OMG!! THIS is what Trump and Musk are up to!! (Forget the sensational distractions!)

[Shipwack]

85. I'll give it a shot.

Let me add this caveat upfront. I am somewhat tech savvy, but nowhere near an expert on cryptocurrencies. I know that the following explanation is extremely simplified, and probably inaccurate on a couple of points. I think, though, that the gist of it is correct enough to explain why quantum computing will negatively impact Bitcoin and other virtual currencies. Please be kind...

The identifying data of every Bitcoin is encrypted. This keeps me from saying "I'm paying for this transaction with coin #1234567" when I don't actually "own" the coin, but know the "serial number" of one. The identifying data of a coin is a lot more complicated than that, of course. The transactions involving the bitcoins are also strongly encrypted.

With current computer technology, it would take decades (centuries?) to crack these codes. However, quantum computing (a new emerging technology) is going to be so fast that breaking Bitcoin encryption will only take a short while.

This means that Bitcoin won't be a secure payment system anymore. Imgine if printing a physical dollar bill was so easy that you could do it on a home printer. An economy that doesn't have a secure currency will collapse.