- Ardoino highlighted the potential impact of quantum computing on Bitcoin, suggesting it could even unlock the cryptocurrency holdings of its creator, Satoshi Nakamoto
- He proposed the eventual integration of quantum-resistant addresses into the Bitcoin network
- According to Ardoino, the current state of quantum computing technology doesn’t pose an immediate threat to Bitcoin’s cryptographic security
Paolo Ardoino, CEO of Tether, recently addressed the potential implications of quantum computing on Bitcoin’s security, especially for inactive wallets such as those belonging to Bitcoin’s creator, Satoshi Nakamoto.
Ardoino made it clear that quantum computing is still in its early stages and doesn’t currently pose a significant threat to Bitcoin’s cryptographic security.
However, he noted that as quantum technology advances, it could compromise inactive Bitcoin wallets, including those associated with Satoshi Nakamoto if the owner is no longer alive.
Ardoino said that “any Bitcoin in lost wallets, including Satoshi (if not alive), will be hacked and put back in circulation.”
To deal with future risks, he believes that quantum-resistant addresses will eventually be integrated into the Bitcoin network. This would allow active users to transfer their holdings to more secure addresses, safeguarding their assets against potential quantum attacks.
Despite these possible vulnerabilities, Ardoino reassured that Bitcoin’s fixed supply of 21 million coins remains unchanged, even if previously inaccessible coins are reintroduced into circulation. He stated: “Only 21 million Bitcoin anyway. Nothing can change that. Not even quantum computing.”
Experts Agree: Quantum Risk is Real, But Not Now
Other experts have similar views. Emin Gün Sirer, co-founder of Ava Labs, highlighted that early Bitcoin transactions used a now-outdated Pay-to-Public-Key (P2PK) format, which exposes public keys and could be vulnerable to quantum attacks.
Related: Quantum Threats to Bitcoin: Mining Speed vs. Security Concerns
He proposed precautionary measures, such as freezing old P2PK-based holdings or setting an expiration date for their usability, in order to reduce future risks.
Quantum Computing: Crypto’s Future Challenge
Quantum computing leverages quantum mechanics to perform calculations much faster than classical computers.
Cryptocurrencies like Bitcoin and Ethereum rely on public-key cryptography for security. If quantum computers become powerful enough, they could break existing cryptographic systems. This could lead to compromised wallets, 51% attacks, and even decryption of encrypted transactions.
For now, though, quantum computing and today’s quantum computers are not an immediate threat to Bitcoin or cryptocurrencies. That said, the industry is proactively working on quantum-resistant upgrades to ensure blockchain security in the long term.
Related: Quantum Computing and Crypto: Will Google’s Willow Impact Blockchain?
For example, just last August, The National Institute of Standards and Technology (NIST) published the first three cryptographic standards. These are designed to withstand attacks from both conventional and quantum computers by incorporating them into products and encryption systems.
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