Originally aired on July 13, 2023
In this episode of Bad Crypto, Joel and Travis discuss the potential threat of quantum computing to the Bitcoin network. Google has recently announced the development of a powerful quantum computer capable of performing calculations that would take supercomputers years to complete. If quantum computing could crack the encryption of Bitcoin, it would pose a significant risk to the network’s security. The article explores the implications of this technology and the need for post-quantum encryption to safeguard cryptocurrencies.
Will quantum computing destroy Bitcoin?
- Google’s new quantum computer could pose a major threat to the Bitcoin network.
- Quantum computing has the potential to crack the encryption of Bitcoin and other cryptocurrencies, making them vulnerable.
- Bitcoin’s current encryption could be cracked in about 10 minutes with advanced quantum computers.
- Post-quantum encryption standards are being developed to protect cryptocurrencies from quantum attacks.
- Quantum computing not only affects the security of Bitcoin but also poses a risk to national security and data protection.
- The Bitcoin protocol may need modifications to ensure its resistance to quantum computing.