8 years ago, I attended a cryptocurrency panel organized by Swiss investors. There, they mentioned that mining would become easier and faster with quantum computers, which would lead to more Bitcoin entering the market and its price decreasing. Everyone would be able to own Bitcoin more easily. It didn’t seem like a big risk to me.
Discussion
I am concerned about the sha265 encryption being brute forced
cryptanalytic attacks are more likely.
Do you have any extra reads? I have a new bitcoiner expressing concerns
https://en.m.wikipedia.org/wiki/Grover%27s_algorithm
Grover’s algorithm is currently the best known algorithm for attacking *symmetric/one-way* cryptosystems using QC. It reduces the bit-security by half, so SHA256 would have 128 bit security, which is good.
Flaws in the hash, like a bias, are more likely to be abused (cryptanalysis).
You are my favourite cat
Same. It's relief that we didn't reach the quantum supremacy yet.