Will Google’s Quantum Supremacy Break Bitcoin in 2020?
Cointelegraph By Johann Polecsak's original article for cointelegraph.com reduced by 76%
Given the heightened curiosity and concern, it is worth resolving some open questions around quantum supremacy for the crypto community, as there is a tremendous amount of misinformation circulating online. Will our Bitcoin be stolen?Many people harbor the fear that Sycamore, Google's 54-qubit quantum processor, could outsmart the system and steal everyone's Bitcoin. Will Google mine away all the remaining Bitcoin?This is another often-asked question but in reality, quantum computers are far less efficient at symmetric crypto-related computations than asymmetric crypto-related ones.
In essence, we need to worry more about people with quantum computers spending/stealing our money rather than fretting about Google mining the remaining Bitcoin. Even if that were the case, after successfully mining 2016 blocks, it would set the difficulty to "Quantum level" - meaning that Bitcoin would only be mineable by quantum computers. The one thing that everyone should focus onShould Bitcoin holders be concerned about the quantum problem in 2020? No, but there is a caveat: Cryptocurrencies and enterprises should focus on the issue.
Quantum supremacy is inevitable - it's just a case of when.
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