This 1 Much-Feared Risk For Bitcoin Doesn't Really Matter
Even the largest and most distributed cryptocurrencies -- like Bitcoin, (CRYPTO: BTC) worth almost $1.8 trillion -- are never risk-free. Still, it's usually easier to convince yourself not to buy something than it is to actually buy it. That means it's important to understand which risks loom larger, which aren't worth sweating about most of the time, and which aren't of material importance.There's one risk that's proposed as being a major threat to Bitcoin that is almost certainly highly overblown. Let's analyze it to appreciate why it shouldn't persuade you to sell your coins or dissuade you from making an investment.Quantum computing is starting to be viewed as a major threat vector for Bitcoin in the near future. The argument goes: If it were possible to have quantum computing hardware that does not presently exist today, it might be possible to use it to effectively hack the Bitcoin network by breaking its cryptography, allowing transactions to be redirected at will or funds to be otherwise seized inappropriately.Continue reading
Even the largest and most distributed cryptocurrencies -- like Bitcoin, (CRYPTO: BTC) worth almost $1.8 trillion -- are never risk-free. Still, it's usually easier to convince yourself not to buy something than it is to actually buy it. That means it's important to understand which risks loom larger, which aren't worth sweating about most of the time, and which aren't of material importance.
There's one risk that's proposed as being a major threat to Bitcoin that is almost certainly highly overblown. Let's analyze it to appreciate why it shouldn't persuade you to sell your coins or dissuade you from making an investment.
Quantum computing is starting to be viewed as a major threat vector for Bitcoin in the near future. The argument goes: If it were possible to have quantum computing hardware that does not presently exist today, it might be possible to use it to effectively hack the Bitcoin network by breaking its cryptography, allowing transactions to be redirected at will or funds to be otherwise seized inappropriately.
