This Bankless podcast episode, a panel discussion, explores the implications of quantum computing for cryptocurrencies like Bitcoin and Ethereum. The podcast is divided into three parts: a basic introduction to quantum computing for a non-expert audience, a more technical discussion on the cryptographic vulnerabilities of current systems, and a synthesis of the implications for Bitcoin and Ethereum. The experts discuss the potential for quantum computers to break existing cryptographic algorithms, such as ECDSA used in Bitcoin and Ethereum, and the possibility of a future where quantum computers could significantly alter the mining landscape of proof-of-work blockchains. A key takeaway is that while the threat is real, it's not imminent, and both Bitcoin and Ethereum have potential upgrade paths, though the path for Bitcoin is significantly more complex due to its resistance to hard forks. Listeners gain a foundational understanding of quantum computing and its potential impact on the future of cryptocurrency.
