TLDR
- Adam Back calls quantum threat claims about Bitcoin “nonsense” and unfounded.
- Quantum-proof signature systems are ready, allowing Bitcoin to adapt if needed.
- Bitcoin’s cryptographic system can handle future quantum threats through software upgrades.
- Quantum computers are not a near-term threat to Bitcoin, experts assure.
Recent claims suggesting that quantum computers could soon break Bitcoin’s security and cause its price to drop by 30% have sparked fear across the crypto community. However, Adam Back, a key figure in Bitcoin’s early development, has dismissed these concerns as “nonsense.” Back reassures investors that Bitcoin’s cryptography is prepared for future quantum threats and can be upgraded without disrupting the network, dismissing the idea of an immediate risk.
Quantum Threat Claims Spark New Concerns
The debate over quantum computing’s potential to disrupt Bitcoin resurfaced recently, sparking fear among some investors. This time, the focus was on claims that Bitcoin’s cryptography could soon be broken by quantum computers. The argument, brought forward by prominent Bitcoin figure Charles Edwards, suggested that Bitcoin’s market price should already be discounted by 30% due to an impending quantum breakthrough expected to occur within three years.
Edwards pointed to surveys and forecasts about elliptic curve cryptography (ECC) becoming vulnerable to quantum attacks by 2028. He argued that Bitcoin’s reliance on ECC could cause a serious security threat, rendering Bitcoin susceptible to hacks. However, these claims were quickly shut down by Adam Back, a well-known figure in Bitcoin’s development and a close associate of Satoshi Nakamoto.
Adam Back Responds to Quantum Threat Claims
Adam Back, a cryptographer who has been involved with Bitcoin since its early days, was quick to respond to these quantum computing concerns. In a straightforward rebuttal, Back labeled the claims as “nonsense.” He stressed that Bitcoin is not vulnerable in the way traditional banking systems are. Unlike banks, which use encryption to protect data, Bitcoin relies on digital signatures, which can be upgraded to quantum-resistant systems in the future.
Back further explained that Bitcoin’s network has long been prepared for cryptographic changes. “Post-quantum signature systems are already available,” he said. He pointed out that the National Institute of Standards and Technology (NIST) completed its standardization of a quantum-safe signature algorithm (SLH-DSA) in 2024. This means Bitcoin can adopt a quantum-secure signature system without the need for drastic changes to its protocol.
Bitcoin’s Ability to Adapt to Quantum Threats
The issue of quantum computing’s impact on Bitcoin security has been a topic of ongoing discussion. However, experts agree that any potential quantum threat is still far off. Bitcoin’s flexible protocol allows for gradual upgrades, ensuring a smooth transition to quantum-resistant systems well before a quantum computer is capable of breaking its security.
Back explained that quantum readiness is a matter of software updates, not an immediate crisis. With key Bitcoin upgrades, such as Taproot and flexible signature rules, already in place, the system can evolve to counter any future threats. Bitcoin’s cryptographic framework is designed to be adaptable, which means the network can remain secure even as quantum computing advances.
Quantum Computers: Not a Near-Term Threat
According to Back, even if quantum computers become a reality, they will likely target larger systems before Bitcoin. The financial systems of banks, governments, and global security infrastructures are far more pressing targets for quantum attacks than Bitcoin. Back emphasized that these systems would face pressure to adopt quantum-resistant technologies long before Bitcoin.
Experts in the field of cryptography and quantum computing have also voiced their concerns about the premature panic surrounding quantum threats. Many argue that fears about Bitcoin’s demise due to quantum advancements are exaggerated. While the potential for quantum computers to break certain encryption methods exists, the timeline and scale of this threat are uncertain. Furthermore, Bitcoin’s development community has ample time to implement solutions and avoid any major disruptions.
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