Summary
- CoinShares indicates that quantum computing presents a theoretical risk to Bitcoin, but not a pressing threat.
- Experts suggest that millions of qubits will be necessary, greatly exceeding today’s quantum capabilities.
- The firm recommends a gradual approach to future upgrades rather than drastic changes to protocols.
Quantum computing is perceived as a potential threat to Bitcoin, though immediate dangers are not apparent, with real risks likely years away.
According to a recent research note from CoinShares, while Bitcoin’s cryptographic measures could theoretically be compromised by future quantum advancements, current technology does not represent a viable threat.
“The quantum vulnerability of Bitcoin should be seen as an engineering issue rather than an imminent crisis, allowing for sufficient adaptation time,” the team at CoinShares stated.
Experts warn that breaking Bitcoin’s cryptography would necessitate quantum systems far beyond what currently exists. As Andy Zhou, CEO of BlockSec, mentioned, “The quantum risk remains a medium-to-long-term concern.”
CoinShares posits that potential quantum threats may emerge, but emphasizes these will occur over extended timeframes. They estimate that approximately 1.7 million BTC are currently in legacy addresses with exposed keys, while modern address types significantly mitigate risks.
CoinShares cautions against overly aggressive measures, as these could lead to software vulnerabilities and undermine Bitcoin’s reliability and trustworthiness.
