The Security of Bitcoin is Not Threatened by Quantum Computing, Says Professor
In the long term, the security of Bitcoin is not at risk from quantum computing, but rather from a change in the reward model for miners. This is according to Lawrence White, an economics professor at George Mason University. White explains that once all Bitcoins have been mined by around 2140, miners’ main source of income will be transaction fees.
White also highlights that Bitcoin is currently protected from hacking because an attack on its network using quantum computers would not be in the interest of miners. While there have been concerns about miners colluding to attack Bitcoin, it hasn’t happened so far. However, White believes that as the reward model for Bitcoin changes, there may be potential vulnerabilities in the future.
“People have worried about the miners colluding to attack Bitcoin, but that wouldn’t be in their interest to do. So far, it’s proven hack-proof, and there are people who worry that in the long run, as the reward model for Bitcoin changes.”
– Lawrence White, Economics professor
Additionally, White expresses skepticism about Bitcoin being widely used as a means of payment and suggests that other cryptocurrencies with more stable purchasing power may better serve this role.
Analyst Predicts Potential Rise in Bitcoin Price Based on Market Shifts
Crypto analyst Kevin Swanson has made predictions about Bitcoin’s price reaching over $70k. Swanson bases his analysis on data-driven insights and significant market shifts. He specifically focuses on the crucial resistance level of $32k and suggests that if this resistance transforms into strong support, it could lead to a substantial increase in Bitcoin’s price.
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