Quantum computing is an advanced field of computing that utilizes quantum mechanics to make computers more efficient, fast and powerful.
The field originated in the 1980’s upon discovery that computational power and efficiency could be improved by employing quantum as opposed to classical processes and mechanics.
How is Quantum Computing related to crypto?
Many believe that significant breakthroughs in quantum computing could make modern cryptography ineffective. In this case it would have a profound impact on the crypto and blockchain industries. However, it is important to remember that simpler encryption methods that protect many other important facets of society (including online banking) are likely to be broken far before cryptocurrencies.
Will Quantum Computing break Bitcoin?
It is possible, but unlikely that quantum computing will become powerful and efficient enough to break advanced cryptography such as that deployed on the Bitcoin network in the near future. Although it is theoretically possible in the distant future, it is likely that many softer forms of encryption such as that used by banking databases will be broken beforehand, thus providing an impetus to further improve encryption on Bitcoin at that time.