As quantum computing technology develops rapidly, the crypto community has begun to focus on its potential threat to Bitcoin's security. Tether CEO Paolo Ardoino recently stated that while quantum computing does not currently pose an immediate risk to the security of Bitcoin's blockchain, certain dormant wallets, especially those associated with Satoshi Nakamoto, may be the first to be affected.
(WSJ Rehashes Bitcoin Quantum Hacking Risk, Experts Call It a "Ticking Time Bomb")
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In a recent tweet, Tether CEO Paolo Ardoino pointed out that while quantum computing does not currently pose a direct threat to blockchain security, the dormant wallets associated with Satoshi Nakamoto may become vulnerable as quantum computing technology advances.
Prediction.
Quantum computing is still very far from any meaningful risk of breaking Bitcoin cryptography.
Quantum resistant addresses will eventually be added to Bitcoin before there is any serious threat.All people alive (and that have access to their wallets) will move…
— Paolo Ardoino 🤖🍐 (@paoloardoino) February 8, 2025
Ardoino first assured the crypto community that Bitcoin's cryptographic security remains robust, and the current quantum computing technology is still far from posing a threat to Bitcoin, and when this technology does become a risk, the Bitcoin network will adopt quantum-resistant technologies to address it.
However, he also pointed out that if quantum computing technology makes a breakthrough, some long-unused Bitcoin wallets may be affected, especially those whose holders have lost their private keys or are deceased. The most controversial asset is believed to be the approximately 1.2 million Bitcoins controlled by Satoshi Nakamoto:
All dormant Bitcoins, including Satoshi's (if he is deceased), could potentially be cracked by hackers and re-enter the market circulation.
Nevertheless, he still emphasized that quantum computing will not affect the core economic model of Bitcoin:
In any case, the total supply of Bitcoin remains at 21 million, and this will not change, no matter how powerful quantum computing becomes.
Ardoino's remarks come at a time when Google has predicted that commercial quantum computing may be achieved within the next five years, and the progress of this technology has led the crypto community to begin to focus on its potential impact on Bitcoin's security.
The Bitcoin Community May Need to Take Preventive Measures
Ardoino's view is consistent with that of Ava Labs co-founder Emin Gün Sirer.
There is the issue of Satoshi's 1m Bitcoin. @hosseeb just reminded me that Satoshi's early mined coins used the very old Pay-To-Public-Key (P2PK) format, which reveals the public key and gives the attacker time to grind, for the mother of all cryptography bounties. P2PK isn't…
— Emin Gün Sirer🔺⚔️ (@el33th4xor) December 9, 2024
Sirer pointed out last December that Bitcoin's early transactions used the "Pay-to-Public-Key (P2PK)" format, which directly exposed the public key, making it a potential target for quantum attacks:
The Bitcoins mined by Satoshi early on used the P2PK format, which means the public key is already exposed, giving attackers ample time to crack the private key; to mitigate future risks, the Bitcoin community may need to consider freezing these Bitcoins, or more broadly set a final deadline to invalidate all P2PK UTXOs (Unspent Transaction Output, accounting model).
Quantum Computing Risks Still Need Attention
Quantum computing utilizes quantum mechanical principles to process information at a far faster rate than traditional computers, and the development of this technology has raised concerns about its ability to undermine modern encryption techniques and even impact the security of blockchain networks.
(In-depth Research: 《Understanding Quantum Computing in an Hour》: Dive into the Quantum Revolution, Crack Network Encryption in Tens of Seconds)
With Google's recent release of its latest quantum computing chip "Willow", people have once again focused on the potential impact of quantum computing on network security. While many analysts believe that quantum computing may not pose a real risk for at least another 10 years, Google's quantum department head Hartmut Neven recently stated that commercial applications could be achieved within five years:
We are confident that we will see concrete applications realized through quantum computers within five years.
In theory, once quantum computing technology reaches a certain level, it may be able to crack traditional encryption keys and manipulate Bit transactions, including unauthorized access and double spend attacks.
It is worth noting that the Bit industry has been actively developing countermeasures, including multiple Bit networks such as Solana that are developing quantum-resistant cryptography to ensure that Bit technology can develop in sync with industry threats and maintain the security of cryptocurrencies.
Risk Warning
Cryptocurrency investment is highly risky, and its price may fluctuate dramatically, and you may lose your entire principal. Please carefully evaluate the risks.
