• 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. 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

LUNA price approaches a launchpad, but will buyers come together?

LUNA price approaches a launchpad, but will buyers come together?

LUNA price shows a sign of healthy retracement after an egregious spike in buying pressure that triggered a quick and swift run-up. The ongoing pullback will provide investors with another chance to rally.

More Terra news

Why buying Solana price at these levels will provide the best ROI?

Why buying Solana price at these levels will provide the best ROI?

Solana price seems to be hovering inside a consolidation with no signs of a breakout. Investors can expect a dip to $31.66 or $24.52 levels in the near future as liquidity below these levels remains untapped.

More Solana news

Shiba Inu price hints at a 150% upswing, an opportunity too good to pass up

Shiba Inu price hints at a 150% upswing, an opportunity too good to pass up

Shiba Inu price has been hovering around a significant barrier for roughly three months with virtually no momentum to move above it. This development might be primed for a strong move but the directional bias remains unknown. 

More Shiba Inu news

Bitcoin Price Prediction: An update on the fractal forecast to $21,000

Bitcoin Price Prediction: An update on the fractal forecast to $21,000

Bitcoin price shows lackluster performance despite the announcement of BlackRock’s entry into crypto. Due to the spotlight on Ethereum and its upcoming Merge update, investors seem to be neglecting BTC.

More Bitcoin news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP