Quantum computing represents a significant departure from classical computing, leveraging the principles of quantum mechanics to process information in fundamentally different ways. While classical computers use bits as the smallest unit of data, which can represent a state of 0 or 1, quantum computers utilize qubits. Qubits have the unique ability to exist in multiple states simultaneously due to the phenomenon known as superposition. This allows quantum computers to perform many calculations at once, leading to potentially exponential increases in computational power for specific problem sets.

Moreover, quantum computing introduces the concept of entanglement, where the state of one qubit can depend on the state of another, even if they are separated by large distances. This interconnectedness enables quantum computers to solve complex problems more efficiently than their classical counterparts. For instance, tasks such as cryptography, optimization, and complex simulations can be handled more effectively, making quantum computing a transformative technology for various fields, including finance and healthcare.

Quantum computing is often touted as a revolutionary technology with applications that could transform various fields. Strong potential applications range from cryptography and optimization problems to drug discovery and artificial intelligence. For instance, in cryptography, quantum computers could potentially crack encryption codes that would take classical computers centuries to solve. This ability raises questions about data security and privacy in an increasingly digital world, making it an urgent area of research and discussion.

On the flip side, while the possibilities are exciting, many experts argue that some of these applications might be more fantasy than reality. The technology is still in its infancy, with significant challenges such as error rates and qubit stability to overcome. Consequently, while some immediate applications may become viable in the near future, others may remain speculative for years to come. Therefore, understanding both the potential and the limitations of quantum computing is crucial as we navigate this rapidly evolving landscape.

The quest for quantum supremacy has sparked fierce debate among scientists and technologists. At its core, quantum supremacy refers to the point at which quantum computers can perform calculations that classical computers cannot efficiently solve. While some proponents argue that this milestone is just around the corner, skeptics raise valid concerns about the current limitations of quantum technology. For instance, issues like error rates in quantum bits (qubits) and the considerable resources required for maintaining qubit stability continue to pose significant hurdles to achieving genuine quantum supremacy.

Moreover, it's crucial to realize that reaching quantum supremacy doesn't guarantee an immediate revolution in computational power. The term is often misinterpreted, leading to myths about instant breakthroughs across all computational problems. Quantum supremacy is primarily a benchmark for specific tasks, indicating that while exciting advancements are possible, they will occur gradually and in targeted applications rather than in widespread practical use anytime soon. Debunking these myths is essential for setting realistic expectations about the future of quantum computing.