Since the inception of the Bitcoin (BTC) there has never been a successful hack of the network. The Bitcoin network is therefore considered to be one of the safest in the world today. It seems that it is simply impossible to crack the network with current technology. However, crypto investors are concerned that a certain technology, which is still in its infancy, may be able to break into the Bitcoin network in the future: Quantum computers.
Quantum computers
Recently there was a research published from the University of Sussex that stated that within ten years quantum computers will be able to crack the Bitcoin network. Of course, this is a pretty frightening picture, but not everyone is equally convinced. Professor Sankar Das Sarma, a physicist at the University of Maryland, recently wrote a piece in which he argues that quantum computers are ‘overrated’.
In a opinion piece for Technology Review Sarma states that “quantum computing” after “artificial intelligence” has become the most over-hyped buzzword. But despite significant investments in quantum technology by major institutions like Alphabet, Amazon and Microsoft, it’s unlikely they’ll be able to produce anything useful any time soon.
At the moment quantum computers already exist, but these machines are not as revolutionary as sometimes claimed. According to Sarma, it is not even possible to say with certainty that quantum computers in the future will have the ability to unleash a technology revolution. Sarma argues that it is impossible to make sensible predictions about quantum computers.
Threat to Bitcoin
Most cryptocurrencies use nowadays public keys as “crypto addresses” to which any outsider can send their digital assets. However, to send a transaction from that address, one must private key know. It is currently impossible to decipher a private key just by knowing someone’s public key.
The big fear within the crypto community is that quantum computers could crack these private keys without too much effort. At the moment, however, this remains nothing more than speculation. If we are to believe Professor Sarma, Bitcoin investors do not need to be awake for the time being.