Born on January 3, 2009, bitcoin is a little over one decade old. Yet a surprising number of people believe this first-generation cryptocurrency is immutable and indestructible. A little over a decade in, and some are proclaiming its the new gold. But with the accelerating growth in quantum computing power, how long can bitcoin’s reputation remain untarnished? Truth is, the threat to bitcoin’s integrity may be approaching far faster than most people realize. From a 30,000 foot perspective, bitcoin might just be a short blip in the history books, just like many of the fiat currencies that have come and gone.

… Many crypto enthusiasts are proclaiming that bitcoin is the new gold. Bitcoin is a legitimate store of value because its unbreakable. After all, it has an entire 12 year track record behind it.

… But a whole 12 years into “immutable” and there’s already a slight glitch in bitcoin’s armor. Algorithms that can decipher bitcoin’s private keys already exist. Shor’s algorithm and Grover’s algorithm, devised in 1994 and 1996 respectively, can be used to challenge asymmetric cryptography and hashing — the two mechanisms that secure a blockchain. And although we still don’t have computers powerful enough to execute these algorithms, most experts believe its not a question of if, but when this day will come.  Read More