Quantum computers and bitcoin

quantum computers and bitcoin

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Will Quantum Computing Break Bitcoin?
Quantum computers are posing a serious challenge to the security of the Bitcoin blockchain. Presently, about 25% of the Bitcoins in circulation are vulnerable. To conclude, no, Bitcoin is not susceptible to quantum computing today. The sophisticated quantum computers required to meaningfully attack the Bitcoin network. Approximately one-quarter of the Bitcoin ($bn) in circulation in is vulnerable to quantum attack, according to a study by Deloitte.
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Specifically, future quantum computers in the future could ascertain cryptocurrency private keys from their corresponding public addresses, as private keys are encrypted using what are known as digital signature schemes based on modern cryptographic protocols. Collaborative efforts : The development and implementation of post-quantum encryption standards require collaboration among cryptographic researchers, developers, and the broader cryptocurrency community. The threat posed by quantum computing is applicable to all cryptocurrencies. Further, Bitcoin is the most decentralized blockchain by far, making it all the more difficult for any nefarious elements to execute an attack.