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After recent major breakthroughs in quantum computing technology, the cryptocurrency markets are abuzz with the question, “I am I a danger” following this week’s coinage of Bitcoin. The discussion on whether quantum computers could disrupt Bitcoin’s underlying encryption methods (ECDSA) and the potential impact on markets was discussed in a panel with Tom Dunleavy, Andrew Parish and Tillman Holloway.
It is argued that “Millions of times the processing power of quantum computers are more than conventional computers” and this debate revolves around the fact that they have processors. A “powerful quantum computer” developed, experts said, would theoretically be able to hack the private keys of Bitcoin wallets if they were made up of enough power.
The current situation has created a climate of panic, Tom Dunleavy said, but the Bitcoin network is resilient enough to evolve against such threats. According to Dunleavy, the network could become a “Quantum Resistant Encryption” system.
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Andrew Parish drew attention to market psychology rather than technological risk. But such news makes institutional investors uncertain and causes short-term volatility, he said. In thinking of the threat to not only Bitcoin but the entire world banking system, Parish said that Bitcoin is one of those systems that can solve this problem in a short time.
The subject was approached by Tillman Holloway from’more technical point of view’, who described his predictions about how Bitcoin mining difficulty and network security will change in the quantum age. This is not a threat to the quantum, which will come into being overnight but that community should be prepared now,” Holloway said.
But the panelists agreed that claims that Bitcoin is ‘ruined’ are overstated. But instead of the destroying Bitcoin by quantum computers, they think that it will force an update to the technology (soft-fork or hard–forK).
*This is not investment advice.
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