I read a while back that Quantum Computers can break most types of hashing and encryption in use today in a very short amount of time(I believe it was mere minutes). How is it p
First of all, quantum computing is still barely out of the theoretical stage. Lots of research is going on and a few experimental quantum cells and circuits, but a "quantum computer" does not yet exist.
Second, read the wikipedia article: http://en.wikipedia.org/wiki/Quantum_computer
In particular, "In general a quantum computer with n qubits can be in an arbitrary superposition of up to 2^n different states simultaneously (this compares to a normal computer that can only be in one of these 2^n states at any one time). "
What makes cryptography secure is the use of encryption keys that are very long numbers that would take a very, very long time to factor into their constituent primes, and the keys are sufficiently long enough that brute-force attempts to try every possible key value would also take too long to complete.
Since quantum computing can (theoretically) represent a lot of states in a small number of qubit cells, and operate on all of those states simultaneously, it seems there is the potential to use quantum computing to perform brute-force try-all-possible-key-values in a very short amount of time.
If such a thing is possible, it could be the end of cryptography as we know it.