The Bit About Bitcoin, Cryptocurrencies, Quantum Computers, and Teleportation
Entanglement for Quantum Computing Chips Achieved, Will Bitcoin Keep Up?
In brief ~
+ The applications for such [quantum computing] systems are broad. With information being transferable without interaction, mechanical processes would no longer be necessary. This would drastically increase the speed of processors.
Regardless of the potential for loss, development is a major step forward in technology. Whether Bitcoin will be required to make changes to protect the network, though, remains to be seen.
+ Such processors would also potentially pose a risk to cryptocurrencies. Traditional computers would require hundreds of trillions of operations to break Bitcoin’s SHA-256 encryption. Quantum calculations, however, would require a little over 2 million operations to find the same information.
+ While this does pose some risk, other factors are certainly at play. A supplemental cryptography protocol could potentially be added to the Bitcoin network via a softfork, which would limit quantum computing effectiveness.
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