Will Google's Quantum Computer Destroy Bitcoin?

[Vod]

If Google starts designing these computers in mass, then it could result in a risky journey for Bitcoin within days ahead.

There is nothing yet for Google to produce - currently it's a prototype, insanely expensive and complicated.

Will be a few years yet before these are available for private use.  But yes, quantum computers are a danger not only to crypto but all banking and anything else that uses encryption.

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[yazher]

Of course not

All this marketing about quantum computer destroying bitcoin is ridiculous. I don't get who makes money out of this bullshit.

Maybe they are just spammy article writers who wants clicks?

I see it was just a click bait after all. easy for them to say about the vulnerability of Bitcoin's High standard encrypton. I mean, how can they tell us about something that didn't exist at all. No computer can destroy bitcoin. if there was, the price of the bitcoin will dramatically decrease today.

[adaseb]

If Google starts designing these computers in mass, then it could result in a risky journey for Bitcoin within days ahead.

There is nothing yet for Google to produce - currently it's a prototype, insanely expensive and complicated.

Will be a few years yet before these are available for private use.  But yes, quantum computers are a danger not only to crypto but all banking and anything else that uses encryption.

Deserves a merit because pretty much on point. They are years away from public use and even if there is a hint of trouble due to private use in Google labs then it's not only bitcoin which would need to increase their security it's also most websites and especially banks.

Right now I wouldn't worry and this was discussed last week when we got the crash all the way down to $7200. People were saying that Bitcoin is crashing because of Googles quantum computer and its not longer secure and hence the sell-off. It was nothing but a coincidence and we rallied about $2000 since then so obviously nobody who is buying Bitcoin thinks it's an issue.

[bitcoinposts]

As per Andreas M. Antonopoulos   google quantum computer will nt effort bitcoin on any form bitcoin is much more superior

[abdobe]

Hacking Bitcoin with a Google quantum computer for me is equivalent to a US attack on China. I mean that it will be an incredible scandal and a global conflict. I don’t think that Google wants this at all.

[chaoscoinz]

I've answered this same type of question within another thread, this isn't science fiction, today's quantum computers are quite harmless, they still haven't worked out all of the kinks yet. Quantum physics is a trick subject that can never be written in stone or explained with simple logic. Quantum mechanics defies the laws of modern physics as we know it. It means that past the molecular level, existence remains in a state superposition( think Schrodinger's cat). 
 The D-Wave quantum super computer is the closest thing to a commercial product right now, and it handles a limited amount of things that are criteria specific.  This means it can only do certain types of calculation at the moment. It could easily end up being a few years until they become mainstream and consumer friendly.
 
Here is a buyers guide if your interested in it for reference purposes

https://www.newscientist.com/round-up/quantum-buyers-guide/

[BChydro]

As per Andreas M. Antonopoulos   google quantum computer will nt effort bitcoin on any form bitcoin is much more superior

The prototype google made will not affect bitcoin nor any other industry, it will take a long time to come up with a perfect solution and i think it is really impossible as the production cost is really high to come up with something like that and to continue to spend money to achieve something impossible seem to be dumb, these events happen because they want to create history as there is a big competition going on between major tech giants to come up with a super quantum computer.

[Aying]

Destroy? it maybe difficult to make it happen. quantum computer was built as a expensive one as of now. everyone can not easily purchase it until next 5 years, so blockchain buy's time to improve more. but with this matter is there any hope that bitcoin will spread if the quantum computer is the dominant one? and at that rate fiat will always alive and not replaceable?  I bet that hard fan of btc will always choose it for any online purchase. it's reliable and convenient. (its seems I answer a different one from a similar thread)

[Vod]

People were saying that Bitcoin is crashing because of Googles quantum computer and its not longer secure and hence the sell-off. It was nothing but a coincidence and we rallied about $2000 since then so obviously nobody who is buying Bitcoin thinks it's an issue.

Thanks for the merit. 

I believe the price did fall after Google's announcement but then rallied again due to IBM's.

https://www.technologyreview.com/s/614604/quantum-supremacy-from-google-not-so-fast-says-ibm/

Every qubit they add doubles the amount of paths they can analyze at once.   

[yulionoo]

I don't think Google's quantum computer will be able to destroy bitcoin. because I'm sure bitcoin developers and pioneers will improve the security of bitcoin so it's not easy to hack. and I've read that Google's quantum computer uses the sycamore quantum processor. and this sycamore is only 53 qubits, and it's not enough to break the bitcoin blockchain.

[Abiky]

Well, if quantum computing advances fast, this can mean the end for Bitcoin, right? However, for now, the field has been taking baby steps, and whatever Google has these days, it cannot be a problem for Bitcoin. It's also unclear whether it's a matter of time till we have an awesome quantum computer or whether it's impossible in principle. It's like the strong AI question in this sense. But anyway, it seems that even if quantum computers destroy Bitcoin one day, they won't destroy cryptocurrency, because even these days there are already projects working on quantum-resistant cryptos (although I don't understand how it works).

Yes. Even with Google's recent claim of "Quantum Supremacy", the field is just starting to blossom. It may take a couple of years from now, before Quantum Computing becomes a threat against the existence of cryptocurrencies like Bitcoin and Ethereum. By then, it's hoped that cryptocurrencies would've taken a step ahead by implementing defense mechanisms against Quantum computing attacks. I'm sure that Bitcoin miners would quickly reach consensus in order to adopt Quantum-resistant signature schemes for the underlying Blockchain network.

In the future, Quantum Computing could improve Blockchain's performance by a long shot. Bitcoin and other cryptocurrencies can make use of Quantum Processing in order to reach a higher degree of scalability like never before. Cryptographic encryption methods will also improve, because of this revolutionary technology. But for now, we shouldn't worry much about Google's Quantum Computer destroying Bitcoin since it's just a prototype after all. Just my opinion

[goodoldblockchain]

A quantum computing future is unlikely – here’s why
https://techcentral.co.za/a-quantum-computing-future-is-unlikely-heres-why/94562/
by Subhash Kak, Regents professor of electrical & computer engineering, Oklahoma State University
'While quantum cryptography holds some promise if the problems of quantum transmission can be solved, I doubt the same holds true for generalised quantum computing. Error-correction, which is fundamental to a multipurpose computer, is such a significant challenge in quantum computers that I don’t believe they’ll ever be built at a commercial scale.'

[hotmom]

It's too soon to think about it. That's when quantum computers will become more or less popular, then it is worth thinking about it.

[goodoldblockchain]

A quantum computing future is unlikely – here’s why
https://techcentral.co.za/a-quantum-computing-future-is-unlikely-heres-why/94562/
by Subhash Kak, Regents professor of electrical & computer engineering, Oklahoma State University
'...... is such a significant challenge in quantum computers that I don’t believe they’ll ever be built at a commercial scale.'

And now this:

Intel’s scalable quantum control chip
https://www.gigabitmagazine.com/big-data/hold-your-horse-ridge-intels-scalable-quantum-control-chip
Jim Clarke, Intel’s director of Quantum Hardware, said in a press release: “...... in order to develop a large-scale commercial quantum system.”

Who will win?

[ChuckBuck]

According to external sources, Google has already designed a Quantum Computer that's much more powerful than its competitors (like IBM and other mainstream companies working on this). If Google starts designing these computers in mass, then it could result in a risky journey for Bitcoin within days ahead. It's no secret that Quantum Computers are able to break our existing encryption methods, rendering cryptocurrencies completely vulnerable against them. Of course, it's widely possible to prevent this by making use of Lamport Signatures within the Bitcoin blockchain. But I believe that it'll be hard to implement into the pioneer cryptocurrency, since it'll require a hard fork of the blockchain.

Nonetheless, do you think that Google's Quantum Computer will be able to destroy Bitcoin in the future? Or will the pioneer cryptocurrency adapt itself against this new trend?

About objectivity, the introduction of Quantum Computer is a new step in technology. It is inevitable. And it's really powerful, a Quantum Computer can perform billions of calculations per second, it has been proven. It's more powerful than supercomputers in the world right now. If cryptocurrency wants to exist and grow, it must be adapted. But I don't know how blockchain can be adapted, and even impossible. Hard forks are not enough, at least for now.

[Abiky]

Of course, the power of a quantum computer is capable of a lot, but you also need to take into account the fact that using a quantum computer it is quite possible to crack Bitcoin codes without problems.  Repeatedly in specialized media, they say that experts are very active in not only protecting the blockchain, including Bitcoin from a quantum computer, but also to improve cryptography technology through newer technologies.  I very much hope that the cryptocurrency, which is now passionate about a significant part of humanity, will not suffer from a quantum computer.

Indeed. A quantum computer can defeat Bitcoin in its current state. With Google's claim of achieving "Quantum Supremacy", the company can take down the entire Bitcoin network in a blink of an eye. But we all know this will never become a reality, as miners will quickly reach consensus in order to protect Bitcoin against Quantum computing attacks. By the time Quantum Computing becomes a real threat to Bitcoin, the pioneer cryptocurrency would've adopted Quantum-resistant mechanisms (Lamport signatures maybe?) to stay relevant within the mainstream world. As of now, the field of Quantum computing is still in its infancy. Slowly but surely the Bitcoin community will explore ways to increase security against Quantum computing attacks, to keep the cryptocurrency going for the foreseeable future.

Considering how active Bitcoin's development team has been over time, I wouldn't worry about Quantum Computers posing a risk to its existence anytime soon. A simple tweak here and there, should make Bitcoin Quantum-ready without hassles. With time, we'll be able to determine if Quantum Computers will be able to live up to the task or not. Hopefully, the field of Quantum Computing would prove to be more beneficial for the growth of the entire Blockchain industry than all the other way around. Just my thoughts

[Wintersoldier]

Of course, the power of a quantum computer is capable of a lot, but you also need to take into account the fact that using a quantum computer it is quite possible to crack Bitcoin codes without problems.  Repeatedly in specialized media, they say that experts are very active in not only protecting the blockchain, including Bitcoin from a quantum computer, but also to improve cryptography technology through newer technologies.  I very much hope that the cryptocurrency, which is now passionate about a significant part of humanity, will not suffer from a quantum computer.

In the first place how could they crack an encryption mainly built from hashing algorithms? Because if we are to think about this, if you are to change even one transaction in bitcoin, then every preceding transactions will be different, in fact, hashes couldn't not be decrypt so the encryption is strong enough even with the quantum computers. And what if in the future, these quantum computers could be use to make an even stronger encryption than SHA256 that we already have in bitcoin.
Here's the thing, instead of being afraid to the technology, we should always see the benefits that they could provide.

[Asmonist]

I think its not yet implemented by google. If its part of there plan, I guess it should not destroy bitcoin. They should create something that can help or advantageous to everyone. They need clients or users and they can't just make a move that hinders or deprive users in using bitcoin. I believe they are also interested with bitcoin so probably they must design a system or computer system that benefits everyone.

[barabarian1]

Of course not

All this marketing about quantum computer destroying bitcoin is ridiculous. I don't get who makes money out of this bullshit.

Maybe they are just spammy article writers who wants clicks?

Yes, I agree with you, I think it's just a hoax because until now there has been no official announcement from Google about quantum computers. and I think if a quantum computer does exist then I'm sure bitcoin developers will improve security systems and strengthen block security. I'm sure bitcoin developers will try hard to strengthen the bitcoin system and network.

[Baofeng]

Of course not

All this marketing about quantum computer destroying bitcoin is ridiculous. I don't get who makes money out of this bullshit.

Maybe they are just spammy article writers who wants clicks?

Yes, I agree with you, I think it's just a hoax because until now there has been no official announcement from Google about quantum computers. and I think if a quantum computer does exist then I'm sure bitcoin developers will improve security systems and strengthen block security. I'm sure bitcoin developers will try hard to strengthen the bitcoin system and network.

Well quantum computers are getting real, in the last 10 years or so they have made a massive gain on this technology. However, I don't think that quantum computers aim is to break bitcoin, it could have lots of used in other fields, not just in cryptography. Plus, I don't think that they can simply have this to individuals who have bad intention, i.e break or stole someone's private key. I'm sure it will be the authorities or higher academe that will get the first hand if such quantum computers have been developed. And not some hackers or criminals out there.