The Quantum Threat to Bitcoin

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In this video, I discuss the quantum threat to Bitcoin.

A really powerful quantum computer (which probably doesn't exist yet) could use Shor's algorithm (or other quantum algorithms) to reverse-engineer Bitcoin private keys from Bitcoin public keys, thus making it possible to steal someone'e Bitcoin.

The solution is the creation of quantum-resistant Bitcoin addresses and then everyone moving their BTC from legacy addresses to these new addresses.

Building consensus for a change like this will take time, so it's a good thing that people are already proposing quantum address BIPs (Bitcoin improvement proposals).

The only things more vulnerable to a quantum computing attack than Bitcoin are the traditional financial system, banks, military databases and encrypted communications, and everything else in the world (including the whole internet) that relies on public/private key cryptography.

I also discuss the reasons why it's important never to reuse Bitcoin addresses, due to both security and privacy concerns.

Not investment advice! Consult a financial advisor.

Bitcoin address types:
https://unchained.com/blog/bitcoin-address-types-compared/

Google's new quantum chip:
https://blog.google/technology/research/google-willow-quantum-chip/

Quantum-resistant Bitcoin address BIPs:
https://bitcoinops.org/en/newsletters/2024/06/14/
https://delvingbitcoin.org/t/proposing-a-p2qrh-bip-towards-a-quantum-resistant-soft-fork/956

ECDSA:
https://en.bitcoin.it/wiki/Elliptic_Curve_Digital_Signature_Algorithm

Shor's algorithm:
https://en.wikipedia.org/wiki/Shor%27s_algorithm

Schnorr signatures (also not quantum-resistant):
https://river.com/learn/what-are-schnorr-signatures/

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#quantum
#crypto

Disclaimer
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