Does Bitcoin Have A Quantum Computing Problem?

[JessicaVL]

Google claimed quantum supremacy recently. That sent Bitcoin enthusiasts into uncharted territory. Traders, who are typically easy to spook, have the most to lose – or gain – from the implications that quantum computing might have on Bitcoin and other cryptocurrencies. But what are those implications at this point? Does Bitcoin really have a quantum computing problem? How can it be addressed?

Quantum Supremacy

To understand how Bitcoin and other cryptocurrency communities should react to Google’s announcement, it is important to delve deeper into what this quantum supremacy claim entails. According to Andreas Antonopoulos, this is what Google really achieved:

- Up until now, quantum computers didn’t have a significant advantage in terms of solving problems faster than regular computers
Google’s experiment showed for the first time that a quantum computer could solve a problem significantly faster than a regular one

- What Google means by quantum supremacy is that their quantum computer solved a problem that would take a regular computer thousands of years, which proves that quantum computing works

- This doesn’t mean that quantum computers are ready to take over or are an imminent threat to the level of cryptography that Bitcoin currently has
For quantum computing to threaten Bitcoin and other cryptocurrencies, thousands of qubits – quantum bits – of quantum corrected calculations

- Google’s quantum computer has 100 qubits of power

- The problems that Google’s computer solved are not necessarily the kinds of problems a computer needs to solve to break Bitcoin’s encryption

Google Lied About Quantum Supremacy

Therefore, Google lied when it claimed quantum supremacy. That is because supremacy entails the ability to use quantum computer on a wide range of problems, systematically and effectively. Google is still far from this, which is great news for Bitcoin, cryptocurrencies and mostly traders.

Quantum Supremacy Threatens the Whole World, Not Only Bitcoin!

Traders of course rely on various platforms and on the international financial system for their livelihood. Quantum computing has the potential to threaten every kind of encryption that is currently deployed. That means:

- Traditional financial platforms and infrastructure
- Communications
- Any kind of service based on internet accounts and passwords

So, if you are a trader on a platform like eToro, you should be relieved to know that you don’t have to scramble to liquidate every single position you have and make sure you bring a Brinks truck home with gold bars and cash. You will be able to keep on trading Bitcoin and other assets because every single platform you use is still reasonably safe.

Bitcoin: The Last on the List

Given the extent to which all our infrastructure is vulnerable to quantum computing, whenever any actor gains quantum supremacy, then it is time to run to the hills. Forget about Bitcoin and other cryptocurrencies. Together they are not worth as much as the market for gold is worth, and any malicious actor who would like to take advantage of quantum supremacy would probably target nuclear weapons’ codes, strategic infrastructure like dams or the power grid, and even the biggest banks on earth. Bitcoin is the last asset on their list.

Bitcoin can Face Quantum Supremacy

In fact, because it is near the bottom of the list of any malicious actor – rationally speaking – Bitcoin might even have enough time to update to quantum-resistant encryption before it is targeted. Some of the members of the Bitcoin community are among the world’s leading experts in cryptography and all Bitcoin needs to update is a fork. We have been through a few of those and Bitcoin keeps on working as advertised, so it is safe to assume that we will be able to survive in a world dominated by quantum computing. That is an assertion not many organizations and decision makers around the world can make.

Therefore, if you are a trader, don’t let Google’s noise disturb your focus. Keep on doing your research and trading in whichever way you want. Google is not coming for your coins – at least not yet!

https://bitcoinchaser.com/news/bitcoin-quantum-computing-problem

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[hypersonic1]

When it comes to quantum computing, people always forget that Bitcoin can be soft forked to make it resistant to quantum computing. This alone basically throws the entire problem out of the window. Should the computing power become greator, we can change it again. That's the beauty of software..it can change.

[bitmover]

All this quantum computer and blockchain debate is just based on  misinformation.

First of all, if it would ever become a threat to break privatekeys, an address would need to be usedore than once, because that address need to expose its public key (which is only exposed when someone spend a coin from that address)

And they are far from being produced, as far as I know

[percy_tc]

If there will be quantum computer, than there will be quantum miner probably

[sunsilk]

Quantum Supremacy Threatens the Whole World, Not Only Bitcoin!

This isn't my statement but I've read someone on the internet said which made me think too.

"If these quantum computers will exist, they will first try it with the banks." And yeah, I think with any other valuable resource too that's beneficial to most.

[pixie85]

At least they are summing it pretty well. Bitcoin does not have a problem with quantum computing! This technology is still in diapers and we not only would not be the first target if there really was a rogue quantum company trying to hack everything but it also would have enough time to fight the hack attempts.

I said it before that quantum computers produce enormous amounts of data but you need to sort this data out later. It's the same with feeding data to a quantum computer. You have to prepare it first so that the machine will understand it and be able to process it.

[pooya87]

Therefore, Google lied when it claimed quantum supremacy. That is because supremacy entails the ability to use quantum computer on a wide range of problems, systematically and effectively.

supremacy means being superior to all others. there is no additional requirement. so you can only say Google has lied if you can find anybody else with a better super computer. the media however has been turning this news into a big deal simply because they are desperate for a "hot news" where they can get the readers engaged inside their shitty website.

[seoincorporation]

We shouldn't be afraid of quantum computers, they will make our technology work faster and that's something to be proud. But people are afraid because they think the quantic computer will have the power to brute-force sha256, and that will not happen in the next year, we will have to wait a long time for this, and when the computer gets powerful to that point our cryptography will be in another level too.

[Jating]

We shouldn't be afraid of quantum computers, they will make our technology work faster and that's something to be proud. But people are afraid because they think the quantic computer will have the power to brute-force sha256, and that will not happen in the next year, we will have to wait a long time for this, and when the computer gets powerful to that point our cryptography will be in another level too.

And if they allegedly can break SHA256, then that's the time that bitcoin or at least those underlying software will upgrade to a more secure form of cryptography.

And I think we are still far ahead of the game though, and it will take years for companies to developed a quantum computer that can even get close to breaking SHA256.

So it's going to be a catch and game for us.

[Kyraishi]

Therefore, Google lied when it claimed quantum supremacy. That is because supremacy entails the ability to use quantum computer on a wide range of problems, systematically and effectively.

supremacy means being superior to all others. there is no additional requirement. so you can only say Google has lied if you can find anybody else with a better super computer. the media however has been turning this news into a big deal simply because they are desperate for a "hot news" where they can get the readers engaged inside their shitty website.

People just misread and misunderstood what google meant.

Google did make the world's fastest computer using quantum technology.
Google [/b]did not[/b] make it fast enough where people should be worried (it can crack bitcoin private keys and brute-force into technology).

Quantum Supremacy Threatens the Whole World, Not Only Bitcoin!

This isn't my statement but I've read someone on the internet said which made me think too.

"If these quantum computers will exist, they will first try it with the banks." And yeah, I think with any other valuable resource too that's beneficial to most.

Government computers/data, Possible military uses, hacking banks, etc. These are all bigger then it being able to able to crack private keys,

[blckhawk]

This post should have TL:DR, since this topic is discussed multiple times in the forum already. This so-called Quantum Supremacy by Google is nothing to fear about as of now.

Their quantum computer is somewhere only 50 qubits. The optimal quantum computer to crack current algorthms need to be at 200 qubits and up. Also not to mention that the technology would surely be utilized by cryptography/security experts that would develop such quantum-proof algorithms for these attacks.

[yazher]

It's just some sort of clickbait, isn't it? these guys are talking about this quantum computer for quite some time now. they really don't know the meaning of supremacy at all. they think it's a kind of computer that can access everything its user's want. this has been the most trending topic here in the bitcoin discussion thinking that if this will be released by Google, the whole Bitcoin network is doomed and finished.

[Wintersoldier]

It's just some sort of clickbait, isn't it? these guys are talking about this quantum computer for quite some time now. they really don't know the meaning of supremacy at all. they think it's a kind of computer that can access everything its user's want. this has been the most trending topic here in the bitcoin discussion thinking that if this will be released by Google, the whole Bitcoin network is doomed and finished.

When it comes to quantum supremacy, it is the state where a non-classical computer is having the strongest computing power that will open up opportunities to develop new technologies. In a question does bitcoin have a problem with quantum computing, for me the answer is no. Classical and non classical computers are very different, they cannot be compared as we have so much algorithm built only for classical and non classical computer. They cannot interfere, and if they can, quantum computer will just compute with the same speed to a classical computer. Wherein bitcoin nodes are running using classic computer so the risk we have isn't too much for us to worry about.

[JessicaVL]

When it comes to quantum computing, people always forget that Bitcoin can be soft forked to make it resistant to quantum computing. This alone basically throws the entire problem out of the window. Should the computing power become greator, we can change it again. That's the beauty of software..it can change.

Absolutely, and by the time the quantum computing technology even gets to a point where it could hack Bitcoin, cryptography will be in an entirely different place too. As you said, all that's really needed is a fork.

[JessicaVL]

At least they are summing it pretty well. Bitcoin does not have a problem with quantum computing! This technology is still in diapers and we not only would not be the first target if there really was a rogue quantum company trying to hack everything but it also would have enough time to fight the hack attempts.

I said it before that quantum computers produce enormous amounts of data but you need to sort this data out later. It's the same with feeding data to a quantum computer. You have to prepare it first so that the machine will understand it and be able to process it.

You're absolutely right - the technology is still incredibly far away from being a threat to Bitcoin. And should it ever get to that point, there will be ways of blocking hacks.

[JessicaVL]

We shouldn't be afraid of quantum computers, they will make our technology work faster and that's something to be proud. But people are afraid because they think the quantic computer will have the power to brute-force sha256, and that will not happen in the next year, we will have to wait a long time for this, and when the computer gets powerful to that point our cryptography will be in another level too.

Yes, it's still a very long way away - I don't even know if we'll see it in our lifetimes, maybe in our children's lifetimes. Either way, at this point there's no way that quantum computing poses any kind of significant threat to Bitcoin.

[JessicaVL]

This post should have TL:DR, since this topic is discussed multiple times in the forum already. This so-called Quantum Supremacy by Google is nothing to fear about as of now.

Their quantum computer is somewhere only 50 qubits. The optimal quantum computer to crack current algorthms need to be at 200 qubits and up. Also not to mention that the technology would surely be utilized by cryptography/security experts that would develop such quantum-proof algorithms for these attacks.

Ultimately, quantum computing is still a long way off from ever being a real threat to cryptocurrency. And yes, by the time that is has the power to be, cryptography and security experts would definitely have come up with a way to protect against potential quantum hacks.

[JessicaVL]

It's just some sort of clickbait, isn't it? these guys are talking about this quantum computer for quite some time now. they really don't know the meaning of supremacy at all. they think it's a kind of computer that can access everything its user's want. this has been the most trending topic here in the bitcoin discussion thinking that if this will be released by Google, the whole Bitcoin network is doomed and finished.

Absolutely, and it's going to be such a long time before quantum computing could (in theory) pose any kind of legitimate threat to Bitcoin - by that time cryptographers would have already put measures in place to prevent such an event.

[Freemine-001010]

bitcoin would be the last target if quantum becomes a real contender , but they need many many more qubits ,  

but that aside if that power existed the most valuable target would be the worlds encryption security , basically could crack any security encryption

you could probably manipulate the stock market

and steal/corrupt/change just about any digital communication so just about 90% of our lives the other 10% is sleep  

[kryptqnick]

It's just some sort of clickbait, isn't it? these guys are talking about this quantum computer for quite some time now. they really don't know the meaning of supremacy at all. they think it's a kind of computer that can access everything its user's want. this has been the most trending topic here in the bitcoin discussion thinking that if this will be released by Google, the whole Bitcoin network is doomed and finished.

Absolutely, and it's going to be such a long time before quantum computing could (in theory) pose any kind of legitimate threat to Bitcoin - by that time cryptographers would have already put measures in place to prevent such an event.

Actually, some already have. I agree that it can take quite some time before there's a serious threat (or it might never happen since it can be a qualitative, not quantitative problem which we cannot possibly solve on our way to quantum computers). Meanwhile, there've been talks about quantum-resistant cryptos already. So perhaps Bitcoin will not be able to save itself, I don't know how much can be changed about it, but other cryptocurrencies will be able to take over probably. I am not sure it's true that it's already possible to make quantum-resistant cryptos, but David Chaum claims he can do it: https://www.coindesk.com/watch-ecash-creator-david-chaum-on-his-new-quantum-resistant-cryptocurrency-praxxis.