Quantum Computing Is Not Imminent Threat to Bitcoin: Bitfinex

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Bitfinex, a leading digital asset trading platform, has reassured the community that the quantum computing threat does not pose any immediate risk to Bitcoin. In an update shared on X, Bitfinex noted that the quantum computing threat is a long-term solvable challenge.

Hardware limitations keep quantum risk theoretical

Notably, Bitfinex maintains that breaking Bitcoin’s cryptography would require a very powerful quantum computer. It insists that such a computer would need to have millions of stable qubits and can run Shor’s algorithm at a large scale.

Additionally, the quantum computer must operate long enough and consistently without error to crack Bitcoin’s cryptography. However, the existing quantum machines are nowhere near that level of sophistication.

Bitfinex
@bitfinex
Quantum computing is not an imminent threat to Bitcoin.

But it is a long-horizon engineering problem the ecosystem is already preparing for.

Today’s blog looks at real exposure, hardware gaps, and proposals like BIP 360.

Full breakdown pic.twitter.com/6Zp0TWCCmw

The hardware barriers required to affect it remain steep and far beyond the capacity of today’s computing. Hence, before that level of advancement can be achieved, it would allow time for upgrades to reduce public key revelations on-chain.

Generally, addresses that have spent Bitcoin before are theoretically more exposed in a quantum scenario. This gap in capacity gives Bitfinex the confidence that Bitcoin is safe from quantum computing threats. It would allow developers enough time to plan and combat quantum threats.

By Bitfinex’s estimate, the quantum computing threat remains a distant risk, not an emergency. If anything, the threat could begin to manifest around the mid-2030s to 2040s.

Meanwhile, the Bitcoin community is not just idle. Bitfinex stated that developers in the community are planning a gradual migration to new wallet types that would avoid exposing public keys for long periods. Another solution to the threat might involve using lattice-based signatures.

The Bitcoin community is also considering the BIP 360 proposal. This is a safer structure that eliminates one of the main quantum attack surfaces. It would serve as a safe environment for Bitcoin to operate in without fear of any threat.

Stakeholders optimistic Bitcoin quantum computing risk poses no threat

Bitfinex is therefore assuring Bitcoin users that while the quantum computing threat remains a distant risk, the community is preparing to counter it. As such, there is no need to panic about this theoretical threat.

Strategy’s co-founder, Michael Saylor, also believes that quantum computing will not break the leading digital asset but make it stronger. According to Saylor, before the threat becomes real, the Bitcoin network consensus would likely agree to freeze the old protocol.

Overall, the sentiment in the larger part of the Bitcoin community remains positive and free of panic as it concerns quantum threats.
source: https://www.tradingview.com/news/u_today:7a970e7db094b:0-quantum-computing-is-not-imminent-threat-to-bitcoin-bitfinex/