Will Quantum Computing Kill Bitcoin?
Published: 2025-02-22
Status:
Available
|
Analyzed
Published: 2025-02-22
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Advanced quantum computing could potentially break the Bitcoin blockchain.
"if quantum Computing gets more advanced it might have the ability to solve this math problem and break the blockchain and break Bitcoin"
Pending
If quantum computers break the Bitcoin blockchain, wallets could be compromised and Bitcoins stolen.
"that means that potentially this person could break into your Bitcoin wallet and steal all of your Bitcoins"
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The number of qubits required for a quantum computer to break the Bitcoin blockchain is uncertain, with estimates ranging from 4,000 to 4 million qubits.
"if this is a very complex math problem how smart does Math solver have to be meaning how many cubits do we need in order for this math solver to be smart enough to solve this math problem"
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Bitcoin's blockchain uses two encryption methods: SHA-256 and ECDSA-256.
"Bitcoin slthe blockchain has two different locks two different encryptions sh 256 and ecdsa 256"
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A highly advanced quantum computer (1 million+ qubits) could theoretically break Bitcoin's encryption, allowing for blockchain hacking.
"if these were to be solved by Quantum Computing with a super smart quantum computer which I guess is theoretically possible if you have a 1 million or multi-million Cubit computer which I guess is possible at some point if that does happen then you would be potentially seeing these locks being unlocked which could break the blockchain and allow people to hack into Bitcoin"
Pending
Bitcoin has a built-in failsafe mechanism that creates a quantum-resistant lock if its current encryption is compromised.
"Bitcoin has a system where if these two are broken into then it would create a new lock which is a Quantum resistant lock"
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Even with a quantum-resistant lock, a sufficiently advanced future quantum computer could eventually pose a threat again.
"this quantum computer would not be smart enough to solve which then poses the exact same dilemma again if we create now a smarter computer that's smarter than a 1 million or a 2 million or a 4 million Cubit quantum computer how long will it be until that math problem gets solved again"
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The risk of quantum computing breaking the Bitcoin blockchain is not an immediate concern but should be considered for long-term planning.
"but that risk doesn't look like it's going to be anything that you need to worry about right now but it might be something you want to think about for the long term"
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Quantum computing technology is currently not powerful enough to pose a threat to Bitcoin's blockchain.
"Quantum Computing is nowhere near powerful enough to even begin doing this yet"
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A 128-qubit quantum computer can perform 2^128 math problems concurrently.
"a 128 Cubit computer has the ability to do two to the 128th math problems all at the exact same time"
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A 120-qubit quantum computer could solve problems in seconds that would take a traditional computer billions of years.
"what would take a Nor Al computer billions of years with a B billions of years to solve would take 120 Cubit computer a few seconds to solve"
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Some companies predict the development of 1 million qubit quantum computers within the next 10 years.
"some companies believe that we will see 1 million Cubit computers within the next decade"
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IBM claims to have a 1 million qubit chip by the year 2030.
"IBM put out a report where they claim that they will have a 1 million Cubit chip by the year 2030"
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Quantum computing technology has advanced significantly, with IBM releasing a 53-qubit chip in 2019 and Google a 105-qubit chip in 2024.
"back in 2019 IBM put out this report where they launched a 53 Cubit chip and that was just 5 years ago so 5 years ago IBM was celebrating a 53 Cubit chip in 2024 Google is celebrating a 105 Cubit chip"
Pending
Quantum computers capable of breaking the blockchain could also threaten the entire financial and banking system.
"this would also mean that this quantum computer could pose a threat to our entire financial banking system"
Pending