If a quantum computer emerges, Bitcoin holders should hodl and its forks\u2014Bitcoin Cash and Bitcoin Gold\u2014for protection. This was stated by independent analyst Maxim Onegin during the online conference \u201cBitcoin 2020: New Horizons\u201d on ForkLog Live\u2019s YouTube channel.<\/p>\n
He advised that when buying Bitcoin, investors should set aside and hold similar amounts in all forks of the first cryptocurrency.<\/p>\n
\n\u201cFormally, it’s all one Bitcoin, because the chain is the same,\u201d Onegin explained.<\/p>\n<\/blockquote>\n
Assessing the probability of the 51% attack by mining pools as Bitcoin’s price rises, the analyst said that hypothetically it is possible, but its organizer would need to own half of all mining capacity, which runs counter to game theory.<\/p>\n
\n\u201cOverall this is not such a big catastrophe and it is solvable. The greater threat comes from a quantum computer or a collision attack, in which a large exchange wallet or a whale wallet could potentially be emptied.\u201d<\/p>\n<\/blockquote>\n
With a quantum computer, the most resistant mining algorithm, in the analyst’s view, is Equihash:<\/p>\n
\n\u201cIt is already protected \u2013 this is the next generation of cryptography, while SHA-256 is potentially vulnerable.\u201d<\/p>\n<\/blockquote>\n
The expert noted that changing Bitcoin’s hash function could potentially be done, but the counterpoint is that all mining equipment runs on the SHA-256 algorithm.<\/p>\n
\n\u201cYou can re-hash anytime, the main thing is to do it in the right direction,\u201d Onegin concluded.<\/p>\n<\/blockquote>\n
Back in December, a group of Chinese scientists created prototype of a quantum computer<\/a>, processing data ten billion times faster than Google’s 53-qubit device.<\/p>\n
Earlier, trader Ilya Meshcheryakov stated that cryptocurrency trading should begin with defining an investor profile<\/a>.<\/p>\n
Join the conference \u201cBitcoin 2020: New Horizons\u201d right now:<\/p>\n