Development of quantum computing might kill the Bitcoin network
I researched all the data and learn everything about it.
/ā® Recently, BlackRock warned us about potential risks to the Bitcoin network
š· All due to the rapid progress in the field of quantum computing.
š· Iāll add their report at the end - but for now, letās break down what this actually means.
/ā® Bitcoin's security relies on cryptographic algorithms, mainly ECDSA
š· It safeguards private keys and ensures transaction integrity
š· Quantum computers, leveraging algorithms like Shor's algorithm, could potentially break ECDSA 
/ā® How? By efficiently solving complex mathematical problems that are currently infeasible for classical computers
š· This will would allow malicious actors to derive private keys from public keys
Compromising wallet security and transaction authenticity
/ā® So BlackRock warns that such a development might enable attackers to compromise wallets and transactions
š· Which would lead to potential losses for investors
š· But when will this happen and how can we protect ourselves?
/ā® Quantum computers capable of breaking Bitcoin's cryptography are not yet operational
š· Experts estimate that such capabilities could emerge within 5-7 yeards
š· Currently, 25% of BTC is stored in addresses that are vulnerable to quantum attacks
/ā® But it's not all bad - the Bitcoin community and the broader cryptocurrency ecosystem are already exploring several strategies:
- Post-Quantum Cryptography
- Wallet Security Enhancements
- Network Upgrades
/ā® However, if a solution is not found in time, it could seriously undermine trust in digital assets
š· Which in turn could reduce demand for BTC and crypto in general
š· And the current outlook isn't too optimistic - here's why:
/ā® Google has stated that breaking RSA encryption (tech also used to secure crypto wallets)
š· Would require 20x fewer quantum resources than previously expected
š· That means we may simply not have enough time to solve the problem before it becomes critical
/ā® For now, I believe the most effective step is encouraging users to transfer funds to addresses with enhanced security,
š· Such as Pay-to-Public-Key-Hash (P2PKH) addresses, which do not expose public keys until a transaction is made
š· Donāt rush to sell all your BTC or move it off wallets - there is still time
š· But it's important to keep an eye on this issue and the progress on solutions
Report: sec.gov/Archives/edgarā¦
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