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02 Oct

Will Quantum Computing Destroy Bitcoin

Will Quantum Computing Destroy Bitcoin
7 years ago

Quantum computers can instantly crack any current keychain or password combination but how does this work and why will this be a concern for Cryptocurrencies? With Quantum computing comes to a significant change in processing power in conjunction with using algorithms like Shor's quantum computing can easily crack RSA encryption or digital signatures used in Bitcoin. Let's also look at how Bitcoin is mined using ANT Miners that are specifically built to extract and mine Bitcoin these publicly available hardware devices are particular in crunching data and mining Bitcoin at the fastest rate available on public markets. But what if we throw in quantum computing into mining Bitcoin and the hundreds of other Cryptocurrencies? Will this not decrease the value in increasing the value of the Cryptocurrencies if they are so easy to find.  There are only 21 million Bitcoins available but as we near the end of discovery they before harder to find. Much like gold today as it's a finite resource. Sure quantum computers could be 5-10 years away but how will this effect everyone's secure passwords and Cryptocurrencies in the future?

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