Bitcoin and Quantum Computing

 Hello Everyone,

Last time, we talked about cryptocurrency and its future potential to the investors. And we also noted that cryptocurrency is very difficult to hack into or mine. Recently, a new innovation by Google nudged the difficulty away. In this update, we will dive into this new innovation and weigh in on the possible effect on the cryptocurrency world.

Meet Quantum Computer, a new supercomputer that Google made to complete tasks that usual supercomputers cannot. It can solve a calculation in five minutes, compared to the world's most powerful supercomputer, which takes more than ten septillion years to complete the same calculation. Although Quantum Computer still has its errors to be in actual use, the potential effect of this device could become a new evolution of electronics.

Because of the fast calculation and the ability to crack down complex numbers, many suspected the potential of Quantum Computer usage in Bitcoin mining. Similar to calculation, Bitcoin mining is a process of creating new bitcoins by solving complex math problems that verify the transaction in the currency, which perfectly aligns with the Quantum Computer's function. Since all the cryptocurrencies are bonded by blockchain, which is composed of more complex math problems, the Quantum Computer also has the potential to target that. As a result, the Quantum Computer could break cryptographic's usual algorithm and allow funds to be stolen from private accounts. In the future, the Quantum Computer could become a threat to the entire cryptocurrency industry because of its calculation function that can facilitate the process of Bitcoin mining. Eventually, with a large amount of people using the technology to mine Bitcoin, the cryptocurrency market might experience its end. 

In the short run, the cryptocurrency would not be affected by Quantum Computer since the new innovation is far from perfect. However, in the long run, cryptocurrencies would not be sustainable with this technology. Many investors these days are looking into the cryptocurrency market. Like always, don't invest everything into the cryptocurrency market. Diversify your investment portfolio!