At the World Economic Forum, it was stated that quantum computers have the potential to crack public key ciphers, the mathematical process that helps keep the Bitcoin network secure.
At the World Economic Forum's meeting on "Cyber Security of the Future", cyber security experts explained that quantum calculations could be a serious threat to Bitcoin:
“A sufficiently strong and sufficiently powerful quantum computer can cause public key encryption to fail. Therefore, the technology that protects the basic digital systems of today is under threat.
In such a scenario; Stock exchanges, encryptions and digital signatures that protect financial transactions, secure communications, e-commerce, identities and electronic voting can all become redundant and dysfunctional. ”
Quantum computers are currently inadequate
However, more quantum information is needed to make quantum computers dangerous for cryptocurrencies.
Earlier this month, the industrial powerhouse Honeywell announced that it was developing the fastest quantum computer in the world with 64 quantum volumes. The metric represents the total number of computer's qubits (quantum bits) and how well it manages them. By comparison, Google's supercomputer scored 53 points, while IBM's machine scored 32 points.
Dragos Ilie, a quantum computing and encryption researcher at Imperial College London, says that quantum computers must go a long way before they can reach the level to break Bitcoin security:
“At least 1500 qubits are required to act on Bitcoin or other financial systems”