Bitcoin is quantum computing resistant regardless of rising fears among investors


  • Bitcoin has often thought to be vulnerable to quantum computing in the future.
  • According to various specialists, Bitcoin and cryptocurrencies will survive.

All cryptocurrencies are based on cryptography and require miners to solve extremely complex mathematical problems in order to secure the network. The idea behind quantum computing is that it will be able to crack Bitcoin’s algorithm much faster than the network.

The basic principle is that Bitcoin’s network has to be sufficiently fast in order for a quantum attacker to not have enough time to derive the private key of a specific public key before the network. 

So far, it seems that quantum computers would take around 8 hours to derive a Bitcoin private key which, in theory, means the network is secure against them. It seems that the mark right now is around 10 minutes. If quantum computers can get close to this time, the Bitcoin network could be compromised.

Other solutions against quantum computing

It’s also important to note that quantum computing not only poses a threat to Bitcoin and cryptocurrencies but to other platforms, even banks. Many platforms use encryption which would be broken if quantum computing becomes real, which means the implications of this technology go way beyond just cryptocurrencies.

Theoretically, cryptocurrencies have several ways to mitigate or completely stop quantum computing attacks in the future. For instance, a soft fork on the network of an asset could be enough to at least move some of the assets that are insecure.

Additionally, there are many algorithms that are theorized to be quantum-resistant. In fact, SHA-256 which is currently used should be resistant to these types of attacks. According to recent statistics, around 25% of Bitcoin in circulation remains vulnerable to quantum attacks. You should transfer your coins to a new p2pkh address to make sure they are safe. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Fear seeps in as crypto market crashes for second time

Bitcoin price rally seems to be facing massive headwinds that have resulted in two egregious drops in under five days. Market participants are panic selling their holdings, sending the market into a tailspin. 

More Bitcoin News

Ripple and SEC clash again as lawsuit becomes even more uncertain

XRP had a major rally at the beginning of April as investors grew confident in the outcome of the SEC lawsuit. However, the entire cryptocurrency market had a significant crash, and the SEC case outcome is not as straightforward as previously thought.

More Ripple News

Dogecoin primed to rebound after defending key support level

Dogecoin price had a massive crash since its new all-time high at $0.45. The digital asset reached the top 5 in the market capitalization ranking after a massive rally. 

More Dogecoin News

Cardano eyes $1 amid market-wide sell-off

Cardano price shows weakness that has kept it from surging higher. Due to a recent spike in selling pressure, ADA has restarted its drop and eyes levels last seen during the weekend crash.

More Cardano News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Institutional wave of BTC adoption follows new all-time highs

Bitcoin price hitting a new all-time high and Coinbase’s direct listing are perhaps two of the most important developments surrounding the pioneer cryptocurrency over the past week.

Read the weekly forecast

BTC

ETH

XRP