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Threat of Quantum Computing to Bitcoin Should be Taken Seriously, But there’s Enough Time to Upgrade Current Security Systems, Experts Claim

November 7, 2020

Threat of Quantum Computing to Bitcoin Should be Taken Seriously, But there’s Enough Time to Upgrade Current Security Systems, Experts Claim

At present, these algorithms are “almost impossible to break,” but quantum computers may “spell trouble to these algorithms in various ways,” according to LocalBitcoins. They also noted that “when unobserved, subatomic particles can exist in multiple places at once, however, when [they have been] detected, they collapse into a single point in space-time.” The LocalBitcoins team adds that knowing your public key, an attacker who’s using quantum computers may then use your public key to “derive” your private key. As explained in a blog post by LocalBitcoins, Bitcoin or BTC and its blockchain-based network is secured by cryptographic algorithms, which is why it’s called a “cryptocurrency.” The LocalBitcoins team added: “When the quantum threat becomes more imminent, cryptography will have moved to more quantum-proof algorithms. LocalBitcoins clarifies that addresses that have not been used to send transactions are “quantum-safe because quantum computers can’t ‘read’ their public key.” the Bitcoin blockchain by consensus among the Bitcoin nodes, so it will be secure from quantum attacks.”

Article from Crowdfund Insider.