Summary
- Benchmark said the quantum computing threat to digital assets is unlikely to materialize in the near term, and that concerns it would be fatal to Bitcoin (BTC) are overstated.
- Analyst Mark Palmer said that while Bitcoin’s security structure could theoretically be vulnerable to quantum computing, it will most likely take decades before an actual attack becomes feasible.
- Palmer said the risk is limited to addresses whose public keys have already been exposed, and that not the entire bitcoin supply and the Bitcoin network would become targets of attack.
U.S. investment bank Benchmark said the quantum computing threat to digital assets (cryptocurrencies) is unlikely to materialize in the near term, arguing that fears it would be fatal to Bitcoin (BTC) are overstated.
According to crypto-focused media outlet The Block on the 29th (local time), Benchmark analyst Mark Palmer wrote in a research note that "while Bitcoin’s security architecture could theoretically have vulnerabilities to quantum computing, it will most likely take decades before a practical attack becomes feasible."
He added that "before that point, the Bitcoin network has sufficient time to put countermeasures in place," and that "not all bitcoin would be exposed to risk."
He continued, "Although cryptography is used for wallet and transaction authentication, the risk is limited to addresses whose public keys have already been exposed, and it is not the case that the entire bitcoin supply would become a target of attack."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
