Binance founder raises question about Satoshi Nakamoto's one million BTC coins, weighing in on the impact of quantum computing on crypto.
Binance founder raises question about Satoshi Nakamoto's one million BTC coins, weighing in on the impact of quantum computing on crypto.Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.
Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available."At a high level, all crypto has to do is to upgrade to Quantum-Resistant Algorithms. So, no need to panic," the Binance founder said.Binance Delists XRP/TUSD Spot Pairing, Bitcoin's Biggest Quantum Critic Drops 85% Prediction, Ripple Joins Standard Chartered in $1.1 Billion Round: Morning Crypto Report's pseudonymous creator is estimated to hold above one million BTC that have remained untouched, with the last transfer out occurring in the last 16 years .hints at two potential scenarios: either the coins move or, if they do not move, they are locked or burned.At a high level, all crypto has to do is to upgrade to Quantum-Resistant Algorithms. So, no need to panic. 😂If Satoshi's coins move, this might suggest that the Bitcoin creator might still be around. On the other hand, if Satoshi's coins do not move in a certain period of time, CZ suggests that it might be better to lock or burn them so they do not go to any hacker who cracks the code first. There is also the difficulty of identifying all of his addresses, and not confusing them with some old hodlers."Anyway," CZ added,"it's a different topic for later."CZ expresses belief in crypto remaining with us post-quantum, adding that more computing power is beneficial:"Fundamentally: It's always easier to encrypt than decrypt. More computing power is always good. Crypto will stay, post quantum."Going forward, CZ said there will likely be many debates on which quantum-resistant algorithms to use, resulting in some forks. Some dead projects might not upgrade, effectively clearing them out. New code may also introduce other bugs or security issues in the short term, while people who self custody may have to migrate their coins to new wallets.
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