Expert sets timeline when quantum computers will ‘rip Bitcoin to shreds’
Main Idea
A cybersecurity expert warns that Bitcoin's reliance on elliptic-curve cryptography makes it vulnerable to quantum computing, with significant amounts of BTC at risk if quantum computers become capable of breaking current encryption standards.
Key Points
1. Bitcoin's security is based on elliptic-curve cryptography, which could be compromised by quantum computers using algorithms like Shor's.
2. Approximately 30% of Bitcoin (6-7 million BTC) is stored in addresses with exposed public keys, making them vulnerable to quantum attacks.
3. Experts cite advancements like Microsoft's Majorana chip and Google's quantum machine forecasts as indicators that 'Q-Day' (quantum threat) is approaching.
4. IBM plans to launch the first fault-tolerant quantum computer, Quantum Starling, by 2029, accelerating concerns over Bitcoin's security.
5. Opinions are divided on Bitcoin's future vulnerability, with some suggesting a need to move funds to quantum-resistant addresses if breakthroughs occur.
Description
A cybersecurity expert has warned that Bitcoin’s ( BTC ) underlying security could be compromised in the coming years by quantum computers, amid ongoing advancements in the sector. According to David Carvalho, CEO and Chief Scientist at Naoris Protocol, Bitcoin is vulnerable due to its reliance on elliptic-curve cryptography. To this end, he projected that it could take just three to five years for quantum computers to crack this security, he said in an interview with Crypto News. He explained t...
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