I have a more fundamental question since I don't do bitcoin. What will quantum computing do to simple password protection that we all use every day. I use Norton Password generator and it's say Time To Break - 31 years (just an example). What does that 31 years turn into with a hacker and a quantum chip?

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Posted by Bamafig

Member since Nov 2018

4764 posts

Posted on 1/4/25 at 8:50 am to Diamondawg

I admit that I know nothing about bitcoin. Was it actually intended to be an investment vehicle? I thought it was created to be a utilitarian replacement for “money”, but less subject to manipulation by governments.

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Posted by RobbBobb

Matt Flynn, BCS MVP

Member since Feb 2007

31206 posts

Posted on 1/4/25 at 8:56 am to Jack Carter

quote:
The same chip will be used to secure crypto transactions

The value of a bitcoin is determined by short supply, due to the need for calculations from computer mining into the blockchain

Quantum computing pretty much does away with the complexity of the blockchain. Making bitcoins value relatively small in comparison

Compare it to monetary changes. At one time coin ruled the world. But eventually paper currency had to replace coins due to the inefficiency of metal in big transactions. And paper was then replaced by plastic.for the same reason. Bitcoin was set to replace plastic, but now its value will tank

Bitcoin was created with current computing speeds.in mind (its 'coin' era). Now that we have skipped past 'plastic currency' level in computing, the original coins wont meet a need. Something else will quickly pass bitcoin. Like say a chip, embedded in your hand that can detail any transaction that you have ever made. Which returns your monetary value to personal production, rather than blockchain computing

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Posted by Diamondawg

Mississippi

Member since Oct 2006

35049 posts

Posted on 1/4/25 at 9:54 am to RobbBobb