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John Woods on Quantum Security for Bitcoin
John Woods recently addressed growing concerns over the potential threat of quantum computers to Bitcoin. According to Woods, the safest way for users to protect their assets is by not spending their Bitcoin. He explained that Bitcoin stored in a new wallet and left untouched remains secure from quantum attacks.
Woods noted, “Without spending, your public key is never revealed and thus there is no target for the quantum computer to attack.” This highlights a critical aspect of Bitcoin’s design: addresses are hashes of public keys. The risk emerges only when funds are spent, revealing the public key and potentially exposing it to a quantum-enabled attacker.
The Role of Public Key Exposure
Bitcoin addresses function as hashes of public keys. Until a transaction is made, the public key stays concealed. Once a user spends from their wallet, however, a quantum computer could theoretically derive the private key from the public key, creating a vulnerability. Woods recommends using new wallets for Bitcoin that is not intended to be spent immediately, serving as a temporary protective measure until stronger solutions are developed.
Expert Opinions on Quantum Threats
The quantum computing debate is ongoing within the crypto community. Charles Edwards, head of Capriole Investments, estimates that a quantum computer with approximately 700 usable qubits could compromise Bitcoin’s elliptic curve signature. Edwards warned that the emergence of such machines within the next two to three years could pose a serious threat to Bitcoin.
On the other hand, Michael Saylor of Strategy argues that quantum computers will not be able to hack Bitcoin passwords. According to Saylor, even if quantum computers advance, the fundamental mathematics behind Bitcoin remain secure, suggesting the core asset itself is not at risk.
Market Reactions
Concerns about quantum computing appear to influence Bitcoin’s market performance. At the time of writing, Bitcoin was trading at $82,653.09, reflecting a 9.92% decline over the past 24 hours. While some investors express anxiety about future technological threats, opinions vary on the immediacy and magnitude of the risk.
