Although there will be many warnings
Quantum computers could breach the cryptographic security that protects cell phones, bank accounts, email addresses, and Bitcoin wallets within the next decade.
Thorsten Groetker, former CTO of Utimaco and one of the top experts in the field of quantum computing, said that this worst-case scenario would only occur if warnings were ignored.
Crypto experts aren’t as concerned about the quantum hacking of bitcoin wallets for a number of reasons. Castle Island Ventures’ founding partner Nic Carter suggested that quantum fractions would happen gradually rather than suddenly.
“We would have many forewarnings when quantum computing reached the stage of maturity and sophistication at which it began to threaten our basic cryptographic elements. It wouldn’t be something that would happen overnight. “
On top of that, the community knows it’s coming, and researchers are already in the process of building quantum-secure cryptography.
Fred Thiel, CEO of cryptocurrency mining specialist Marathon Digital Holdings, said the National Institute of Science and Technology (NIST) was working on a new standard for quantum security for the future.
NIST is now conducting this selection process, selecting the best candidates and standardizing them.
Groetker said, “It’s a technical problem and there is a technical solution to it. There are new and secure algorithms for digital signature. … You will have years to move your money from one account to another.”
Groetker said he expected the first standard quantum secure crypto algorithm by 2024, which, as he put it, was still long before we saw a quantum computer capable of cracking Bitcoin’s cryptography. As soon as a newly standardized post-quantum secure cryptography is established, said Groetker, the process of mass migration will begin.
“Anyone who owns Bitcoin or Ethereum will have their money transferred from the digital identity that is secured with the old type of key to a new wallet or account that is secured with a new type of key that will be secure.” he said.
There will continue to be the problem of users who forgot their password or died without giving their key.