Concerns Over Bitcoin’s Long-Term Sustainability Intensify Amidst Quantum Computing Threat
Concerns over Bitcoin’s long-term sustainability have intensified, with senior experts sounding the alarm over the increasing risk from quantum computing. Galaxy Digital’s Head of Research, Alex Thorn, highlighted the gravity of the situation, insisting that the threat is much more serious than is normally appreciated. With the market capitalization of Bitcoin approaching $1 trillion, the stakes couldn’t be higher.
Thorn elaborated that any type of public key cryptography may be vulnerable to the risk of being broken, with the digital currency being particularly vulnerable. This is because its current cryptographic underpinnings—hash functions such as SHA-256 and elliptic curve cryptography (ECC)—would be vulnerable to being compromised using sufficiently powerful quantum machines. After a quantum system has extracted a private key from a public key, unauthorized transactions become inevitable.
He also noted that in spite of recent breakthroughs in post-quantum cryptography, the choices available to Bitcoin remain few and unencouraging.
“Quantum is a bigger threat than people realize, and the options to fix it for Bitcoin specifically are worse than people realize,” Thorn stated.
Forecasts Signal Change Before 2030
Adding to the urgency is Diamante COO Chirag Jetani referencing Google’s swift steps in the field of quantum technology. He stated that their computers, based on the laws of quantum mechanics, now perform 241 million times faster than traditional systems.
“A quantum computer with just 4,000 qubits could crack Bitcoin’s encryption in 10 minutes. By 2030, they’ll crack Bitcoin’s encryption in seconds,” Jetani warned.
Jetani added further to explain the way that this innovation will determine blockchain’s future direction. He singled out quantum-secured identity systems and smart contracts powered by quantum technology as being potential benefits of this technology. His thinking is unmistakable: shift to quantum-resistant alternatives immediately to avoid lasting harm.
You need to start moving your assets to quantum-resistant systems now. Because by 2030, it’ll be too late.
Community Remains Divided Over Future Response
Some, such as President of the ETF Store Nate Geraci, remain realistic. He stated that Bitcoin, being any type of technology, could ultimately fail. There is some chance Bitcoin will be hacked. Should it be able to be made, it is also capable of destruction, according to Geraci.
Despite the general alarm, not all hold a negative outlook. Paolo Ardoino, CEO of Tether, is one who is optimistic that the network has time to adjust. He posited that quantum-resistant addresses will be rolled out long in advance of any actual risk being present, refuting some of the most drastic projections.
Joining in with that optimistic sentiment was Project 11, a prominent research firm that specializes in quantum computing. It asserted that a sufficiently powerful quantum machine to breach Bitcoin is likely ten years away at best. It echoed Bitcoin’s record of being historically capable of upgrading against technological threats. The company stated:
BTC can absolutely survive quantum computing. It will be difficult, controversial, and debated, but the network can be upgraded in time.
However, the company also mentioned the pitfalls of the use of post-quantum cryptographic protocols, which include larger transaction sizes and a decrease in efficiency. It quoted NIST’s work in creating lattice- and hash-based standards, stating that though there are various libraries to implement Post-Quantum Cryptography (PQC), performance constraints remain unsolved.