Analysing the effect of quantum computing on Bitcoin
Bitcoin is a digital currency that utilises cryptography to ensure transactions are secured (Zamyatin, et al., 2018). In other words, a cryptocurrency. The most recent price increase of Bitcoin has attracted the attention of the public to what significant role cryptocurrencies like Bitcoin will play in the near future.
There are various advantageous features of Bitcoin that led to its further increase in popularity over conventional currency systems such as being decentralised and having increased security (Tessler & Byrnes, 2017). Bitcoin operates using a peer-to-peer distributed network where every member sustains a full list of all historic transactions in a public ledger.
The list of transactions is grouped in blocks within the ledger also known as the blockchain (Zamyatin, et al., 2018). These blocks are linked together via hashes which allows the sharing of information between participants (Fernández-Caramés & Fraga-Lamas, 2020).
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