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Author Topic: Bitcoin Private Keys could be cracked With Quantum computers  (Read 15292 times)

Offline marconicolo

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Google has left everyone awestruck with it's latest technological development of quantum computer which claimed to hold the potential of handling intricate calculations in seconds. while on the other hand the entire procedure for bitcoin mining and transaction based and secured by complex mathematical structures, which are almost impossible to breakthrough. though not sure for how long with the new quantum approaching.
This news has shaked many bitcoin holders and traders worried of losing their BTC, though this time it's not about price it's something much bigger than that, something that can change the fate of crypto industry from its core.

News Source: TheCoinRepublic

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Offline masterrex

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Re: Bitcoin Private Keys could be cracked With Quantum computers
« Reply #1 on: October 24, 2019, 03:27:14 PM »
Google has left everyone awestruck with it's latest technological development of quantum computer which claimed to hold the potential of handling intricate calculations in seconds. while on the other hand the entire procedure for bitcoin mining and transaction based and secured by complex mathematical structures, which are almost impossible to breakthrough. though not sure for how long with the new quantum approaching.
This news has shaked many bitcoin holders and traders worried of losing their BTC, though this time it's not about price it's something much bigger than that, something that can change the fate of crypto industry from its core.

News Source: TheCoinRepublic
I think thats too early to presume, Its just an announcement to create a hype! But quantum computing is achievable but i think its not like that easy or instantly to create a new hybrid computing machine and change all of the sudden of what we use today, If those quantum computing machines was already in existence i dont think cryptocurrency developers are not able to cope up with a solution with that so called threat!

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Re: Bitcoin Private Keys could be cracked With Quantum computers
« Reply #2 on: October 24, 2019, 08:36:59 PM »
So far, quantum computers do not exist and say that they will not appear soon. Therefore, it’s too early to be scared. In principle, every digital technology can be hacked more advanced. And so it can be forever. Therefore, of course, there is something to fear.

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Re: Bitcoin Private Keys could be cracked With Quantum computers
« Reply #3 on: October 24, 2019, 09:00:40 PM »
I have read several articles about this, as in this article https://medium.com/the-quantum-resistant-ledger/no-ibms-quantum-computer-won-t-break-bitcoin-but-we-should-be-prepared-for-one-that-can-cc3e178ebff0

Quote
Quantum computers could threaten blockchain security but the blockchain community I think has anticipated this problem in the future
« Last Edit: October 27, 2019, 03:36:59 PM by pelana vreo »

Offline Bobcrypto

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Re: Bitcoin Private Keys could be cracked With Quantum computers
« Reply #4 on: October 24, 2019, 09:07:18 PM »
Google has left everyone awestruck with it's latest technological development of quantum computer which claimed to hold the potential of handling intricate calculations in seconds. while on the other hand the entire procedure for bitcoin mining and transaction based and secured by complex mathematical structures, which are almost impossible to breakthrough. though not sure for how long with the new quantum approaching.
This news has shaked many bitcoin holders and traders worried of losing their BTC, though this time it's not about price it's something much bigger than that, something that can change the fate of crypto industry from its core.

News Source: TheCoinRepublic

Hello friend, just to remind you that every post has it own sections in this forum, as a matter of appropriations, this post should at the bitcoin section or rather, the news sections. Thanks

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Offline damsix

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Re: Bitcoin Private Keys could be cracked With Quantum computers
« Reply #5 on: October 25, 2019, 02:33:56 AM »
I have read several articles about this, as in this article https://medium.com/the-quantum-resistant-ledger/no-ibms-quantum-computer-won-t-break-bitcoin-but-we -should-be-prepared-for-one-that-can-cc3e178ebff0

The article you gave was missing and it can be said that the article is just an obscure Hype for all cryptocurrency lovers.
Can be seen and checked for proof of the picture below!

It is very fearful for Quantum Computers but in fact for now no one has been able to solve every private key in the cryptocurrency world. See the next episode!

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Offline LogiC

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Re: Bitcoin Private Keys could be cracked With Quantum computers
« Reply #6 on: October 25, 2019, 11:39:33 AM »
There is no forever I guess. It is not unusual that someone can step up and this process from Google is just a start. Meaning, anything can reduce work is really possible when some genius put their effort to create it. Well this is it. Of course some will trigger that cryptocurrency isn't always the best option for easy life or appropriate method for fast and secure transaction. But I dont believe market will tremble with this news and causing a bloody market with bitcoin market.
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Re: Bitcoin Private Keys could be cracked With Quantum computers
« Reply #6 on: October 25, 2019, 11:39:33 AM »



Offline Octoalts

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Re: Bitcoin Private Keys could be cracked With Quantum computers
« Reply #8 on: October 25, 2019, 09:03:19 PM »
If this news is true, then this news is quite alarming, because if they are able to hack the private keys of Bitcoin, the holders of Bitcoin will be worried that their money is lost. But I'm sure not all of that, after hearing this news too, Bitcoin technology will increase their security against those who will act detrimental to holders of Bitcoin.
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Offline pelana vreo

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Re: Bitcoin Private Keys could be cracked With Quantum computers
« Reply #9 on: October 27, 2019, 03:39:58 PM »
The article you gave was missing and it can be said that the article is just an obscure Hype for all cryptocurrency lovers.
Can be seen and checked for proof of the picture below!

Sorry mate, I have updated the link and you can read it ;)

https://medium.com/the-quantum-resistant-ledger/no-ibms-quantum-computer-won-t-break-bitcoin-but-we-should-be-prepared-for-one-that-can-cc3e178ebff0
« Last Edit: October 27, 2019, 03:43:57 PM by pelana vreo »

Offline mlawson71

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Re: Bitcoin Private Keys could be cracked With Quantum computers
« Reply #10 on: October 27, 2019, 05:05:13 PM »
Not a lot of people will have access to quantum computers, at least at first, and I assume those people would be thoroughly vetted. There is no need to panic yet.

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Re: Bitcoin Private Keys could be cracked With Quantum computers
« Reply #11 on: October 27, 2019, 05:31:09 PM »
In my opinion, digital technology will always be vulnerable to hacking. The private keys of our wallets, although they contain a lot of beech and numbers, however, there is still a certain chance of getting into someone else's wallet if you take a long look at their various options. After the advent of quantum computers, this will really be a serious problem for cryptocurrency users.

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Re: Bitcoin Private Keys could be cracked With Quantum computers
« Reply #12 on: December 04, 2019, 06:42:38 PM »
Yes, it seems that such a danger does exist. We can assume that technology does not stand still and the possibility of cracking any digital codes may well appear. The assurance that people with a criminal purpose will not be able to use these new technologies is absolutely unconvincing. I even think that in many states special services will be created that will deal with hacking such codes and stealing cryptocurrencies. Although we, as always, will be assured of the opposite.

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Re: Bitcoin Private Keys could be cracked With Quantum computers
« Reply #13 on: November 04, 2020, 07:07:13 AM »
Not a lot of people will have access to quantum computers, at least at first, and I assume those people would be thoroughly vetted. There is no need to panic yet.
History just shows that cybercriminals primarily acquire such technologies, despite any restrictions.  Therefore, we have something to think about right now.  If quantum computers were to easily hack into our wallets, the cryptocurrency would quickly devalue.  Whatever measures the government takes is unlikely to help.  It should also be noted that governments in general are not very interested in the existence of a decentralized cryptocurrency.  However, the availability of quantum computers will threaten the normal circulation and their digitalized currencies.  Therefore, it will still be a common problem.

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Re: Bitcoin Private Keys could be cracked With Quantum computers
« Reply #14 on: November 04, 2020, 04:33:27 PM »
Scientists do not deny that in ten years, modern cryptographic protocols can be hacked using a quantum computer for about ten minutes pass between the broadcast of the transaction and its processing in the bitcoin blockchain. During this time, the quantum computer will be able to calculate the private key based on the public one and will be able, for example, to transfer bitcoins to another wallet. But I hope that these 10 years and security will not stand still, but will constantly improve.

 

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