Could quantum computers render current bitcoin and most blockchain cryptography powerless?
Bitcoin ledgers are protected by puzzles that are currently too complex for modern computers to solve without access to the private key of each one. A revolution in quantum computing, however, could make it possible for quantum computers to solve these puzzles and steal bitcoin. In order to secure bitcoin and anything else reliant on the elliptic curve cryptography it uses for its signatures, new cryptography alternatives are needed that are resistant to future innovations in quantum computing. Already, new cryptocurrencies that take this into account are being developed ahead, suggesting the problem has already been taken seriously by some in the industry.