Will Quantum Computers Destroy Bitcoin?
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In this video, I discuss the quantum computing threat to Bitcoin, in the context of Microsoft's new quantum chip.
I conclude that while we are probably still years or even decades away, it's important to keep an eye on developments and move towards rolling out quantum-resistant Bitcoin addresses.
Quantum computing is not just a problem for Bitcoin. It's also a problem for:
1) The internet
2) Banks
3) Government databases
4) Military communications
All of which use public/private key cryptography and are thus vulnerable as well.
Bitcoin is currently a $2 trillion asset, so Bitcoiners are going to be on top of this problem-- since their lives and savings depend so heavily on Bitcoin remaining the best and most secure money in the world.
I'm not worried at all. You're welcome to trust JP Morgan or Bank of America with your money instead, with their clunky old architecture and underpaid systems engineers and security teams.
I'm going to stick to Bitcoin.
Not investment advice! Consult a financial advisor.
Microsoft’s Majorana 1 chip carves new path for quantum computing:
https://news.microsoft.com/source/features/innovation/microsofts-majorana-1-chip-carves-new-path-for-quantum-computing/
Shor's algorithm:
https://en.wikipedia.org/wiki/Shor%27s_algorithm
SHA-256 hash generator:
https://tools.keycdn.com/sha256-online-generator
BIP-360:
https://github.com/cryptoquick/bips/blob/p2qrh/bip-0360.mediawiki
https://x.com/cryptoquick/status/1799549252122915216
Bitcoin address types:
https://unchained.com/blog/bitcoin-address-types-compared
Migrating to quantum-resistant addresses:
https://x.com/River/status/1885023912058122737
How close are we to quantum computers that can attack Bitcoin?
https://x.com/River/status/1885023902780326216
https://x.com/giacomozucco/status/1892621390269780247
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#Bitcoin
#quantum
#crypto
Disclaimer
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