Can Quantum Computers Break Bitcoin? 🚀 Debunking the Myth

Big HUGE misconception about quantum and Bitcoin ⬇️

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Quantum computers cannot mine Bitcoin faster than regular computers!

There is no known quantum algorithm that has an advantage over the SHA-256 hash algorithm. Right now, as far as we know, classical generic collision search is actually better than quantum algorithms.

You can check out this paper by Daniel J. Bernstein from 2009:
"Cost analysis of hash collisions: Will quantum computers make SHARCS obsolete?"
https://cr.yp.to/hash/collisioncost-20090517.pdf

This paper analyzes the Brassard–Høyer–Tapp algorithm, and it shows that “it has fundamentally worse price-performance ratio than the classical van Oorschot–Wiener hash-collision circuits, even under optimistic assumptions regarding the speed of quantum computers.”

I wrote a long post about bitcoin and quantum computing on my website: https://www.amarchenkova.com/2019/09/13/quantum-computer-bitcoin/

Even though mining is not under attack, bitcoin does use Elliptic Curve Cryptography. Some industries, like cryptocurrencies, may consider quantum computers a threat to their long term viability.

A big concern is that a quantum computer could calculate the private key used to sign transactions from the public keys exposed during transactions, and therefore allow unauthorized spending.

Cryptocurrencies are currently exploring different encryption methods. One approach is using symmetric cryptography, which is less vulnerable to quantum computing attacks than asymmetric cryptography. Some cryptocurrencies use symmetric cryptography while others use hash-based cryptography.

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