Quantum computers threaten Bitcoin: This is how the community protects itself!

Quantum computers threaten Bitcoin: This is how the community protects itself!

The security of Bitcoin is on the brink given the rapid developments in the field of quantum computing technology. As Onesafe , quantum computers could make existing cryptographic algorithms that secure Bitcoin transactions. In particular, elliptical curve cryptography (ECC), so fundamentally for the safety of the Bitcoin network, is considered particularly prone to. This threat is gaining in importance, although there is currently no fully functional quantum computer that can carry out SHOR’s algorithm to decrypt private keys.

To illustrate the dangers, it is important to know that the elliptical curve "Secp256K1", on which Bitcoin is based, could be exposed to considerable risks by 2029. But what would that mean for the future of the Bitcoin system? The Bitcoin community is aware of these threats and discusses various approaches to ensure security. A comprehensive revision of the Bitcoin system is currently not planned, but significant updates are certainly necessary.

The challenges of quantum threats

quantum computers have the potential to break many algorithms currently used such as SHA-256 and RSA. Like cvj , quantum computers are not only for Bitcoin, but for the entire blockchain technology. can use it to process data in record time.

according to Schneier have calculated the amount of qubits that is necessary to use the 256-bit elliptische Breaking curve encryption in the Bitcoin network within an hour: 317 million qubits. For comparison: The largest existing superconductive quantum computer from IBM currently has only 127 physical qubits. In order to break the encryption itself within a day, 13 million qubits would still be required.

The reactions of the Bitcoin community

The Bitcoin community has already developed various strategies to counter the quantum-related risks. The development and implementation of post-quantum cryptographic algorithms such as Crystals dilithium, Sphincs+ and Falcon are just a few of the initiatives that have undergone the standardization process. These algorithms are specially designed to resist quantum attacks and need the unity of the community for a successful introduction.

A central aspect is that organizations and fintech startups, especially in Asian markets, have to actively prepare for these quantum threats without losing the speed of their business processes. A thorough risk assessment of quantum -related threats is essential for all organizations to protect the integrity of their systems.

In addition, it is advisable to carry out regular key rotations and use multi-signature wallets to increase security. The promotion of crypto agility is crucial so that startups can quickly adjust security protocols. In addition, cooperation with other fintech companies and researchers should be intensified in order to remain informed about the latest quantum-resistant technologies.

The topic of quantum computing and its effects on blockchain technology will therefore still employ us for a long time. The clarification of the users about the risks and possibilities can help to make informed decisions and to strengthen the safety of digital currencies.