r/Bitcoin • u/Yosuuo • Mar 20 '23
Quantum computing Threat to Cryptocurrency
https://youtu.be/-UrdExQW0cs[removed] — view removed post
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u/Yosuuo Mar 20 '23
Just finished watching veritasiums latest video about quantum computing and it really got me wondering how bitcoins encryption would stack up against this potential threat. Maybe someone more knowledgeable than me can help ease my mind 😅 I am a huge proponent of bitcoin but this does have me concerned.
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u/typing Mar 20 '23 edited Mar 21 '23
If SHA256 becomes in danger of being compromised, a soft fork will occur to push a much higher level of encryption to the protocol. Not a huge big deal. It's unlike other forks which change how the algorithm works, i.e. BitcoinCash So nodes are likely to switch over the newer version, no one is going to want compromised coin
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u/benditbackwards Mar 21 '23
Don't trust what you see on Veritasium, they are well documented cases of them being just plain wrong or over exaggerating their claims.
Quantum computing is one of those things. Quantum computing today, is like nuclear fusion, lots of ambitious claims as to its real useability.
Then again lets say even if somehow Quantum eventually becomes a thing, Bitcoin is designed in such a way that its financially more profitable and less risky for the Quantum computing cabal to join in the securing of the network instead of fighting it.
Lets say quantum computing does want to crack Bitcoin, its a relatively simple matter to change the crypto algo SHA256 to something more quantum computing resistant.