Is Crypto Currency truly at risk due to Quantum Computers, and what can you do about it?

The Quantum Evolution

In 1982, Nobel winning physicist, Richard Feynman, hypothesized how quantum computers[ii] would be used in modern life.

What exactly is a Bitcoin address?

Well, in layman terms, a Bitcoin address is used to send and receive Bitcoins, and looking a bit closer (excuse the pun), it has two parts:[vi]

So, how do Quantum Computers present a threat?

At this point, you might be thinking, “How can a quantum computer defeat this overwhelming number of possibilities?” Well, to put it simple; Superposition and Entanglement[x].

What are Bitcoin core developers doing about this threat?

Well, as of now, absolutely nothing. Quantum computers are not considered a threat by Bitcoin developers nor by most of the crypto-community. I’m sure when the time comes, Bitcoin core developers will implement a new cryptographic algorithm that all future addresses/transactions will utilize. However, will this happen before post-quantum cryptography[xii]?

Who would want to attack Bitcoin?

Bitcoin and cryptocurrency represent a threat to the controlling financial system of our modern economy. Entire countries have outright banned cryptocurrency[xiv] and even arrested people[xv], and while discrediting it, some countries are copying cryptocurrency to use (and control) in their economy[xvi]!

What can we do to protect ourselves today?

Of course, the best option is to start looking at how Bitcoin can implement new cryptographic features immediately, but it will take time, and we have seen how slow the process can be just for scaling[xxi].

Are any cryptocurrencies planning for the post-quantum cryptography world?

Yes, indeed, there are! Here is a short list of ones you may want to know more about:

References

[i] https://www.youtube.com/watch?v=JhHMJCUmq28 — A great video explaining quantum computers.

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Satoshi Bytes

Satoshi Bytes

Blockchain investor, miner and trader. My focus is block tech evolution combined with innovative concepts that improve the world!