Quantum threat to Bitcoin extends past wallet hacks: Coinbase analyst

Cypherpunk Adam Back has frequently shot down claims that quantum computing will be a threat to Bitcoin anytime soon.

Advances in quantum computing doesn’t just threaten Bitcoin wallet security, it could also undermine its economic and security model as it could be used to mine Bitcoin blocks far more efficiently, according to Coinbase’s head of investment research, David Duong.

Quantum computing continues to be debated as a potential threat to the crypto industry, as more advanced computers that could break encryption have been theorized to have the capability to reveal user keys and expose sensitive data.

However, Duong said in a LinkedIn post on Monday that another possible issue is on the horizon. He argues that the core risks on “Q-day” are cryptographically relevant quantum computers running “Shor’s and Grover’s Algorithms to undermine bitcoin’s cryptographic signature.”

Read more