Crypto-skeptics have always predicted quantum computing to be a “kryptonite” for Bitcoin. But the world has yet to see a fully functional quantum computer with a commercial bent to truly challenge Bitcoin’s dominance as a digital currency.
Quantum computers can be a kryptonite for BTC, but not today
According to Anastasia Marchenkova, a quantum physicist, the impact of the collision of these two technologies is still a mystery. In a recently released YouTube video, Anastasia describes how quantum computing poses a threat to cryptographic encryption technologies. The elliptical curve and RSA encryption can be violated by the Shor algorithm. Quantum computers can process data, especially encryption, at a staggering speed, which also threatens the cryptocurrency sphere. Whether this will turn out to be kryptonite for cryptocurrencies remains to be seen.
The cryptographic encryption requires a lot of computing power, even by the standards of quantum computing. It is estimated that 10 million qubits are needed to decode cryptographic encryption. However, this may well be the first event to occur when this kind of computer enters reality. And that’s the point — there is no real quantum computer yet that could threaten current encryption standards.