Experts argue that quantum computers will be able to hack bitcoin wallets, but the most advanced cryptographers are in a hurry to find protection.
While quantum computing is still in its infancy, governments and private sector companies such as Microsoft and Google are working to bring these ideas to life.
Within a decade, quantum computers could become powerful enough to break the cryptographic security of mobile phones, bank accounts, email addresses, and bitcoin wallets.
The problem also stems from the fact that today’s encrypted data can be stolen now and hacked later.
It will take a typical computer about 300 trillion years to hack into communications protected by a 2048-bit digital key. But a quantum computer running on 4099 qubits would only take 10 seconds. In 2029, Google intends to build a quantum computer with 1,000 “logical” qubits, stable enough to perform lengthy computations.
Currently, so-called asymmetric cryptography uses a pair of private and public keys to access such accounts and crypto wallets.
Cryptocurrency experts told CNBC that they are not worried about the quantum hacking of bitcoin wallets.
The cybersecurity community, including the National Institute of Science and Technology (NIST), is well aware of this issue and is already in the process of creating quantum-secure cryptography.
However, experts say the first standard quantum-secure cryptographic algorithm is expected to emerge by 2024. This will happen long before the world sees a quantum computer capable of breaking bitcoin cryptography, experts say. As soon as a new standardized post-quantum secure cryptography is created, the mass migration process will begin.
Each cryptocurrency owner will transfer their funds to a new wallet or new account, protected by a more secure type of key.
Let me remind you that I talked about the fact that Hackers cracked European supercomputers and forced them to mine cryptocurrency.