Quantum Threat Hits Bitcoin Wallets and Mining
Quantum computing poses risks to Bitcoin beyond just wallet security, potentially disrupting its core economic model, warns Coinbase’s head of investment research, David Duong.
Double Danger from Quantum Advances
Quantum computers running Shor’s and Grover’s algorithms could target Bitcoin’s two key cryptographic foundations: ECDSA for transaction signatures and SHA-256 for proof-of-work mining. This creates dual threats.
- Private Key Breaches: Attackers could crack keys to drain funds from exposed addresses.
- Mining Disruption: Quantum machines might solve blocks exponentially faster, upsetting the miner power balance and enabling attacks like 51% dominance.
Current Reality vs. Future Risks
Duong emphasizes that today’s quantum tech falls far short of the scale needed to threaten Bitcoin. Still, proactive migration to post-quantum cryptography remains essential, with the open-source community already charting paths forward.
Debate Among Experts
Skeptics like cypherpunk Adam Back dismiss imminent dangers, predicting viable quantum threats are decades away. Others, including Capriole founder Charles Edwards, urge faster action to safeguard the network against accelerating quantum progress.
