Expert sets timeline when quantum computers will ‘rip Bitcoin to shreds’
A cybersecurity expert has warned that Bitcoin’s (BTC) underlying security could be compromised in the coming years by quantum computers, amid ongoing advancements in the sector. According to David Carvalho, CEO and Chief Scientist at Naoris Protocol, Bitcoin is vulnerable due to its reliance on elliptic-curve cryptography. To this end, he projected that it could take just three to five years for quantum computers to crack this security, he said in an interview with Crypto News. He explained that emerging quantum algorithms, especially Shor’s algorithm, will be able to break Bitcoin’s cryptographic protections in seconds once sufficiently powerful quantum computers are available. Carvalho cautioned that about 30% of Bitcoin, or 6 to 7 million BTC, is stored in addresses that expose public keys, making them prime targets for quantum attacks. “Blockchains are based on elliptic-curve signatures, which Shor’s algorithm will rip to shreds in seconds o...