Can Quantum Computers Make Bitcoin and Blockchain Technology Obsolete?

Quantum computers process a large amount of data that many believe forms a significant threat to Bitcoin and blockchain technology.

Quantum Computers can simultaneously use Quantum Bits, representing both 1 and 0. This flexibility gives quantum computers superior powers over classical computers that process data as either 1 or 0. 

With their abilities to solve complex transactions quickly, comparisons with Bitcoin and blockchain technology are now common alongside the potential threats it poses to the latter.

Is Bitcoin Going Obsolete Soon?

According to a CoinGecko educational video on the subject, Quantum Computers actually pose a threat to Bitcoin. However, the chances of Quantum Computers pushing Bitcoin and blockchain technology to the background are low in the next decade or two.

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Notably, the limitations of the Bitcoin blockchain become visible with Quantum Computer’s Shor’s Algorithm. The video showcased that a Quantum Computer with 1.9 billion cubits can easily compromise Bitcoin’s blockchain in just 10 minutes. 

Though several tech giants like IBM have deep investment and interest in quantum computing, current milestones for the technology remain limiting. Based on this, blockchain might only be at risk in the next ten to twenty years, according to cryptography expert Jens Growth.

Before this time, there is a possibility that blockchain innovators would have developed impressive systems that can match Quantum Computers. 

Since both technologies focus on data processing, innovators in Web3 might have introduced advanced cryptographic keys to wade off the threats of Quantum Computers in the near future. However, this remains speculative.

Potential Signal To Watch

One primary cue dropped concerning the threat of Quantum Computers in the video came from a comment from Bitcoin advocate Anthony Antonopoulos. Anthony said we’d know quantum computing exists when Satoshi Nakamoto moves the more than 1 million BTC sitting in his wallet for over a decade.

In all, Bitcoin and altcoins remain revolutionary assets that generate a buzz in the digital and tech world, and innovators might need to keep upgrading it to make it safer.