Hacking bitcoin wallets with quantum computers could happen – but cryptographers are racing to build a workaround. KenzieSigalos reports.
The public-private key pair lets users produce a digital signature, using their private key, which can be verified by anyone who has the corresponding public key.
"If I was dealing in fear-mongering ... I'd tell you that among the first types of digital signatures that will be broken by quantum computers are elliptic curves, as we use them today, for bitcoin wallets," said 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.
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. Once a newly standardized post-quantum secure cryptography is built, Groetker said, the process of mass migration will begin. "Everyone who owns bitcoin orwill 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.
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