Hey everyone! What’s the deal with the upcoming quantum-resistant addresses? When it’s time for everyone to move their bitcoins, how long do you think that’ll take? Some folks are saying the quantum threat is still 10-20 years away, while others think it could be just 2 to 3 years. Who really knows, right? Either way, it’s gonna be one massive transfer of digital wealth, probably the biggest we’ve ever seen.
Banks and fiat currencies will be exposed to quantum attacks first. They have much weaker protection than Bitcoin itself. When banks, Visa, Mastercard, and the fiat system start upgrading to become quantum-resistant, Bitcoin will still have another 10 years after that.
This change would not be instantaneous, happening overnight; this change will most likely be gradual.
The switch to quantum-resistant algorithms will likely be a normal process without profound repercussions, simply a matter of migrating your exposed funds to new addresses. Obviously, a huge amount of technical work will be required behind the scenes, but I'm confident this will be achieved. If anything, Bitcoin should be the least of our global concerns.
I really doubt it. "Biggest transer of wealth in human history?" Wtf.
Ofc it will never happen anything like that. Bitcoin would just go to zero if keys could be bruteforced like that. Even in a distant future, it won't happen.
If no fork could solve it, in the worst case scenario it would just go to zero after a few hacks and no wealth would be transfered anymore.
Honestly I have no idea how long will the migration better to read what the one who have a better understanding of the situation have to say. According to one of the article of coinmarketcap about Bitcoin Post Quantum Migration, it needs 5-10 years . We can read a detail information here: Bitcoin's Post-Quantum Migration Needs 5-10 Years, Casa Co-Founder Says
Yes it says the process is gradual that is why it will take sometimes and as the article I linked stated, it would take 5-10 years.
I meant that you and everyone who wants a secure post-quantum address will have to make a transaction to those new types of wallet addresses.
Not that the people with quantum computers will hack the coins and transfer them.
Quantum answer
Quantum should be One of the most used word on this forum since late last year.
People that can and want to would move their coins to the new address.
It would be determined by who's making the transfer.
The current part quantum pure a threat to are reused addresses
Let's just say addresses with pubkeys known.
How will it get to zero since not all addresses are vulnerable. People whose public keys aren't exposed are actually going to Hold. But I don't believe how people are projecting this quantum threat like a solutionless threat. I believe that a clear solution will suffice, if not a hard fork will solve the problem.
Forget about the projections, it could be nearer than you think. And I am buying into the idea of BitGoba that banks will first fall victim before bitcoin. This is my first time hearing this and it is giving a resounding hope.
2 to 3 years is unrealistic, the best logical qubit is from Google Willow and they only have 1-2 logical qubits consisted of 100+ physical qubits, other might have around 50 logical qubits but they are not reliable and have high error rate, we need thousands of reliable logical qubits to break bitcoin encryption by the way.
10 - 20 years ahead make more sense, with a big IF that any company developing quantum computer doesn't face roadblock in term of scaling their logical qubits.
Bitcoin works and have value because it is safe. This is the basic principle of bitcoin.
If you remove the security, it is worthless.
Anyway. "Biggest transfer of wealth of human history" is delusional.
Nobody can say with certainty what is going to happen, but biг changes in bitcoin are coming for sure.
Few days ago I saw a guy claiming that AI helped him recovered lost password for his bitcoin wallet with lot of bitcoin being unstuck.
New type of addresses would force everyone to move their coins, that is going to create another wave of huge transaction fees for sure, making bitcoin almost unusable for some time.
Hacking attacks are a common occurrence on any popular site!
However, I think that the main goal of those who want to hack this site is to take over a good account and deceive with advertisements for various loan services, and they will not be able to do that easily anymore, because the email address of the hacked profile will have to be changed, which will make it easy for anyone who wants to give a loan to be identified and will come under suspicion!
The future is unknown, no one can tell. But considering the history and the present, there is nothing to fear, because quantum cybersecurity and Bitcoin security experts may create Quantum Chains and Quantum layers in line with quantum. Bitcoin experts have been working / updating this work since 2010!
You should not think that the network will be at risk . This may be the most important and biggest change in the history of Bitcoin, but it will not happen overnight!
No matter how strong the code and technology are, Bitcoin technology can also be updated and changed in line with their considerations and that is the power of BTCitcoin!!
Ten year to twenty years or not what is important is that the proposed migration to quantum resistant addresses is a security measures that will make sure that the security of your Bitcoin assets are safe and secure, going forward. It's better that we are prepared for any major eventuality if possible that to be taken unaware even though there has been claims of quantum computing not been a threat to Bitcoin.
If you haven't used your address to send any bitcoin, it's not a threat
However if a transaction has been sent, the public key is already exposed on the blockchain when signing the transaction and then your address will become vulnerable to quantum attacks.
That is the main issue. Could everyone securely migrate to the new addresses in time, without being under threat during the confirmation of their transactions on the blockchain, if the quantum computers are already too powerful to extract the private keys for under 10 or so minutes.
That's true, expect decentralized network that does not have a strong resistance to attack be the first victim of things like this and we can only found so much with the commercial banks we use for the traditional currency, everything about bitcoin network is more secured than we thought of, decentralization is what gives everyone the right to see what is happening in a transparent manner and trust the network because decision is not veted on a single entity, bitcoin network or address is no visible for quantum attack any moment from now.