Is It the Next Gold?

Major tech companies are continuing to upgrade their quantum computers to millions of qubits by 2030. This year, the latest quantum computer is expected to break 1000 qubits for the first time. Quantum computers can theoretically solve a wide range of problems when compared to classical computers that take millions of years to solve. But, quantum computers now have limited capabilities. Nonetheless, the developers will continue to increase the number of qubits. Initially only 5 qubits but increased to 433 Osprey qubits. So, it can be expected that the development of quantum computers will grow rapidly.

But, there is a threat from the development of this quantum computer, especially in crypto assets. Why? in theory, if this quantum computer could solve the complex set of numbers that make up Bitcoin and other cryptocurrencies. Then, it could easily hack BTC. but is that true?

Quantum Computer?

Before you learn more about quantum computers and Bitcoin, it's important to understand what quantum computers are. The system in a quantum computer utilizes the properties of quantum mechanics to perform calculations. In classical computers, information is stored and processed in binary bits in the form of numbers 0 and 1. But in quantum computers information is actually stored in quantum bits known as qubits which can be in the form of 0, 1 or a superposition of 0 and 1.

The very essence of quantum is entanglement. So, the state in 1 qubit will be related to another qubit. This is what makes the computer able to perform calculations faster than classical computers. The algorithm system on a quantum computer will utilize the unique properties of qubits so that it can solve problems or calculations efficiently. For example, factorization of large numbers that are believed to be unsolvable by classical computers.

Quantum computers can also be used for quantum simulations, which allow modeling of complex quantum systems that are difficult to study using classical computers. The implementation of this computer will use a combination of hardware such as superconducting qubits, software to perform calculations. However, the development of these computers is a major challenge for quantum computing.

Although still relatively new. Quantum computers are developing very rapidly and have the potential to revolutionize various fields of technology, science, of course, cryptography and optimization. Although still relatively new. Quantum computers are developing very rapidly and have the potential to revolutionize various fields of technology, science, of course, cryptography and optimization.

Bitcoin Encryption how secure is it?

Before answering the big question of how quantum computers hack Bitcoin, You should also understand how the encryption security of Bitcoin works. Bitcoin as the largest crypto asset today uses at least a combination of 256 keywords that are theoretically very difficult for a supercomputer to hack, let alone a classical computer.

The easiest way to break the encryption is to recognize the pattern or use a brute force attack by forcing the computer to process the data so that it systematically goes through all possible combinations of numbers. Commonly used passwords can be cracked due to the human weakness in creating random codes. Typically, humans will use pet names, birth dates, and the classic password 123456. But, even when doing it randomly, standard computer processing can only crack an eight-letter password in lowercase and no special characters in 8.5 hours, while a supercomputer can in a short time.

The increase in processing capabilities of classical computers is limited by Moore Law. Because it predicts that the number of transistors on a microchip will double in two years. Therefore, guessing the atoms of the entire universe is impossible with even a supercomputer. So, in theory and Moore Law, Bitcoin is very safe. However, the entire computational power base and threats posed to algorithms like SHA256 are being disrupted by new paradigms in technology that are not limited by binary computing. Hence, quantum computing and the opinions of some who fear that quantum computers could hack BTC are changing the crypto climate and its security for the future.

How do Quantum Computer Hack Bitcoin?

The fear of quantum computers being able to hack Bitcoin is based on taking brute force attacks to a higher level, where attacks are also applied to spend BTC. Keep in mind that spending Bitcoin only requires a valid 256-bit key pair, so a quantum attack would only attempt to crack the ECDSA algorithm by calculating the private key from a known public key.

Threat from Quantum Computer

Although there is a possibility of quantum computers hacking Bitcoin and crypto assets, don't panic. Because, quantum computing capabilities are very different from current reality. Research from the University of Sussex, Universal Quantum and Qu&Co published in January 2022 in AVS Quantum Science shows that quantum computers would have to be a million times faster to crack bitcoin cryptography.

It surpasses Google and the University of Science and Technology in China and is theoretically more powerful than all the supercomputers on the planet combined. But to crack Bitcoin within 24 hours, the team calculated it would require a quantum computer with 13 million qubits. That's 1 million times bigger than Eagle and would increase to 1.9 billion qubits to do the processing just to read a confirmation window within 10 minutes of Bitcoin.

"The most advanced quantum computers today have only 50-100 qubits. Our estimated requirement of 13-300 million physical qubits suggests that Bitcoin should be considered safe from quantum attacks for now," said Mark Webber, quantum architect at Universal Quantum.

But, it's worth noting that this only applies to current supercomputers. So, the chances of a quantum computer hacking Bitcoin could still happen in the next few years.

Does a Quantum Computer Attack on Bitcoin Make Sense?

Basically, it's a question of whether the possibility is scientifically valid. But discussions around the potential for quantum computers to crack Bitcoin should also focus on whether or not it makes sense. Quantum computers aren't built solely for the purpose of hacking Bitcoin, it just makes a good headline to assume that this might be on their to-do list. Some analysts believe that the most plausible scenario for a quantum attack would be to harvest existing encrypted data, essentially setting up certain groundwork and only enough if the qubits are available.

But the cost of building a quantum computer is so great that there are only a few organizations that can afford to do so.

"By most estimates, a single qubit costs around US$10,000 and needs to be supported by a number of microwave controller electronics, coaxial cables, and other materials that require a large controlled space to function." Seeqc said.

The machine must be built in complete secrecy, without changing the Bitcoin protocol to implement a data resistant. After that it starts making double spends and the holder understands why the Bitcoin price will collapse so the process is futile. this could be considered financial suicide. Because the cost and difficulty of building a quantum computer is very high. Otherwise, the only party that could do it would be the state, which is motivated to control information rather than direct financial gain, to build a quantum computer capable of cracking Bitcoin. But if their intention is to destroy or subvert it, there are less complicated options.

The easiest Bitcoin threat model is the human threat. No qubits are needed, just aspects of the techniques already used by secret services, such as infiltrating the Bitcoin core team or simply controlling the market for Bitcoin mining hardware. Failing that, they could easily do what China has done and ban its circulation and use. The real concern of the quantum computer space is not Bitcoin. Because logically its relation to BTC is very low. Almost all online services are now secure and can be used properly. Including banking encryption systems which generally use a small combination of numbers so most people focus on this issue instead.

Given the parallel developments in quantum resistance, it could be that the threat posed by quantum computing ends up being as overblown as the threat from the Y2K bug. Many predicted January 1, 2000 would trigger an end-of-the-world computer disaster. It ended up being a trivial issue and nuisance. At this stage, there are too many unknowns to make bold predictions about quantum computers killing Bitcoin.

So instead of worrying about potential future threats that are too complex to properly understand, focus on protecting your bitcoins from the threats we know are real at this point.

so the conclusion is have you bought Bitcoin?