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I’m doing some research into quantum computing and while it doesn’t currently pose a threat, given how rapidly technology improves, I could see Bitcoin being at risk. Specifically that a quantum computer could actually guess a seed phrase.
Is bitcoins encryption able to be upgraded if a quantum proof encryption was released in the future? Or would a quantum computer end Bitcoin if it was able to hack a wallet?
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View Reddit by TheDialectic_ – View Source
Zero concern…
https://en.bitcoin.it/wiki/Quantum_computing_and_Bitcoin
TLDR: A new public-key algorithm can be added to Bitcoin as a softfork. From the end-user perspective, this would appear as the creation of a new address type, and everyone would need to send their bitcoins to this new address type to achieve quantum security.
They’d have every bank account and the nuclear codes, so I doubt Bitcoin will be the biggest problem
Not at all
About as worried about this as about an alien invasion
How worried are you with your homebanking security ?
How worried are you that AI will kill you?
On a scale of one to ten, zero.
But then, I don’t lack understanding; you do.
First, you’re assuming quantum will be easily wielded as some sort of doomsday device. And second, bitcoin is the most secure network so that means all other networks are under attack first. Giving ample time to fork to a quantum resistant algorithm. The jumps in qubits become exponentially harder as you add more and more. We’re at about 100-1000 right now, you’ll need billions.
Every network is vulnerable well before bitcoin. Why not attack visa, send yourself a 10 million dollar credit card and just erase the balance once a week? Why not Crack Amazon and send yourself one of everything? Why not break into every fortune 500 company and put yourself on payroll?
Quantum computing and 51% attacks are not the infinity gauntlet people seem to think they are.
0% worried.
https://hackernoon.com/a-physicists-journey-into-cracking-bitcoin-4631e57158cc
‘…even if a Quantum computer is employed, it would still take 10^ ³² years to calculate one hash. The public key is passed through numerous one way hash functions which are essentially quantum-resistant.
That time period is longer than the 14 billion years the universe has existed, but less than the estimated 10^¹⁰⁰ years until the universe crunches during the heat death.”
I will be dead and bitcoin will be something else.
If I had a satoshi for every time this was asked on this sub, I could retire
there are already people out there creating algorithms that cannot be cracked by quantum computers using euklids algorithm and some linear algebra
> a quantum computer could actually guess a seed phrase
What “research” leads to this claim?
> bitcoins encryption
Bitcoin does not have encryption. So much for “research”