The Technology Authority

quantum computers hacking bitcoin wallets

Intel’s 17-qubit quantum test chip.

Source: Intel

Stefan Thomas really could have used a quantum computer this year.

The German-born programmer and crypto trader forgot the password to unlock his digital wallet, which contains 7,002 bitcoin, now worth $265 million. Quantum computers, which will be several million times faster than traditional computers, could have easily helped him crack the code.

Though quantum computing is still very much in its infancy, governments and private-sector companies such as Microsoft and Google are working to make it a reality. Within a decade, quantum computers could be powerful enough to break the cryptographic security

Read More

Bitcoin Is Actually Traceable, Pipeline Investigation Shows

When Bitcoin burst onto the scene in 2009, fans heralded the cryptocurrency as a secure, decentralized and anonymous way to conduct transactions outside the traditional financial system.

Criminals, often operating in hidden reaches of the internet, flocked to Bitcoin to do illicit business without revealing their names or locations. The digital currency quickly became as popular with drug dealers and tax evaders as it was with contrarian libertarians.

But this week’s revelation that federal officials had recovered most of the Bitcoin ransom paid in the recent Colonial Pipeline ransomware attack exposed a fundamental misconception about cryptocurrencies: They are not as

Read More

How to turn a software firm into a bitcoin wallet

A bitcoin paper wallet with QR codes and coins are seen in an illustration picture taken at La Maison du Bitcoin in Paris July 11, 2014. REUTERS/Benoit Tessier

It takes courage to borrow $500 million simply to buy more bitcoin. That’s what MicroStrategy (MSTR.O) boss Michael Saylor is doing with a junk-bond issue that was increased in size on Tuesday. The value of the company’s holdings of the cryptocurrency already make up over half of its $6 billion enterprise value. With bitcoin volatile and its accounting wacky, it could make for a crazy ride.

The company still lists its primary

Read More

What’s the Buzz About Bitcoin Cryptocurrency and Blockchain Technology?

We know Elon Musk is a fan, but what’s all the fuss about, and when will the Bitcoin bubble burst?

Just like the stock market, the cryptocurrency market is frequently subjected to extreme price fluctuations – both upwards and downwards. Tesla recently purchasing $1.5 billion worth of Bitcoin is just one example of how the crypto market can change.

For instance, at the end of 2013 to the beginning of 2014, during the middle of 2017 to the middle of 2018, and now again as we’ve seen in the past few months, there have been many highs and lows of

Read More

Mining Bitcoin with Computers More than Four Times More Expensive than Mining for Gold

All the gold in the ocean is a strong argument for Bitcoin, true believers in the cryptocurrency say.

The supply of Bitcoin is fixed at 21 million, and a worldwide network makes it available at low cost to anyone who’s interested. There are about 197,000 tons of gold above ground and two-thirds of it has been mined since 1950.

Mining has advanced since the 49ers panned for gold in California’s Sierra Nevada foothills east of Sacramento. Gold that can’t be profitably recovered today may be a moneymaker in the future and expand the supply.

Hundreds of gold diggers are said
Read More

MicroStrategy Is Winning With Bitcoin. Software Is a Side Business Now.

Text size

MicroStrategy used all of a $1.05 billion convertible-bond issue to buy Bitcoin.

Courtesy Microstrategy

To see the power of cryptocurrency in action, look no further than the action over the last nine months in MicroStrategy, an otherwise mundane business-intelligence software company in the middle of a business-model transition to the cloud.

In reporting earnings last July, the company indicated that it planned to invest some of its cash in “alternative assets,” listing Bitcoin as an option. The following month,


(ticker: MSTR) said that it had adopted Bitcoin as its primary reserve asset. It said it

Read More