Quantum computing is opening new doors, upending everything from healthcare to AI. But this leap forward comes with a catch—cryptocurrency might not survive the shakeup.
You might say, “Ah yes, the quantum computer FUD, a tradition for decades at this point.”
The upshot is that a supercomputer takes 100 minutes to do a task. A quantum computer, working at the same speed as a supercomputer but simultaneously across 20 parallel universes, takes ten minutes to complete a task. Mind blown.
Jokes aside, quantum computing isn’t just a sci-fi punchline; it’s a legitimate menace to Bitcoin and any cryptocurrency without quantum-proof security.
What Makes Quantum Computing a Threat to Bitcoin?
So, it seems that Google can mine the remaining BTC in a nanosecond. I’m back to waging war for you, kiddo.
The way quantum computers process information could potentially unravel the cryptographic systems that secure digital currencies like Bitcoin and Ethereum. At the heart of quantum computing are qubits, the high-tech cousins of classical computer bits. Unlike standard bits, which store data as either 0 or 1, qubits can exist in a superposition state, simultaneously allowing them to be both 0 and 1. Imagine flipping a coin that stays in a state of heads and tails until it lands.
It makes traditional banks pointless, too.
These properties allow quantum computers to solve complex problems exponentially faster than traditional computers, which could be problematic for crypto.
Why Cryptography is at Risk
Cryptocurrencies like Bitcoin function on a system of public and private keys. The public key is like your home address—visible to everyone and the private key is the secret combination needed to unlock and access your funds.
Cracking a private key from its public counterpart is almost a mathematical deadlock for today’s classical computers. Quantum computers rip through these calculations by running countless scenarios at once, making the impossible disturbingly feasible. If this tech falls into the wrong hands, wallets could be raided, private keys could be exposed, and the foundations of the blockchain could be left in ruins.
Concerns over quantum computing’s threat to blockchain are more than just paranoia. An Ethereum researcher, Charlie Thompson, flags older Bitcoin wallets with exposed public keys as prime targets. He estimates that quantum leaps in tech could endanger 40% of Bitcoin sitting in these insecure addresses.
- “Any BTC address which has broadcast a transaction has an exposed public key, and all of Satoshi’s one million coins (…) are exposed to this type of attack,” Thompson warns.
However, not everyone sees an immediate threat. Ethereum co-founder Vitalik Buterin is not worried about quantum computing and says upgrading to a quantum-resistant algorithm will fix the problem.
Bitcoin’s creator, Satoshi Nakamoto, even addressed the potential threat in 2010. He suggested that “the honest blockchain” could be salvaged using a consensus to lock in a new, secure hash function before any damage is done.
The Answer to Quantum Computing
The banks will barely flinch if quantum computing shatters SHA-256, Bitcoin’s security hash function. They’ll pivot to SHA-512 overnight, leveraging their centralized control to patch the cracks efficiently.
Centralized cybersecurity systems have that luxury. For Bitcoin, it’s a different universe. Chaos would reign in yet another fork war, debates flaring over which encryption method should take place. The problem will get fixed, but it won’t be easy. The beauty of Bitcoin lies in its decentralization, but that same independence can make adaptation a nightmare. Pretending this isn’t an existential problem is a denial of the highest order.
We at 99Bitcoins believe the problem will get fixed, but we need to prepare for some drama and FUD before the decade ends.
Also, if you want the funniest interaction (and explanation) of crypto navigating quantum computing, look no further:
One New Meme Coin That Will Outlast The Quantum Computing Threat
While quantum computing deserves to be a problem on your radar, Flockerz is becoming a top meme coin that will outmaneuver that threat. Will it actually? IDK. Probably.
Known as “The People’s Meme Coin,” Flockerz ($FLOCK) quickly pulled in over $6.3 million in presale. Flockerz offers a unique vote-to-earn feature and exceptional staking rewards, reshaping community interaction.
Central to its design is Flockerz’s Flocktopia, a decentralized autonomous organization (DAO) that empowers every $FLOCK holder.
💙 It's a party exclusively for The Flock! 💙
With 6M raised this flock ain't slowing down… It's speeding up! 🔥💙
Want to join in on the fun?! Click here: https://t.co/HKN509Un5J pic.twitter.com/bE1Pg0JUuH
— Flockerz (@FlockerzToken) December 12, 2024
As it stands, 2.4 billion $FLOCK tokens (20% of the total supply) are available for presale at $0.0.0058862 each.
Equal shares of tokens are earmarked for marketing, aiming for global exposure and exchange listings, while 10% (120 million $FLOCK) is set aside for exchange liquidity.
Interested investors can purchase $FLOCK on the website with ETH, BNB, USDT, or a bank card.
Hold on, because the $FLOCK is taking off! Join it now. Follow Flockerz on X and Telegram.
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