Jul 16, 2018 at 06:18
Jul 16, 2018 at 06:18 UTC
Are Quantum Computers Stealing Your Bitcoins?
BTC Wires: Cryptocurrencies such as Bitcoin, Ethereum, and Ripple have captured the imagination of investors all over the world as they provide an excellent alternative to conventional fiat currencies. Bitcoin Transactions are mainly a collection of puzzles that are stored with the help of blockchain technology. The complexity level of these puzzles is exceptional, and it is not possible for modern era computers to crack them with their current level of adeptness. But in the coming years, Quantum Computers can steal your bitcoins by cracking these puzzles.
The current mechanics of Bitcoin infer that the secrets of the common public are revealed only with the signature when a transaction is proposed to the community. As such, there is a small window of opportunity for Quantum computers to figure out the non-public key through the general public key and initiate another transaction that has been signed. This is equivalent to an assault on a customer who walks into a bank to deposit his cash and is robbed.
What makes matters worse is the fact that for a large number of transactions related to Bitcoins, the general public key is saved using blockchain technology and is already recognized. This leads to removal of timing constraints involved in the above-mentioned assault and allows the hacker to steal your bitcoin even if no transaction has been proposed. This assault can affect almost one-third of the market cap of bitcoin.
Although it might take Quantum Computers another ten years to be sturdy and sufficient enough to carry out these transactions, it is indeed a possibility down the line. In order to safeguard the cryptocurrencies, various cryptocurrencies are being developed while keeping in mind the potential of quantum computers. So, it can be safely inferred that by the time Quantum computers achieve the ability to carry out such assaults, even though Bitcoin might succumb but blockchain and cryptocurrencies won’t have any danger posed to their existence.