Quantum computing may pose a challenge for Bitcoin, but it does not pose an immediate threat to the network. This is what Alex Thorne, head of research at Galaxy Digital, a financial services firm focused on cryptocurrencies, said in a recent interview.
Thorne said the narrative that Bitcoin is not ready to handle this challenge or that investors should avoid exposure for this reason is overblown. A sufficiently advanced quantum computer would be able to derive a private key from an already published public key, making it possible to derive signatures and steal funds, but there is a risk. Restricted to specific addresses.
According to Project 11 data, as reported by CriptoNoticias, approximately 6.8 million BTC is tied to addresses whose public keys have been made public, making it theoretically vulnerable to powerful quantum attacks.
“The risk is real but recognized,” Thorne said in a meeting with CoinDesk. “And the people in the best position to solve this problem are actively working on it. There’s a lot more work going on than people think, and developers are actively building paths to update the system.”
It is worth emphasizing that Current risks are limited to specific cases The public key has been exposed on the network, such as a reused address or an old format. Yet, under the capabilities of quantum computing known so far, these funds will remain safe.
Efforts to mitigate quantum threats
In this context, Thorne emphasized that: ecosystem Bitcoin Already working on possible solutions. One of the suggestions is BIP-360. This is an improved version that introduces a P2QRH (“Payment to Quantum Resistant Hash”) type output, designed to reduce public key exposure and reduce the risk of quantum attacks.
In recent years, There is a heated debate in the industry surrounding this issue. On the other hand, some believe that quantum computing is a distant threat. Others, however, warn of the possibility of further impacts.
Thorne’s position is somewhere in between, recognizing the legitimacy of the risk but denying it’s imminent. He said quantum risk is a long-term technical challenge that needs to be closely monitored. This does not suggest any reason to avoid Bitcoin at this time.
