Could Quantum Computing Be Used to Crack Cryptocurrency?
The theory goes that quantum computing could be used to crack out cryptocurrency wallets. Is this true?
What could quantum computing do to web services? Currently, there are supercomputers already in existence. They are so smart that they can find your Bitcoins by brute-forcing the seed phrases. The computers are so smart now that they can distinguish between two persons entering the same login and password on a login page, serving different e-mail inboxes. This is not a matter of what password is used, but what fingers are entering it.
What Is Quantum Computing?
Quantum computers use enormous calculating power to enable the magic of ultra-performance. However, quantum computers work differently and demand caution, so the area is more experimental than established.
In a classic computer, there are 0s and 1s as the data transmitters, called bits. The bit is the smallest unit of information. A set of differently working bits can make up the sequence containing information. In the quantum computer, the same unit of information is called a qubit. This is because, due to its quantum nature, it is not just a voltage orientation definition, it is more of a wave. This special particle full of energy has the ability to appear in two different positions simultaneously. The important thing here is that the qubit’s superposition eliminates once an observer is looking at it.
This allows the supercomputer, for instance, to test two possible options of the password instead of just one per each brute force attempt.
Also, qubits separated by distance can have similar physical properties and influence on each other.