The Wall Street Journal has warned that a quantum computer threat could be posed to Bitcoin (BTC). Recent Article You can also read about how to get started. “a time bomb waiting to explode.”
The article addresses the possibility of advances in quantum computing posing a risk to Bitcoin’s security and potentially becoming a threat to the entire blockchain industry.
In theory, a quantum computer could decipher private keys in minutes, potentially rendering Bitcoin’s security architecture obsolete. The debate that was held on this day took place at Rekindled Google’s Willow quantum computing chip was unveiled on Dec. 9, 2009.
The crypto community has expressed concerns about the possibility that a quantum attack could occur earlier than expected. In response, the WSJ piece addressed how such an event could impact the traditional financial systems.
3 Trillion Dollar Impact
In the article, a projected loss of more than $3 trillion was estimated by a think-tank Hudson Institute study in 2022 if a possible global recession were to occur.
Arthur Herman is a senior fellow of the Hudson Institute.
“What you’ve got here is a time bomb waiting to explode, if and when someone gets that ability to develop quantum-computer hacking and decides to use that to target cryptocurrencies.”
Moreover, the WSJ piece mentioned that, given Bitcoin’s market cap reached $2.1 trillion when it registered a new all-time high at $108,000, these estimates have likely grown.
Skip Sanzeri is the co-founder and CEO of QuSecure a quantum-safe cyber-security firm. He shared this information with WSJ:
“Bitcoin is going to get targeted like crazy. Banks have some regulation, some defense mechanisms and the ability to cover their clients, whereas bitcoin is the Wild West. Your wallet’s not going to reimburse you if your bitcoin gets stolen.”
This article also mentioned 1,72 million BTC lying dormant at addresses that had exposed public keys. These would have been particularly vulnerable to a quantum attack. These addresses include the wallets of Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
The article also pointed out the vulnerability of Bitcoin transactions that are waiting to be blocked for 10 minutes, since hackers may eventually break encryption and redirect money.
Waiting for the end of days is not enough
Despite the imminent threat, experts say there is still time for action. Avalanche founder Emin Gün Sirer said the immediate fears are unwarranted. He continued:
“There is definitely a quantum apocalypse on the horizon at some point in the future, but that point is a sufficiently long time away that there is no need for panic.”
Tech giant Meta discussed the possibility of a “Quantum Apocalypse“ On an episode of the Metatech podcast in August. Meta engineers have highlighted the threat posed by a quantum leap to blockchains and industries that depend on encryption.
Software engineers have been working on creating robust cryptography post-quantum. In Meta’s case, they are combining traditional algorithms with new technologies to develop security standards that will work now and in the future.
These efforts mean that, although quantum computing is a real threat to the blockchain industry, calling Bitcoin a time bomb is inaccurate, as researchers are making contrary efforts to prevent the crypto industry’s collapse.
Meta’s tech experts concluded the conversation in an optimistic tone, stating that creating quantum-resistant cryptography is a complex task, but the challenge can be met head-on.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
