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The Threat to Bitcoin From Quantum Computing

EXC: At the root of the threat is the remarkable speed of quantum computing, which is far more efficient than classical computing at performing key functions that make the blockchain work. 100x: Speed increase of solving Bitcoin proof of work problems with quantum computers.
The Threat to Bitcoin From Quantum Computing
Crypto prices are making a comeback but fundamentals are changing too. Shutterstock
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Commentary
Quantum computing is here, although it’s far away from making it into the mainstream. To make a long story short, it will revolutionize computer hardware and be a lot faster than traditional machines. This will pose a problem for bitcoin and other blockchain projects, because they rely on math problems that normal computers have difficulty solving, including for key encryption.

I recently had the opportunity to sit on a panel with Gavin Brennen of Macquarie University in Sydney, Australia, a physicist and one of the world experts on this topic. He presented a very nice paper that examined the perceived danger in some detail.

Jeffrey A. Tucker
Jeffrey A. Tucker
Author
Jeffrey A. Tucker is the founder and president of the Brownstone Institute and the author of many thousands of articles in the scholarly and popular press, as well as 10 books in five languages, most recently “Liberty or Lockdown.” He is also the editor of “The Best of Ludwig von Mises.” He writes a daily column on economics for The Epoch Times and speaks widely on the topics of economics, technology, social philosophy, and culture. He can be reached at [email protected]
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