Quantum Computing Threat to Bitcoin: Assessing the Risks and Defenses

While quantum computing poses a threat to Bitcoin‘s security, banks have multiple defenses in place to prevent a widespread collapse, according to River CEO Alexander Leishman. The debate over whether quantum computers could threaten Bitcoin is heating up once again.

Bitcoin’s Vulnerability to Quantum Computing

Leishman argues that Bitcoin is at greater risk than traditional banking systems. The security of Bitcoin funds depends entirely on the private key. Once a public key is exposed, a quantum computer could access the funds with ease. As Leishman explains, “There is no layer of protection here for any address with a revealed public key. It is, BY FAR, the most ROI+ attack to perform if you have access to a QC no question.”

Banks’ Defenses Against Quantum Computing Threats

On the other hand, the banking system is more secure, Leishman argues. While a quantum computer could disrupt HTTPS encryption, attackers would still need to intercept traffic and hijack DNS before gaining access to bank systems. Banks also use additional security layers like IP whitelists and symmetric password authentication, which are not vulnerable to quantum computers.

“Even if you do manage to pop a bank you need to get that money somewhere. Everything is very KYC’d with a lot of manual controls around large movements of funds. Good luck moving millions or billions without a human catching something.”

Quantum Computing Developments and Implications

While quantum computing poses a potential threat to Bitcoin, it’s not something to worry about in the near future. However, recent developments suggest that quantum computing may be closer than previously thought. Some key points to consider:

  • Microsoft introduced a new quantum chip on Feb. 19, claiming it demonstrates quantum computing is “years, not decades” away.
  • The so-called Majorana 1 chip is designed to reduce quantum computing’s error-prone nature.
  • Companies like Google and IBM are predicting large-scale quantum computers could be up and running by 2033.

Stay up-to-date with the latest news and developments in the world of cryptocurrencies and quantum computing on Global Crypto News.

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