How Should Bitcoiners View Quantum Computing?
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In the early 2020s, quantum computing hit the public spotlight as a potential threat to Bitcoin. Relying on SHA-256 cryptographic hash function for its proof-of-work network consensus, Bitcoin’s value is predicated on computational power. If there is a technology that can circumvent the traditional binary system of 0s and 1s for units of information, there is potential to upend cryptography as we know it. But is that danger over exaggerated? Could quantum computing one day turn Bitcoin into a valueless piece of code? Let’s start by understanding why Bitcoin relies on cryptography. Bitcoin’s Bits and Hashing When we say that an image is 1 MB in size, we say that it contains 1,000,000 Bytes. As each Byte contains 8 bits, this means that an image contains 8,388,608 bits. As the binary digit (bit), this is the tiniest unit of information, either 0 or 1, that builds up the entire edifice of our digital age. In the case of an image, bits in a 1MB file would assign a color to each pixel, making it readable to the human eye. In the case of a cryptographic function like SHA-256 (Secure Hash Algorithm 256-bit), developed by the NSA, it would produce 256 bits (32 Bytes) as the fixed length of a hash from an input of arbitrary size. The primary purpose of a hash function is to convert any string of letters or numbers into an output of fixed length. This obfuscation blending makes it ideal for compact storage and anonymized signatures. And because the hashing process is a one-way street, hashed data is effectively irreversible. Therefore, when we say that SHA-256 provides a 256-bit security, we mean to say that there are 2256 possible hashes to consider for reversal. When Bitcoin payments are conducted, each Bitcoin block has its own unique…
Filed under: News - @ January 15, 2025 7:25 pm