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Quantum Computing, Bitcoin & Applications of Quantum Technology

Quantum Computing, Bitcoin & Applications of Quantum Technology submitted by nugget_alex to nexusearth [link] [comments]

Quantum computing: Bitcoin's demise?

Quantum computing: Bitcoin's demise? submitted by The_Xsid to CryptoCurrency [link] [comments]

Bitcoin mentioned around Reddit: Quantum Computing, Bitcoin & Applications of Quantum Technology /r/technology

Bitcoin mentioned around Reddit: Quantum Computing, Bitcoin & Applications of Quantum Technology /technology submitted by SimilarAdvantage to BitcoinAll [link] [comments]

Bitcoin mentioned around Reddit: Quantum Computing, Bitcoin & Applications of Quantum Technology /r/technology

Bitcoin mentioned around Reddit: Quantum Computing, Bitcoin & Applications of Quantum Technology /technology submitted by cryptoanalyticabot to cryptoall [link] [comments]

Bitcoin mentioned around Reddit: Quantum Computing, Bitcoin & Applications of Quantum Technology. /r/Physics

Bitcoin mentioned around Reddit: Quantum Computing, Bitcoin & Applications of Quantum Technology. /Physics submitted by SimilarAdvantage to BitcoinAll [link] [comments]

Quantum Computing, Bitcoin & Applications of Quantum Technology.

Quantum Computing, Bitcoin & Applications of Quantum Technology. submitted by nugget_alex to Physics [link] [comments]

Claims of Quantum Computing Bitcoin Mining Through Coinfac Debunked

Claims of Quantum Computing Bitcoin Mining Through Coinfac Debunked submitted by fearofhellz to Bitcoin [link] [comments]

Claims of Quantum Computing Bitcoin Mining Through Coinfac Debunked

Claims of Quantum Computing Bitcoin Mining Through Coinfac Debunked submitted by BitcoinAllBot to BitcoinAll [link] [comments]

BTC's RBF makes it broken in a post quantum world.

When public key cryptography is broken by quantum computing, bitcoin will be ok so long as addresses only are used once, since the public key is revealed as soon as funds in an address are spent. With Replace-By-Fee in bitcoin core, when the public key is cracked in the mempool, funds can be stolen. All the attacker has to do is to use the private key to broadcast a transaction to himself with a higher mining fee, and the coins are his. Unless this is changed, BTC will be rendered completely useless in a post quantum world.
Unlike bitcoin core, bitcoin (BCH) uses the first seen rule, so it will not have the same vulnerability. Also, double spend proofs are coming to bitcoin rather soon, making it nearly impossible to pull off a double spend.
submitted by twilborn to btc [link] [comments]

Quantum computing could break blockchains in the future. The next big challenge for Bitcoin and cryptocurrencies?

Quantum computing could break blockchains in the future. The next big challenge for Bitcoin and cryptocurrencies? submitted by bm_bkly to CryptoCurrency [link] [comments]

What is a better investment, Bitcoin or Ethereum?

Ethereum.
Before I explain why, I need you to understand something. Bitcoin and Ethereum are at two completely different stages within their potential. They also do not share the exact same mission; therefore, you do have to understand their differences to form an opinion about which one has the biggest use.
Before we look at the coins in detail, let's start with the potential ROI (100% = 2x Original Investment).
Bitcoin’s current market cap is $193,165,354,468 in order for you to make 100% this number would need to double to just under $400 Billion.
Ethereum’s current market cap is $44,715,990,083 , roughly 1/5th of Bitcoins. In order for you to make 100%, the price would need to increase to just under $90 Billion. - This is obviously more probable.
This will not serve as the only variable in making a decision, we now need to break down their uses and differences.
Bitcoin
What is Bitcoin?
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without the burdens of going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as honest nodes control the most CPU power on the network, they can generate the longest chain and outpace any attackers. The network itself requires minimal structure. Messages are broadcasted on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
Peer-to-Peer (P2P): is a technical way of saying computers (peers) that are connected together via the internet.
Timestamps: are a sequence of characters that identify exactly when a certain event occurred, giving the exact time and date.
Hashing: is the process of compacting large quantities of data into smaller fixed sizes.
Proof-of-work: is the verification that the individual peer created the said hash
Nodes: are computers that are connected to the blockchain
Bitcoin is a first generation cryptocurrency, that was created in 2009 with the intention to become the currency of the internet.
Its Applications
Safe Haven
Being that billions of people are under the control of a broke economy or volatile dictatorship, Bitcoin is beginning to become a medium in which people within underdeveloped countries feel as a more secure place to store their value.
Remittances
The current operation costs roughly $600B annually, all at the expense of separated families. Bitcoin can now serve as a tool that operates the exact same way and only costs 1/10th of the price.
A transaction on the Bitcoin network also processes faster therefore giving the people a strong reason to make the switch.
Currency
Bitcoin is recognized as an asset, but can also be identified as an efficient currency in which people can buy and exchange with. With this being an application of Bitcoin, as the market continues to decrease in volatility, the use for Bitcoin will increase within businesses and everyday people that transact on a daily basis.
These are just a few, but for the sake of answer length, let’s move onto some of the scalability issues with Bitcoin that hinder my decision of choosing Bitcoin over Ethereum.
Bothering Issues with Bitcoin
Energy
A study from Digiconomist found that each transaction on the Bitcoin blockchain uses 236 KWh worth of electricity, this amount is enough to power 8 U.S households for an entire day.
Scalability
Energy consumption will hinder the scalability issues of Bitcoin, however the other issue that arises with POW mining is that with the increase in cost associated with mining BTC it is less economical to mine Bitcoin. This would limit the distributed nodes (miners) globally and allow a larger percentage of control to the dominant mining pools / farms.
This would lead to a more centralized blockchain, where they can change the rules of BTC as they please.
The supply of Bitcoin is finite, capped at 21 million. Eventually (currently predicted for 2140) Bitcoin's supply will run out. Once this happens, miners will no longer receive rewards for completing blocks but instead will be given fees. The fees will be drastically high in relative terms, and people will stop using the blockchain.
Also, if miners decide that this is uneconomical for them to process the transactions and use their computing power elsewhere the speed of transactions for Bitcoin will drastically slow down, rendering one of the fundamental values of a Bitcoin (speed) useless.
Blue chip Companies
This is more so for all cryptocurrencies, but Bitcoin in particular. It’s not a matter of if but a matter of when a blue-chip company such as Facebook, Amazon or Google decides to implement their own cryptocurrency.
Another possibility is a potential ‘world coin’ which global governments will all agree on using, this may seem unrealistic but it is definitely not impossible and many benefits would arise from having such a currency.
Quantum Computing
Bitcoin is said to be Quantum resistant, on the whitepaper it mentions that:
‘To compensate for increasing hardware speed and varying interest in running nodes over time, the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour. If they're generated too fast, the difficulty increases.’
This may seem quantum resistant but it is important to understand that the difficulty is changed every 10 minutes and this is more than enough time for QC to mine all of Bitcoin’s remaining coins.
Bitcoin Bubble
The last point of this section is to recognize that the Bitcoin bubble could pop loud enough to crash the market. Due to a whole lot of hype, and even more speculative and uneducated buyers, Bitcoin could face a peak in which a simple spark
Ethereum
What is Ethereum?
Ethereum is an open source platform with the mission to build and inspire next-generation decentralized applications. In other words, the applications being built on the Ethereum network would have no middle men. Users are able to interact safely with social and financial systems to transact peer to peer, therefore opening a new realm of opportunity within decentralized development on specifically the exchange of value.
Like the Bitcoin network exchanges Bitcoin, applications within the Ethereum network would exchange ETHER. Therefore, making the Ethereum network have its own digital currency or, cryptocurrency that these decentralized applications would run on.
On the Ethereum network, developers are able to build these decentralized applications simply, within this seemingly complicated new technology. Think of it as Shopify or Volusion, these are centralized networks in which users/developers can build e-commerce stores more efficiently and cost effectively.
Ethereum is similar in this aspect, the network was essentially created to assist and fuel the growth of decentralized blockchain applications within its network.
Smart Contracts
Now, what Ethereum is based on, is a thing called “Smart Contracts”
Developers are extremely excited about this tool, a smart contract is similar to how it sounds, it’s a digital contract that self-executes… Think of it as a virtual vending machine.
A smart contract is a digital contract between two people in which the technology or tool handles the management, performance, enforcement and payment of the agreement. The smart contract has its own digital bank account of ETHER and settles once the product is received or the service is completed therefore greatly improving the efficiency of data tracking, payment processing and user friendliness of each decentralized application.
Let’s dive into an example
Music
The first age of the internet brought quite a bit of disruption to the music industry… Idk if you knew, but if you we’re a songwriter 25 years ago and produced a hit song that got a million singles you would acquire royalties of up to $50,000. Now if you were to produce a hit song that gets a million streams you don’t get $50,000, you get $45… Enough to cover the first round at the bar.
In result, musicians are now finding other ways to produce revenue with their music. One being the utilization of a blockchain ecosystem like Ethereum. Music applications are now being built for musicians to reclaim their content, smart contracts are being implemented into the music itself, therefore the music protects the intellectual property rights of the artist.
You want to listen to the song? It’s free… or maybe a few micro pennies to download. You want to put the song in your video or movie? Make it your ringtone? These each cost a different price and presented at the point of purchase would be its underlying IP rights for the use of that piece of music.
Musicians are absolutely hyped about this because now, the song becomes a business. It’s out there on this platform marketing itself, protecting the rights of the author and because the song has a payment system; in the sense of a bank account, all of the money then flows back to the artist, and they control the industry rather than these powerful intermediaries.
This concept could apply not only to just songwriters but any creator of content, from art, to inventions, to scientific discoveries or the work from independent journalists. There are endless industries in which people do not gain fair compensation in which the underlying technology of Ethereum could benefit in a big way.
Other examples:
· A smart contract can be created to pay a worker for every hour they work, they log their hours on the blockchain and then after verification the funds are instantly transferred to them
· Buying goods internationally can be tracked and verified – reducing fraud.
· Property buying can be facilitated through the contract
· Every industry that has a contract in place will be able to use the blockchain of Ethereum
It is also worth noting that Ethereum is also a lot quicker than Bitcoin, average block time being 15 seconds for Ethereum opposed to 10 minutes for Bitcoin.
Personally, I am invested into both. If I HAD to choose, like I said it would be Ethereum simply because of where it is now in comparison to its potential as well as its very transparent, direct, opportunistic mission towards the hosting of decentralized blockchain applications.
submitted by alifkhalil469 to BtcNewz [link] [comments]

How do you think Quantum computing and AI could affect the value of Bitcoin in the future?

FYI I am very new to Bitcoin... 1 month into my belief/research
submitted by Joebin8 to Bitcoin [link] [comments]

IOTA is for sure the next Big Thing. Bitcoin will be dead. "First mover Disadvantage".

First of all, not all first movers stay forever. Think social networks like Myspace Friendster and others, who is the king now? Facebook the 3rd isn't it?
Motorola and BlackBerry: From first mover to oblivion right?
Harvard Business Review once talked about first mover disadvantage second and third movers learn from the 1st movers' mistakes and avoid them till success.
Bitcoin, of course, is a great idea, but it lacks many power keys.
It is not anti quantum computing
Bitcoin lacks a great team working on its strengths daily like NEO, OMG and specially IOTA.
IOTA is working on tangle which will of course and like many technologies prove it's effectiveness, scalability, and security sooner or later.
https://hbr.org/2001/10/first-mover-disadvantage
https://www.technologyreview.com/s/609408/quantum-computers-pose-imminent-threat-to-bitcoin-security/
submitted by king-crypto to Iota [link] [comments]

Quantum computing = bitcoin death?

Don’t take anything i say here as fact, i am in no way qualified to talk about quantum computing or bitcoin at all. i’m just trying to ask a question and learn more. thank you.
Someone with a physics and cybersecurity background please inform me
I’m going to try my best with my limited knowledge to ask this question but the idea of quantum computing is using the superposition of an electron in place of a “bit” correct? meaning one “bit” can store potentially endless data correct? so couldn’t a single quantum computer completely overtake all of the miners and power being put into mining today? It would at least have a significant advantage over everyone else to the point where a single person could hold ungodly amounts of bitcoin. Quantum computing would pretty much mean the death of encryption and therefor bitcoin and blockchain technologies wouldn’t it?
submitted by Shr1mpoholic to BitcoinBeginners [link] [comments]

Bitcoin & Quantum Computing

Relatively new to bitcoin and trying to do as much research as I can, would someone be able to explain ‘if’ quantum computing would be a threat to bitcoin and if so why?
Thanks in advance
submitted by TheHaggisMan22 to BitcoinBeginners [link] [comments]

[ Bitcoin ] Bitcoin vs Quantum Computing

[ 🔴 DELETED 🔴 ] Topic originally posted in Bitcoin by newtoreddit2101 [link]
I've been a bitcoin bull for about a year and I've bought a decent amount of bitcoin even when it was at the high of around 12k this year.
I understand all the bull cases and am onboard, but there is one bear case that keeps worrying me.
How is bitcoin protected against quantum computing? Once quantum computing is viable one of the biggest threats is to cybersecurity as it can break almost every method of cybersecurity we have today since it processes numbers and calculations at a significantly faster rate than current computers.
How do you feel about this threat? Especially in about 7-10 years when quantum computing might be much closer.
Just wanted to start a discussion and here everyone's thoughts.
Thanks!
newtoreddit2101 your post has been copied because one or more comments in this topic have been removed. This copy will preserve unmoderated topic. If you would like to opt-out, please send a message using [this link].
submitted by anticensor_bot to u/anticensor_bot [link] [comments]

Frozen addresses and Bitcoin quantum proofing.

We all know there are at the very least 1 Mln BTC in frozen accounts. Nobody has access to the private keys to move them.
In the foreseeable event of quantum computing, bitcoin would need to replace its current ECDSA based cryptography.
From what I understand, this would require all Bitcoin users to generate new, quantum-proof addresses and move all their funds from their old addresses to the newly generated ones. But what about frozen/lost coins? Those would be out in the wild for anybody with enough computing power to crack and spend as they like. This would of course threaten the long term value of BTC (we are talking about 1-3 Mln coins at least).
So what are we going to do about this? Here is the only solution I could come out:
a) Hard fork into a fully quantum-proof "Bitcoin Quantum": issue 21 Mln new bitcoin quantum (BTQ) and require all users to generate a BTQ address and sign a message with their old wallets containing the new BTQ address, distribute 1 BTQ for every old BTC owned. Then take all unclaimed BTQ and either send them to a burn address or proportionally distribute them among post-quantum holders.
b) Soft fork still requiring all users to move their funds to quantum-proof addresses, but this time we keep using the btc blockchain because nodes agree on a block # beyond witch they will reject any transaction coming from pre-quantum addresses, effectively burning away all unclaimed funds.
I'd like to know what you think in the comments.
submitted by Sire_Giarasso to Bitcoin [link] [comments]

Does the possible advent of quantum computing pose a risk to the security of bitcoin and crypto currencies in general ?

I’m not sure if quantum computing on the required scale is even an achievable goal but let’s say it is. How would crypto currency tech need to change to survive and could it even do so ?
submitted by Iainhenderson to BitcoinBeginners [link] [comments]

09-22 09:35 - 'Bitcoin vs Quantum Computing' (self.Bitcoin) by /u/newtoreddit2101 removed from /r/Bitcoin within 49-59min

'''
I've been a bitcoin bull for about a year and I've bought a decent amount of bitcoin even when it was at the high of around 12k this year.
I understand all the bull cases and am onboard, but there is one bear case that keeps worrying me.
How is bitcoin protected against quantum computing? Once quantum computing is viable, I believe it is one of the biggest threats to cybersecurity as it can break almost every method of cybersecurity we have today since it processes numbers and calculations at a significantly faster rate than current computers.
How do you feel about this threat? Especially in about 7-10 years when quantum computing might be much closer.
Just wanted to start a discussion and here everyone's thoughts.
Thanks!
Edit: Grammer
'''
Bitcoin vs Quantum Computing
Go1dfish undelete link
unreddit undelete link
Author: newtoreddit2101
submitted by removalbot to removalbot [link] [comments]

Will quantum computing kill bitcoin and cryptocurrencies

As title
submitted by bkhan123 to Bitcoin [link] [comments]

Quantum computing could break blockchains in the future. The next big challenge for Bitcoin and cryptocurrencies? (x-post from /r/cryptocurrency)

Quantum computing could break blockchains in the future. The next big challenge for Bitcoin and cryptocurrencies? (x-post from /cryptocurrency) submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Quantum Computing and Bitcoin

I'm wondering how much of a threat quantum computing poses to Bitcoin and blockchain and where developers currently stand in preparing for the seemingly inevitable? What kind of progress have developers already made? Will we be ready?
submitted by MrVelvet27 to Bitcoin [link] [comments]

Can Quantum Computers Hack Bitcoin / Ethereum? - YouTube Will Google's quantum computer destroy Bitcoin!? Can quantum computers crack bitcoin? - YouTube Will Quantum Computing Destroy Bitcoin? Can the Google Quantum Computer Hack Bitcoin?

Quantum computers have the potential to make Bitcoin’s security measures obsolete, effectively destroying the once dominant cryptocurrency. What is Quantum Computing? Simply put, a quantum computer is a supercomputer held at near absolute zero temperatures (-459.67°F). At this temperature, the subatomic particles in the computer’s ... [Quantum computing] harnesses quantum properties to actually factor numbers a lot faster, and that’s the whole core of the security behind RSA encryption. The consequences of this is that our data is not going to be secure anymore if we get a big enough quantum computer. So we’re going to have to do something about it.” ADVERTISEMENT. Quantum computing has recently grabbed headlines as ... Quantum computing and Bitcoin. From Bitcoin Wiki. Jump to: navigation, search. Quantum computers are computers which exploit quantum mechanics to do certain computations far more quickly than traditional computers. A sufficiently large quantum computer would cause some trouble for Bitcoin, though it would certainly not be insurmountable. Note that the abbreviation QC can stand for either ... Bitcoin v/s Quantum Computing. Crypto Education Learn Blockchain. Last updated Apr 20, 2020. 193. Share. What actually is quantum computing? Quantum computing is the use of quantum-mechanical phenomena such as superposition and entanglement to perform computation. Quantum computing is a recently introduced strategy that processes data and figures out a solution for difficulties. This makes it ... A new computing breakthrough may just save Bitcoin and cryptocurrency from powerful quantum machines that have the potential to breach public-key cryptography. Researchers are following the development of a new measure known as lattice-based cryptography that promises to make crypto technology more “quantum-proof,” reports MIT Technology ...

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Can Quantum Computers Hack Bitcoin / Ethereum? - YouTube

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