Will Quantum Computers Crack Bitcoin?
When I was on The Wealthy Barber podcast , the last question David Chilton asked me that I think needs a fuller answer takes me back to my working career as a cryptographer: “Will quantum computers crack bitcoin?” The short answer is probably not, but it’s not impossible. Quantum computers work differently from regular computers that we’re familiar with. A fully-functioning quantum computer can try many combinations of inputs simultaneously, rather than trying them one at a time. In some cases, secret keys used in cryptography are vulnerable; a quantum computer can try all possible secret keys simultaneously when breaking a system. This could affect the digital signatures used in bitcoin, but not the coin mining. However, we don’t have fully-functioning quantum computers yet. Engineers are having great difficulty making larger quantum computers work. The main problem is called decoherence. Regular computers have bits, and quantum computers have ...