Bitcoin Safe from Quantum Risks, Experts Dismiss Imminent Threat

Ki Young Ju, the founder and CEO of CryptoQuant, recently addressed the ongoing concerns about quantum computers potentially breaking Bitcoin's security.

CryptoQuant CEO Ki Young Ju has reassured the public that there is no immediate threat to Bitcoin from quantum computers. He added that he did not think it would happen this decade, or in the next one at least to the likes of Bitcoin.

Ju also cautioned against the spread of FUD from the likes of people who may not have adequate information about the matter in question.

Even Adam Back, a cryptographer, and the creator of the Bitcoin Proof of Work algorithm agreed with these statements. Back recalled that the existing quantum technology is insufficient to crack Bitcoin’s encryption.

He noted that it is a mistake to think that improving the number of quantum bits or qubits in a quantum computer would lead to improved entanglement, which is crucial in quantum computing.

He said that even if there are huge improvements, the technology to hack Bitcoin remains a thing of the future. Instead, it is noteworthy that according to all the above-considered approaches, the necessary breakthroughs are, in fact, several orders of magnitude further on. It would take approximately 50 years to get a machine with the threatening capability of Bitcoin based on the rate of advancement in quantum computing, according to Back.

Back stated that it is possible if a new technology is developed then the situation may alter. That is, if something exciting or new occurs in the field of quantum computing, the status of the situation, the balance of power, might change. Nevertheless, for now, there is no urgent danger that could threaten Bitcoin’s stability in connection with quantum computers.

Furthermore, it is possible to establish the current security measures applied to Bitcoin withstanding the challenges. While quantum computing is on the rise, so is the work in the crypto community on the creation of new types of encryption that may help to counteract potential quantum threats. Consequently, it makes no sense to predict that Bitcoin will be at the mercy of quantum computers any time soon.

Therefore, Ki Young Ju and other analysts and experts, such as Adam Back have dismissed the idea that quantum computers are an imminent threat to Bitcoin. The decryption of Bitcoin is still some ways off in terms of the technology available. Although quantum computing research may change this situation in the future, at present, it does not pose any threat. For now, Bitcoin is safe and the public should not let itself be worked up by sensationalism.