Quantum Computing: A Non-Threat to Bitcoin's Security
For years, new forms of fear, uncertainty, and doubt (FUD) have been used to predict Bitcoin's demise. Despite this, Bitcoin has grown into a multi-trillion dollar asset and begun to take its place in the global monetary order. Recently, the specter of a cryptographically relevant quantum computer (CRQC) has returned as an evolved form of FUD.
The threat is that a CRQC could enable an attacker to recreate secret keys from public keys and sign Bitcoin transactions moving other people's coins. However, experts argue that there is no evidence that a CRQC will be built within a decade, and it remains unknown whether such a machine will ever be built.
Current quantum computing machines are remarkable technology, but they have limitations. To date, no quantum computer has computed anything out of reach of a precocious 6-year-old. Quantum computers harness foundational technologies, but these devices require significant power and setup time to perform meaningful computations.
Money flowing into quantum computing does not necessarily correlate with the rate of real-world technological progress in that field. In fact, it can be argued that until the correct underlying technology has been developed and the product-market fit confirmed, money flowing into an area has a negative correlation with the likelihood of applicable technology being developed.
Advancements in quantum computing have been made, but many of these advancements are pure mathematics only. Unless the quantum hardware has its Falcon 9 moment, there simply is no device which comes anywhere near the stability and scale needed to run certain computations.