Will Bitcoin be threatened by the development of quantum computing?

moneycontrol.com:

Back in 2009, when Bitcoin established a peer-to-peer (P2P) lending system supported by its native Bitcoin (BTC) currency, the world regarded a decentralised financial system with amazement and scepticism.

More than a decade years later, BTC has not only become the most valuable cryptocurrency in the world by market cap but has also accelerated the adoption of blockchain technology across several sectors.

Blockchain technology, which uses cryptographic encryption techniques to provide a trustless and decentralised ledger system for recording transactions immutably, has given rise to a number of applications, including DeFi or decentralised finance, which is revolutionising how people conduct business online.

However, the supremacy of blockchain-based protocols like Bitcoin may soon be challenged by a new generation of quantum computers that employ quantum bits, often known as “qubits”, to do computations orders of magnitude quicker than even the most powerful supercomputers.

How quantum computing works and how it may lead to dangerous attacks?

While conventional computers utilise bits, which alternate between 0 and 1, quantum computers employ qubits, which may exist in both states simultaneously.

These computers are millions of times quicker than the fastest supercomputers available today because they can calculate and take into account several configurations at once.

With this level of processing power, bad actors might leverage the benefits of quantum computing to target protocols like Bitcoin in an effort to steal money from the millions of cryptocurrency users who already conduct online transactions.

Such elements may theoretically deploy potent quantum computers to attack susceptible wallet addresses or even target