitcoin? Bitcoin's creators have been clear that they intend this to become a currency of the future and not a speculative investment at a time when the rest of the world was struggling with stock market crashes in 2008.

As noted elsewhere,  It's also part of a worldwide trend toward digital money so it will continue and will survive.

The fact that the Bitcoin protocol has been around for a while means that it will continue to evolve. You bet.

This is one reason Bitcoin could easily become a global currency while staying true to its original intentions.

However, to what extent the cryptocurrency will evolve as a payment system depends on global acceptance.

But what about Google's claim to have reached quantum supremacy? History has shown us that the will of the people and the masses can never be suppressed by any new tech. Where there's a will there will always be a way.
What do you all think?

You are trying to generate estimates on a variable that is not yet there. First of all, we should come up with a quantum computer and see the processing power. The estimates made without this are meaningless.

In the local section, a friend had made a simple calculation of his own. According to this calculation, the probability of 20 billion quantum computers finding a BTC address in 10,000 years; 0.0000000000139910250239947861121617024005824700676
Even if we increase the probability of 1000 times based on incorrect calculations; then probability reach 0.0000000139910250239947861121617024005824700676

So, do you think this assessment should be taken seriously?

[BTW, This calculation made by the friend is based on the claim that quantum computers can perform the operation calculated by the computers in 10,000 years in 300 seconds. Probability values are based only on figures on discourses.]

The possibility to detect the Private Key of a Bitcoin address is also taken from:

There are exactly 2^160 possible addresses as long as we keep using RIPE-MD160.

2^160 is 1,461,501,637,330,902,918,203,684,832,716,283,019,655,932,542,976.

10.000 yıl süre, 20.000.000.000 toplam kuantum bilgisayar ile bir bitcoin adresini bulma ihtimalimiz : %0.00000000001399102502399478611216170240058247006766 dir

öğrenmek isterim.

[Wintersoldier]

What does Google reaching "Supremacy" have anything to do with Bitcoin? The quantum computer they are developing will not effect Bitcoin anymore than it will effect the banks of the world. Anyone claiming anything different is scare mongering and has a lack of knowledge about quantum computers and specifically the one that Google is developing. The Google quantum computer is not designed to mine Bitcoin or break the algorithm which Bitcoin uses. Even if we were to assume that the quantum computer could break the algorithm or mine Bitcoin then this would be the only quantum computer in the world that is capable of doing it and a change in algorithm which is quantum resistant would prevent any issues on that side and the difficulty of Bitcoin would be adjusted only slightly with one quantum computer in existence capable of shifting the network computation balance.

Maybe we should focus on the long term effect of having a quantum computer, well, there's a small possibility that today's people will afford buying one quantum computer, but soon, if technology will further develop, people might think of ways to bypass the bitcoin's blockchain factorization algorithm. Though, that way how quantum computer computes and solves algorithm is totally different that generic or classical computer, the link for quantum computer to manipulate the algorithm of bitcoin's blockchain is merely impossible at the moment.

[matchi2011]

The team stating that they built bitcoin to become a currency will be useless if us users/supporters will not help to make a move to develop bitcoin to a legal currency, tons people here see bitcoin as a speculative investment, not a currency. Bitcoin will die off if something will not change from now for sure.

To make more progress, the impression like this about bitcoin needs to be change, Investors needs also to see that aside from being a store assets there's real system that can help the entire economy. Talking about payment process many people deserves to understand the advantages using bitcoin and see
how it will work. Not just for investing your money but also to experienced the actual functions of this new chain.