"Bitcoin relies on cryptographic signatures to prove ownership of coins. Those signatures, based on elliptic curve cryptography, are considered secure against classical computers. A sufficiently advanced quantum machine could break that assumption, allowing an attacker to derive a private key from a public one and spend funds without authorization."
"The scenario has a name within the industry: "Q-day," the moment a cryptographically relevant quantum computer becomes viable. The timeline remains uncertain. Estimates range from years to decades, and no consensus exists among experts. The report stresses that uncertainty itself is the problem. Bitcoin's decentralized structure means upgrades take time, often measured in years, not months."
"Wallets only reveal their public keys when funds are spent, meaning coins sitting untouched behind hashed addresses remain shielded. Vulnerability emerges in two main cases: coins whose public keys are already visible onchain, and coins in transit during a transaction."
Bitcoin's security relies on elliptic curve cryptography to prove coin ownership through cryptographic signatures. A sufficiently advanced quantum computer could break this system by deriving private keys from public ones, enabling unauthorized fund transfers. This potential scenario is termed "Q-day." The timeline for quantum computing advancement remains uncertain, ranging from years to decades with no expert consensus. Bitcoin's decentralized structure complicates rapid upgrades, creating governance challenges. However, most Bitcoin remains unexposed currently. Public keys only become visible when funds are spent, protecting dormant coins. Vulnerability exists primarily for coins with visible public keys and those in active transactions. Millions of Bitcoin could fall into the at-risk category, including early network holdings and long-dormant wallets.
Read at Bitcoin Magazine
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