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Quantum computing may threaten Bitcoin security in the future

Quantum computing may threaten Bitcoin security in the future

Grafa2024/12/10 09:20
By: Isaac Francis
BTC-0.18%AVAX-1.03%G-2.42%

Ava Labs co-founder Emin Gün Sirer has raised concerns about the vulnerability of early Bitcoin (CRYPTO:BTC) holdings to potential quantum computing attacks, especially as the technology advances.

Sirer noted that while current quantum computing developments do not pose an immediate threat to Bitcoin, the future could be different.

With the introduction of Google’s Willow quantum computing chip, discussions about the security of Bitcoin and other cryptocurrencies have intensified.

According to Sirer, the early Bitcoin holdings stored in Pay-to-Public-Key (P2PK) format could be particularly vulnerable to quantum attacks.

To address this concern, Sirer proposed two possible solutions: freezing Satoshi Nakamoto’s coins or implementing a sunset date for P2PK transactions.

In his previous statements, Sirer emphasised that the current state of quantum technology does not pose an immediate danger to Bitcoin.

He explained that crypto assets, like Bitcoin and Avalanche (CRYPTO:AVAX), use techniques where public keys are exposed only briefly during a transaction, thus reducing the window of opportunity for quantum attackers.

At the time of reporting, the Bitcoin price was $96,682.30.

Quantum computing will make it easier to perform certain operations, like factoring numbers, while others, such as inverting one-way hash functions, remain just as difficult,” Sirer stated.

He added that quantum attacks on crypto networks are complicated by the limited time available to exploit vulnerabilities.

While quantum technologies have long been a concern for encryption, the recent release of Google’s Willow chip has sparked renewed fears.

Experts warn that as quantum technology continues to mature, it could soon be capable of breaking existing encryption methods, putting cryptocurrencies at significant risk.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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