BTC Might be Attacked Using Immensely Powerful Quantum Computers

According to The Independent, Mark Webber, a University of Sussex’s quantum physicist, believes that future supercomputers could overcome BTC’s cryptography.

BTC Under Hack Threat by Powerful Quantum Computers

For the time being, the leading cryptocurrency is completely secure. Existing gadgets are far away from being large enough to compromise Bitcoin. Compared to traditional computers, quantum computers use qubits rather than bits, allowing them to process tenfold more data. IBM announced a 127-qubit quantum computer processor in November, surpassing the 100-qubit threshold for the very first time.

According to Webber and his partner, breaking BTC’s cryptography in a day will require a quantum computer with a minimum of 13M qubits. Furthermore, the researchers anticipate that quantum computers would successfully achieve 300M qubits in the long run, posing a danger to the greatest cryptocurrency.

BTC must be deemed secure from a quantum threat, for the time being, based on our projected necessity of 30M to 300M on actual qubits. Still, gadgets of this scale are usually believed attainable, and future improvements might bring the criteria even lower.

Webber feels that BTC could conduct a major overhaul in the future into becoming quantum-resistant and solving its supercomputer dilemma, but he’s also warning about network scale concerns. The doctoral researcher believes that current cryptographic algorithms are insufficiently secure: Individuals are already concerned since encoded messages could be saved at that moment and decrypted later. 

The NSA created the SHA256 hashing mechanism and is used by BTC. BTC, which celebrated its 13th birthday in January, has proven to be very robust all across the years. Dan Kaminsky publicly admitted in 2013 that he really could not hack.

Increasing the Security of BTC Wallets

For many purposes, cryptocurrency specialists informed CNBC that they are not concerned with the quantum hacking of BTC wallets. Nic Carter highlighted that quantum breaches would be progressive instead of abrupt.

Assuming quantum computing reached the degree of development and complexity where it began to challenge our fundamental encryption algorithms, we’d have enough warning, he said. It is not going to occur in a day or two.

There is also the notion that the ecosystem is aware of its impending arrival, and scientists are already working on quantum-safe encryption. The screening criteria are currently being carried out by NIST, selecting and certifying the top candidates.

Groetker predicted that the first standardized quantum-safe cryptocurrency algorithm would be available by 2024, which was long before quantum supercomputers could breach BTC’s encryption. The phase of widespread movement would start after a novel standardized post-quantum safe encryption is established, according to Groetker.

Nevertheless, such a security update necessitates user participation. This procedure could be simpler than asking a decentralized network of cryptocurrency holders to upgrade their networks separately in certain instances wherein fiat money accounts are controlled via a bank.

However, there are solutions to that sort of security upgrade failure. For instance, a company might lock every account that still uses ancient encryption and provide owners with a method to access them. Whenever users retrieve their balance, the trade-off will be the lack of secrecy.

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