Bitcoin is quantum computing resistant regardless of rising fears among investors – FXStreet

Posted: December 24, 2020 at 10:58 am


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All cryptocurrencies are based on cryptography and require miners to solve extremely complex mathematical problems in order to secure the network. The idea behind quantum computing is that it will be able to crack Bitcoins algorithm much faster than the network.

The basic principle is that Bitcoins network has to be sufficiently fast in order for a quantum attacker to not have enough time to derive the private key of a specific public key before the network.

So far, it seems that quantum computers would take around 8 hours to derive a Bitcoin private key which, in theory, means the network is secure against them. It seems that the mark right now is around 10 minutes. If quantum computers can get close to this time, the Bitcoin network could be compromised.

Its also important to note that quantum computing not only poses a threat to Bitcoin and cryptocurrencies but to other platforms, even banks. Many platforms use encryption which would be broken if quantum computing becomes real, which means the implications of this technology go way beyond just cryptocurrencies.

Theoretically, cryptocurrencies have several ways to mitigate or completely stop quantum computing attacks in the future. For instance, a soft fork on the network of an asset could be enough to at least move some of the assets that are insecure.

Additionally, there are many algorithms that are theorized to be quantum-resistant. In fact, SHA-256 which is currently used should be resistant to these types of attacks. According to recent statistics, around 25% of Bitcoin in circulation remains vulnerable to quantum attacks. You should transfer your coins to a new p2pkh address to make sure they are safe.

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Bitcoin is quantum computing resistant regardless of rising fears among investors - FXStreet

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December 24th, 2020 at 10:58 am

Posted in Quantum Computing