Tether CEO Foresees Quantum Computing Reviving Inactive Bitcoin
- Quantum computing could unlock over 3.5 million lost Bitcoin within 5-10 years.
- Bitcoin may transition to quantum-resistant encryption to prevent future security breaches.
- Satoshis dormant coins could re-enter circulation, potentially altering Bitcoins market dynamics.
Tether CEO Paolo Ardoino believes quantum computing updates will enable the retrieval of Bitcoin that remains in abandoned wallets. In an X post, Ardoino revealed that inaccessible Bitcoin wallets, including Bitcoins creator Satoshi Nakamotos funds, would enable their re-entry into circulation.
Ardoino addressed the crypto community to explain that existing quantum computing capabilities do not present any immediate danger to Bitcoins cryptographic defense systems. Ardoino stated that this evolutionary stage might arrive eventually, but existing technology is insufficient to breach Bitcoins encryption system.
How Quantum Computing Threatens Inactive Bitcoin Wallets
Quantum computing follows operational rules that distinctly deviate from those of traditional computing. Quantum computing systems based on qubits operate on an advanced computational scale beyond traditional bits during calculations. This quantum capability threatens Bitcoin security because it might result in elliptic curve cryptography (ECC) failures, which safeguard private keys and secure transactions.
Bitcoin inactive wallets become most vulnerable since their unmodified private keys survive without protection from future advancements in quantum computing. Once quantum security becomes accessible, Active Bitcoin users will adapt to protected addresses, preventing potential risks.
Several scientists predict that quantum computers will develop the power to decrypt ECC encryption in the next five to ten years. The estimated timeline is five to ten years until the quantum computing breakthrough unlocks 3.5 million Bitcoins, thus dramatically impacting Bitcoins supply framework.
Bitcoins Response to the Quantum Threat
The Bitcoin community plans to adopt quantum-resistant encryption as a precaution despite concerns about recovering misplaced Bitcoin. The Bitcoin network has received security upgrades over time, specifically to counter new dangers, such as the implementation of SegWit in 2017, which reinforced transaction processing while enhancing security features.
Bitcoin developers continue to work on quantum-resistant cryptography, which stakeholders expect will be integrated before quantum computers present substantial dangers to Bitcoins security. Implementing security updates will maintain Bitcoins security because quantum computers have not threatened its system.
The impact of lost Bitcoins re-entering circulation could lead to economic effects in the marketplace. A rise in Bitcoin supply would affect its market rarity and value. Investor sentiment about security risks can impact cryptocurrency markets by creating price volatility caused by security concerns.
The scheduled release of 21 million Bitcoin will remain unchanged regardless of the unknown period of quantum computing readiness. Experts have expressed concerns about future impacts, but Bitcoin will face a vital security overhaul through quantum-resistant methods to protect its future.
Read more: https://www.tronweekly.com/tether-ceo-warns-threat-of-quantum-computing/
Text source: TronWeekly
