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⚛ Can Quantum Computers Break Bitcoin?

⚛ Can Quantum Computers Break Bitcoin?

USD₮ is now approved in Abu Dhabi

Jane Lee
December 10, 2024

Does Google's Willow quantum computer show real promise in withstanding rapid advancements, securing blockchain technology, or even breaking Bitcoin?

🚀 Can Quantum Computers Break Bitcoin?

Google's Quantum Breakthrough

Google’s Willow chip solved a problem in 5 minutes that would take today’s fastest supercomputer 10 septillion years—10,000,000,000,000,000,000,000,000 years (yes, longer than the universe has existed).
Google’s new quantum chip has 105 qubits with advanced error correction, focusing on stability, a major leap for practical quantum computing.

Impact on Bitcoin?

Advanced quantum computers could theoretically break blockchain encryption by:

Cracking cryptographic keys.
Weakening hash functions.
Dominating mining processes.

Actually not much …!?

Willow’s 105 qubits are far below the millions of qubits required to pose a real threat to Bitcoin or other cryptosystem (Need 1500 qubits). Practical quantum threats may still be decades away.
The blockchain community, including Bitcoin contributors, is actively preparing for a quantum future by exploring quantum-resistant solutions. An alternative algorithms may exist that are not susceptible to quantum attacks.
Moreover, it is true that Google has made new advancements in quantum computing. However, during every Bitcoin uptrend season, similar news emerges, implying that quantum computers could break Bitcoin (this started about 4 years ago). Google's advertising versus what it can actually achieve is still far apart.

📈 When is Altcoin season?

When is Altcoin season?

When BTC goes up, its dominance (BTC.D) goes down. This is the hint for money moves from Bitcoin (BTC) to Altcoins.
There's an "altcoin season index" that tracks when altcoins are doing well. If this index is above 75 → Altcoin season is coming/ is here

When we look at the top 100 coins, if we see that more than 75% are altcoins and have grown faster than Bitcoin recently, the altcoin season index is also high, this shows that many people believe and expect altcoin season to start, and we are likely in that time now.

The Total 3 - The total market value of all cryptocurrencies (excluding BTC, ETH, and stablecoins) increases.
The Total 2 - The total market value of all cryptocurrencies (excluding BTC and stablecoins) also increases

→ Again, this is another hint for money moves from Bitcoin (BTC) to Altcoins.

In the social aspect: Some countries, like Russia and Hong Kong, are more open to crypto, leading to more relaxed policies and investor interest.
In the psychology aspect: Investors may find it hard to buy Bitcoin because its price is high. Instead, they buy smaller altcoins, which seem easier to afford and offer more growth potential.

History of Altcoin season

2017-2018

The altcoin season in 2017-2018 happened because Bitcoin's market dominance dropped a lot. It went from 86.3% in late 2017 to just 38.69% in early 2018. During this time, Bitcoin's price also fell from over $20,000 to under $6,000 in just a few months.

The rise of altcoins happened as many blockchain projects held Initial Coin Offerings (ICOs) in 2017-2018 to raise money by creating their own tokens.

2020-2021

The altcoin cycle of 2020-2021 started during the coronavirus pandemic. People, especially retail investors and crypto fans, began looking for opportunities beyond Bitcoin. This led to the rise of meme coins like Dogecoin and Shiba Inu, which grew in value quickly.

At the same time, Non-Fungible Tokens (NFTs) also helped boost the altcoin market and made people more interested in decentralized applications (dApps). During this period, Bitcoin's market dominance dropped from 70% to 38%, and the total market value of cryptocurrencies more than doubled from 30% to 62%.

At the moment:

We have the first signal as BTC goes up and BTC.D starts to go down. By the way, the alt coin index is not too high, so we can expect the alt coin season is coming soon in the next couple months

How long does it last?

There's no fixed length for altcoin seasons, but they usually last about 2-3 months. For example, in early 2021, altcoins had a strong run from March to May.
During that time, Bitcoin dominance (BTC.D) dropped below 60%, while altcoins soared. Some, like Solana (SOL), went up by 2x or 3x, and others went up even more (e.g., SOL went from $5-6 in January 2021 to around $60 at its peak).

How to experience altcoin season?

Identify the current market situation and where the money is flowing.
Research which altcoins are getting the most attention and potential.
Analyze the charts and choose 1-2 promising altcoins to buy.
Create a trading plan: set your entry and exit points, stop loss, risk management, and expectations.
Follow your plan and adjust your strategy as needed.
Once your target is reached, sell the altcoins that haven’t gone up yet to take advantage of compound interest.

⭐ Top Highlight in Crypto Today

🌍 Tether’s USD₮ is now approved in Abu Dhabi Global Market, boosting its use in the Middle East and strengthening its global reach. Traders may view this development as an opportunity for increased adoption and usage of USD₮ in the region.
🚀 Ripple’s RLUSD stablecoin gets NYDFS approval, boosting XRP liquidity, ecosystem growth, and adoption across blockchains and partner platforms.
💼 Microsoft shareholders rejected a Bitcoin investment proposal, aligning with Bill Gates' crypto skepticism, opting for broader strategies despite Bitcoin’s $100K surge and rising corporate interest in cryptocurrency.
📈 Donald Trump is reportedly watching Bitcoin closely and would "love" to see it reach $150,000 early in his presidency.
💡 Goldman Sachs may trade Bitcoin and Ethereum if regulations allow. It already invests in crypto ETFs and plans a standalone digital assets platform to expand blockchain ventures.

🤡 Meme Of The Day

Source: r/bitcoin

Source: Crypto Community ✔️