Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Fivestar4everMVP on February 09, 2024, 10:31:06 AM
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So, this is more like (as promised) a reply to the thread Bitcoin VS Quantum Computing (https://www.altcoinstalks.com/index.php?topic=316976.0).
This is one of my threads from bitcointalk, so, I am just going to repost it here, for those who haven't seen it before to see and read, and also know that quantum Computers are nothing to be afraid of, when it comes to whether they are a threat to bitcoin and cryptocurrencies, or not, you can find the initial thread on bitcointalk HERE (https://bitcointalk.org/index.php?topic=5472673.msg63097351#msg63097351).
And below is the information as shared on the other forum.
Not even Quantum computers will be able to defeat Bitcoin and the literal BTC network.
hear me out,
Quantum computing represents a fundamental leap from traditional computing, Unlike classical computers which process information in bits (0s or 1s), quantum computers use quantum bits or qubits. Qubits,
Through the principles of superposition and entanglement, can hold and process a vast amount of information more efficiently than classical bits.
This efficiency makes quantum computers particularly adept at solving certain types of problems much faster than classical computers.
Now, relating this to Bitcoin, BTC's security largely hinges on cryptographic algorithms like SHA-256 for hashing and the Elliptic Curve Digital Signature Algorithm (ECDSA) for wallet security.
Classical computers, even the most powerful, would require impractical amounts of time to break these algorithms.
But, a sufficiently powerful quantum computer could, in theory, solve these problems much more "rapidly."
in theory.
Particularly, "Shor's algorithm" in quantum computing poses a theoretical threat to ECDSA, potentially enabling the derivation of private keys from public keys.
I fundamentally disagree with the overstated fears around quantum computing's threat to Bitcoin, for There are several key arguments to consider:
Practicality and Timeframe
The current state of quantum computing is far from being able to threaten Bitcoin.
The largest quantum computers today are still experimental and nowhere near the number of qubits required to break Bitcoin's cryptography.
This development is likely decades away, giving the Bitcoin community ample time to implement post-quantum cryptographic algorithms.
Network Consensus and Adaptation
Any changes to Bitcoin's cryptographic algorithms would require network consensus, which is a cornerstone of Bitcoin's decentralized ethos.
This consensus-driven approach means the community is unlikely to let Bitcoin become vulnerable to quantum attacks.
Misplaced Priorities
The worry about quantum computing breaking Bitcoin's cryptography often misses a larger point.
If quantum computing reaches such an advanced stage,
Bitcoin will not be the only technology at risk.
The entire fabric of digital security, including banking, national security, and internet privacy, would be in jeopardy.
In such a scenario, Bitcoin's vulnerability would be part of a much larger crisis.
For every measure there is a countermeasure taking place, always remember this.
Bitcoin has substantial economic backing and community.
This support system provides strong incentives to maintain the network's security against all types of threats, including quantum computing.
The narrative that quantum computing will "break" Bitcoin fails to account for the dynamic and resilient nature of Bitcoin's technology and community.
Thanks for reading, and do feel free to drop your comment, opinions or questions.
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I understand that in the past many years, there is that continuing fear that one day Quantum Computing can be able to thrash Bitcoin and so the danger that we can end up with something that has no value or defeated can come true. There remains a continuing debate on this topic with both sides of the equation representing their stand on the question. Will quantum computers really make Bitcoin powerless soon? I guess since it has not yet happened then maybe we can say that it is not yet a reality and yes it might take a lot of years before it can officially be said that quantum computing has arrived. Technically speaking, I am not expert on this question as there are many things I don't fully grasp with quantum computing and even with Bitcoin itself. And since I am just an ordinary guy who can be considered as a Bitcoin supporter and enthusiast, I would be happy to see this concern get over with so we can all have a good sleep at night knowing our Bitcoin - and even any crypto - for that matter safe, sound and growing some more possible profits.
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I understand that in the past many years, there is that continuing fear that one day Quantum Computing can be able to thrash Bitcoin and so the danger that we can end up with something that has no value or defeated can come true. There remains a continuing debate on this topic with both sides of the equation representing their stand on the question. Will quantum computers really make Bitcoin powerless soon? I guess since it has not yet happened then maybe we can say that it is not yet a reality and yes it might take a lot of years before it can officially be said that quantum computing has arrived. Technically speaking, I am not expert on this question as there are many things I don't fully grasp with quantum computing and even with Bitcoin itself. And since I am just an ordinary guy who can be considered as a Bitcoin supporter and enthusiast, I would be happy to see this concern get over with so we can all have a good sleep at night knowing our Bitcoin - and even any crypto - for that matter safe, sound and growing some more possible profits.
One way to feel at peace with a full rest of mind concerning this is matter is when you read what i wrote above around misplaced priorities, knowing that at the arrival quantum computer, bitcoin won't be the only innovation under threat, bitcoin and crypto currencies in general will only be a minor casualty of what is a great catastrophy which could turn the entire world upside down.
This gives me peace of mind, because I know that, before quantum computers develop to that height where it could become a threat to bitcoin and other world innovations, bitcoin and other world innovations must have developed what we could for now, refer to as a quantum resistant feature, which will ensure that every power quantum have to destroy bitcoin is totally neutralized completely.