Is Quantum Computing Placing Bitcoin’s Future in Jeopardy? Quantum Expert Andrew Fursman on Future of Crypto

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Quantum computing expert Andrew Fursman is convinced quantum attacks in the future will pose a threat to the security of Bitcoin (BTC). In a video, Fursman highlights that the massive computational potential of quantum machines could be capable of compromising Bitcoin’s security. “It’s mathematically proven that if you have a device that looks like the kind of quantum computers that people want to build, then you will be capable of decrypting this information significantly better than could ever be possible with classical devices.” Fursman argues that regardless of when quantum computers come of age, a solution needs to be found. “Whether quantum computers come out tomorrow or in five years or in ten years, they are capable of being cryptographically useful. Those devices are going to be capable of doing something that you might not...

Quantum computing’s threat to crypto — Part 2

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Work on quantum computers is accelerating as developers grow more confident that they will be able to address problems that are intractable with classical computing. That may be good news in some contexts, but bad news for cryptography. The concern is that quantum computers will crack the cryptographic schemes that protect our online lives, financial systems, and communications networks. An algorithm to do so has been around since 1994, awaiting the development of a quantum computer upon which it can run. The challenge in cryptography is to find a way in which two entities can communicate securely over a public channel. This is easy to do if the entities can meet and share a secret for use as the basis of a coding scheme. It’s more difficult if the two entities never meet, and so cannot share a secret in this way. Public key schemes address the...