The post Is Bitcoin’s Security Threatened by Quantum Computing? appeared first on Coinpedia Fintech News
Elliptic Curve Cryptography is the backbone of Bitcoin. If it is compromised, the entire system will collapse for sure. Approximately 2,500 logical qubits are needed to break BTC’s ECC. The problem is: many believe quantum computers could reach this capacity in just 5 to 15 years. In a recent post, Capriole Investments founder Charles Edwards emphasises the urgency of transitioning Bitcoin to QC-proof cryptography.
Is Bitcoin’s Security at Risk?
Emphasising how certain innovative technological sectors like Artificial Intelligence have evolved exponentially in the last couple of years, Edwards supports the assumption that quantum computers could gain the capacity to break the algorithm of Bitcoin within 5 to 15 years. He argues that some QC firms have plans to achieve the target within just five years.
Reports indicate that IBM, Google and other companies have made considerable progress in increasing qubit counts.
Weak Points in Bitcoin’s Security
Firstly, during transactions, BTC’s public keys are exposed. Many experts believe that there is a high chance for this security weakness to be the prime target of quantum attacks. Secondly, reused addresses can allow quantum computers to exploit past transactions and gain unauthorized access.
Urgency to Make Bitcoin QC-Proof
Edwards calls for immediate intervention in making the crypto sector QC-proof. Many believe that uneven standards and implementation challenges make the transition to quantum-resistant algorithms difficult for cryptocurrencies. Edwards claims that transforming the cryptography of BTC to QC-proof would take at least one year after a solution is agreed upon.
In conclusion, Quantum Computing advancements present both immense opportunities and challenges. To secure Bitcoin’s future, the crypto community must act today to develop QC-proof solutions.