Absolute nonsense.

I know Arthur C. Clark has said:
"Any sufficiently advanced technology is indistinguishable from magic"

But that doesn't mean it actually is magic.

Just because you personally don't understand quantum computing, it doesn't mean that it can instantly put an end to anything that you might imagine.

Some algorithms will become weaker.  Some won't.  If any of bitcoin's algorithms become weakened a bit, then we can switch to more quantum resistant algorithms.  If they aren't weakened, then we'll just leave them the way they are.


Which one?  Most of them will be just fine.  Those that aren't (if any) will be swapped out for something else.

Quantum computing claim that factoring can be speed up many many times. This is the base of public private key.

http://www.bitcoinnotbombs.com/bitcoin-vs-the-nsas-quantum-computer/



and

https://www.google.com/search?q=Post-quantum_cryptography&ie=utf-8&oe=utf-8&gws_rd=cr&ei=nVhTV8jkBYmpjwS5wo3YDA#q=Post-quantum+cryptography+and+bitcoin

Bitcoin doesn't use RSA, so factoring is unrelated. However, it is claimed that quantum computing can speed up discrete logarithm calculations to polynomial time, which may hypothetically jeopardize the EC signature aspect of Bitcoin. However, because addresses are pubkey hashes until spent, if addresses are never re-used after spent from once, and a transaction from an address moves all coins to a new address, then the pubkey is still protected by being hashed (which AFAIK doesn't have an efficient quantum-computing weakness, save for Grover's algorithm, which doesn't provide that much of a benefit).

I was fairly confused by the idea that "quantum computers can break Bitcoin"
They are said to run algorithms faster, that could mean an increase in domestic mining and more decentralisation of the coin if adapters are put in place to change from binary to qubit (I think that is what is is known as).
They are also said to be able to therefore "crack" algoritms at greater speeds offering damage to the Bitcoin network, though this should be fixed by the current development team of Bitcoin.

Banks rely on the same technology used by Bitcoin. If quantum computers broke Bitcoin they would also break banks with control over far bigger amounts of money than Bitcoin's market cap. They haven't developed quantum computers advanced enough to do that yet, and they are making improvements to crypto to ensure it remains reliable when advanced quantum computers are developed.

Fall in this case means "be weaker" and not "can be cracked within seconds".


Mining is not affected, as Danny already said some algorithsm can not be solved quicker with quantum computers.


Dont refer to search results if you want answers.

You do realise that Bitcoin doesn't use encryption?

Qunatum computers are like unicorns. Everyone knows they exists but noone saw them.
Simple as that , hope u understand deeper meaning.

The OP is talking about obtaining private keys from the blockchain via brute force.

Adding a password or having a password free wallet has nothing to do with this topic or this context. Those are personal preferences.