Quantum physics helps build faster computers. Some worry hackers could utilize quantum computers to hack blockchains like Bitcoin (BTC) and steal assets.
Quantum computers and their superior computational power
The Blockchaineur account tweeted a number of times on July 7 about how quantum computers might endanger the Bitcoin (BTC) network. As it turns out, quantum computing has made it possible to create computers with blatantly higher computation speeds than those of traditional computers. Analysts worry that these computers’ technology will ultimately dominate cryptographic consensus processes like Proof-of-Work (PoW), particularly with reference to the Bitcoin (BTC) network.
In fact, it looks that a hacker might use a quantum computer to successfully break into the Bitcoin (BTC) network in a matter of hours. The latter appears effective at altering blocks, stealing money, and decrypting data from the blockchain and locating its private key. Scientific research has shown that 300 million qubits may be used to decrypt the Bitcoin (BTC) network in an hour (the basic unit of a quantum computer).
It has also been shown that after 2026, the qubit count of quantum computers in development could not rise above 100,000. However, businesses might succeed in surpassing this amount in the interim. Given the number of qubits required to successfully attack the Bitcoin (BTC) blockchain, computer scientists predict that it will continue to be secure for roughly ten years.
They stated that quantum computers wouldn’t be competitive with today’s ASIC chip technology until 2028. (used for BTC mining). They could be able to launch a 51 percent attack at that point on the Bitcoin (BTC) network. ASIC chips may advance more in the interim, increasing their sophistication and defenses against such an assault.
Quantum computing could be used by the Bitcoin network to increase security.
Theoretically, there are several quantum computer technologies that are as powerful as the Bitcoin (BTC) network. Scaling these technologies is challenging in reality, though. In the event that this scale is reached, the Bitcoin network provides a means to safeguard itself.
In fact, the blockchain may soft fork via a quantum computing-based encryption technique. Scaling this soft fork will be challenging, though, as it needs the support of the enormous Bitcoin (BTC) community.
In addition, Erik Aronesty, a Bitcoin Core developer located in New York, stated in April that the network may reduce quantum risk by deploying a new technique for creating public keys. These are going to be produced via quantum algorithms.
Quantum computers and their potential to undermine the security of a network like Bitcoin are the subject of a lot of speculative research (BTC). However, nothing is clear at this time, and Bitcoin (BTC) is still safe from potential threats.
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