Does Bitcoin Have A Quantum Computing Problem?

[chaoscoinz]

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

Google isn't the only company dealing within the realm of quantum computing. The very first publicly commercial supplier of quantum computing systems was by "D-Wave Systems". D-wave Systems are are used by Super Big Companies like Lockhead Martin & Google (who also has their own Quantum project). You are right to suggest for people not to panic, it is too soon for quantum computers to take over the world, but in the future, who really knows for sure?

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[CryptoBry]

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.

In fairness to Google, I think they never claim that their so-called quantum supremacy can be able to tackle or destroy Bitcoin or cryptocurrency and there had no other details they released despite the many speculations spreading around especially within the cryptocurrency community. In other words, there is no denial or further explanation in relation to cryptocurrency so maybe there is no such thing. I am sure that if Google has it then they would not telegraph their punches. Anyway, it remains to be seen if one day quantum computing can be the threat that it is perceived to be to cryptocurrency. In the meantime we can continue on postulating and speculating this topic.

[SMSKWSMSKW]

"In order to have any effect on bitcoin or most other financial systems it would take at least about 1500 qubits and the system must allow for the entanglement of all of them," "By comparison, Google's measly 53 qubits are still no match for this kind of cryptography."
https://hackernoon.com/quantum-computing-and-blockchain-facts-and-myths-l71w28d2

For faster quantum computing, Microsoft builds a better qubit - Microsoft's new approach to quantum computing is "very close," an executive says.
"We've really spent the recent few years developing that technology," Krysta Svore, general manager of Microsoft's quantum computing software work, said Thursday after a talk at the IEEE International Conference on Rebooting Computing. "We believe we're very close to having that." Specifically, she thinks one logical qubit will require 10 to 100 physical qubits with Microsoft's topological qubits. That compares to something like 1,000 to 20,000 physical qubits for other approaches.
https://www.cnet.com/news/for-faster-quantum-computing-microsoft-builds-a-better-qubit/

Can somebody explain, please? 1,500 qubits required and Microsoft will have 1,000 to 20,000?