Quantum computing could pose a greater threat to Bitcoin than to Ethereum #
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If Bitcoin were to fail, it wouldn’t mean the end of Ethereum. On the contrary, argues Bankless co-founder David Hoffman. In fact, he believes Ethereum and other cryptocurrencies could actually benefit from such an event. Here’s why and how.
If Bitcoin Falls… #
“If Bitcoin fails, then other cryptocurrencies will also fail, and no one will ever trust them again,” market analyst Nic Carter recently stated. It’s a common belief in the crypto community, but according to Bankless co-founder David Hoffman, it’s completely wrong. In a post on X, he writes:
“This overarching view is incorrect and can only come from someone who believes Bitcoin is the center of the crypto universe.”
He points out that Ethereum and Bitcoin are two completely separate networks with no technical dependency. “If Bitcoin stops producing blocks, literally nothing happens on Ethereum,” Hoffman states. The same principle applies to other cryptocurrencies.
Hoffman also dismisses the idea that trust in cryptocurrencies would be irreparably damaged. He argues that while Bitcoin’s failure would temporarily lead to a loss of trust, it wouldn’t detract from the applications and solutions that Ethereum offers:
“I would also argue that the death of crypto’s number one currency would likely be enormously beneficial for crypto’s number two currency.”
Quantum Computers and the Crypto Market #
The discussion recently flared up due to news about potential threats from quantum computers. In theory, these machines are capable of breaking the cryptography of Bitcoin and other networks. The technology seems to be getting much closer, thanks to recent breakthroughs from companies like IBM, Google, and Microsoft.
According to Ethereum founder Vitalik Buterin, quantum computers could be powerful enough as early as 2028 to break the cryptography of Bitcoin and other cryptocurrencies.
Ethereum, on the other hand, is much better protected against this threat, says Hoffman, due to its different architecture. He argues Ethereum offers more protection because the cryptographic data a quantum computer needs for an attack is revealed less quickly on Ethereum than on Bitcoin. He writes:
“The important thing to remember is that this is all Bitcoin’s problem. Ethereum is already hardened against the exact type of attack that Bitcoin is now worried about.”
Should Bitcoin fail due to quantum computers, Hoffman suggests it could even turn out to be one of the most positive developments ever for Ethereum. It would, in his view, pave the way for Ethereum to take its place as the currency of the internet.