Why Quantum Computers Won't End Up Cracking Bitcoin Wallets

'Within a decade, quantum computers could be powerful enough to break the cryptographic security that protects cell phones, bank accounts, email addresses and — yes — bitcoin wallets,' writes CNBC.
But fortunately, that would happen only if we do nothing in the meantime, they're told by Thorsten Groetker, former Utimaco CTO 'and one of the top experts in the field of quantum computing.'
Crypto experts told CNBC they aren't all that worried about quantum hacking of bitcoin wallets for a couple of different reasons. Castle Island Ventures founding partner Nic Carter pointed out that quantum breaks would be gradual rather than sudden. 'We would have plenty of forewarning if quantum computing was reaching the stage of maturity and sophistication at which it started to threaten our core cryptographic primitives,' he said. 'It wouldn't be something that happens overnight.'

There is also the fact that the community knows that it is coming, and researchers are already in the process of building quantum-safe cryptography. 'The National Institute of Science and Technology (NIST) has been working on a new standard for encryption for the future that's quantum-proof,' said Fred Thiel, CEO of cryptocurrency mining specialist Marathon Digital Holdings. NIST is running that selection process now, picking the best candidates and standardizing them.

'It's a technical problem, and there's a technical solution for it,' said Groetker. 'There are new and secure algorithms for digital signatures.... You will have years of time to migrate your funds from one account to another.' Groetker said he expects the first standard quantum-safe crypto algorithm by 2024, which is still, as he put it, well before we'd see a quantum computer capable of breaking bitcoin's cryptography. Once a newly standardized post-quantum secure cryptography is built, Groetker said, the process of mass migration will begin. 'Everyone who owns bitcoin or ethereum will transfer [their] funds from the digital identity that is secured with the old type of key, to a new wallet, or new account, that's secured with a new type of key, which is going to be secure,' he said.

There will still be the problem of users who forget their password or died without sharing their key.

But in those scenarios, CNBC suggests, 'an organization could lock down all accounts still using the old type of cryptography and give owners some way to access it.'

Read more of this story at Slashdot.