Development of quantum computing might kill the Bitcoin network

I researched all the data and learn everything about it.

/➮ Recently, BlackRock warned us about potential risks to the Bitcoin network

🕷 All due to the rapid progress in the field of quantum computing.

🕷 I’ll add their report at the end - but for now, let’s break down what this actually means.

/➮ Bitcoin's security relies on cryptographic algorithms, mainly ECDSA

🕷 It safeguards private keys and ensures transaction integrity

🕷 Quantum computers, leveraging algorithms like Shor's algorithm, could potentially break ECDSA

/➮ How? By efficiently solving complex mathematical problems that are currently infeasible for classical computers

🕷 This will would allow malicious actors to derive private keys from public keys

Compromising wallet security and transaction authenticity

/➮ So BlackRock warns that such a development might enable attackers to compromise wallets and transactions

🕷 Which would lead to potential losses for investors

🕷 But when will this happen and how can we protect ourselves?

/➮ Quantum computers capable of breaking Bitcoin's cryptography are not yet operational

🕷 Experts estimate that such capabilities could emerge within 5-7 yeards

🕷 Currently, 25% of BTC is stored in addresses that are vulnerable to quantum attacks

/➮ 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

/➮ However, if a solution is not found in time, it could seriously undermine trust in digital assets

🕷 Which in turn could reduce demand for BTC and crypto in general

🕷 And the current outlook isn't too optimistic - here's why:

/➮ Google has stated that breaking RSA encryption (tech also used to secure crypto wallets)

🕷 Would require 20x fewer quantum resources than previously expected

🕷 That means we may simply not have enough time to solve the problem before it becomes critical

/➮ For now, I believe the most effective step is encouraging users to transfer funds to addresses with enhanced security,

🕷 Such as Pay-to-Public-Key-Hash (P2PKH) addresses, which do not expose public keys until a transaction is made

🕷 Don’t rush to sell all your BTC or move it off wallets - there is still time

🕷 But it's important to keep an eye on this issue and the progress on solutions

Report: sec.gov/Archives/edgar…

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