Quantum Computers Will Destroy Bitcoin, Scientists Warn
Some computer scientists say quantum computers are moving closer to reality and will cripple bitcoin’s encryption systems and doom bitcoin. Governments are investing aggressively in quantum computers, which are ultra powerful.
Quantum computers, first theorized by physicist Richard Feynman in 1982, have promised a new era of computing. The theory has only recently translated into significant real-world advances, with NASA, the CIA and Google working on a quantum computer. Computer scientists now warn the machines will cripple existing encryption methods and destroy bitcoin’s technological foundations.
The End Of Bitcoin?
Andersen Cheng, co-founder of Post Quantum, a U. K. cybersecurity firm, told Newsweek that bitcoin will end the day the first quantum computer arrives. He said the quantum computer will undermine the cryptography surrounding bitcoin’s public and private keys.
Bitcoin recipients share their public key with the sender. To spend bitcoin, a bitcoin owner must use their private key. If another party learns the private key, that party can spend all the bitcoin.
This post was published at Crypto Coins News on 16/10/2016.