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RE: Huuuuge Bitcoin Security Threat! - WARNING

in #bitcoin8 years ago

This is good to know, thanks for sharing. I would never give out my private keys in the first place, though. Anybody asking you to do that for "verification purposes" is probably up to no good. The easiest way to verify you own an address is just to send a small dust amount of Bitcoin from that address (although with transaction fees getting higher these days maybe that method will become cost prohibitive eventually).

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You can sign an address, but that will also reveal the public key , so that wont be quantum proof.

So if you have big amounts in 1 address, you should always send back the change to another address of yours that was not used before, if you are worried about quantum stuff.

But as far as I know, quantum computers are just an abstract theoretical concept, right? I don't think there's any working ones outside of very limited laboratory tests. Certainly nothing practical in the sense of being able to do ordinary everyday computing tasks. So I'm not overly worried about that for the time being.

I admit it is a concern in the long-term. Probably the entire field of cryptography (and by extension cryptocurrencies) will have to change in some fundamental way if / when the quantum revolution finally comes.

There are some baby quantum computers with very small processing power, that they have constructed in labs, but nothing that is better than a classical supercomputer.

Yes the internet will be affected, and many online services but Bitcoin will not be if you follow the advices in this artcile and the next one:
https://steemit.com/bitcoin/@profitgenerator/bitcoin-security-overview-and-quantum-computers


  • Bitcoin Mining is Quantum Proof
  • Unspent Addresses are Quantum Proof
  • Spent Addresses are not Quantum proof, but ECDSA can be soft-forked and replaced with something better later on after the Segregated Witness package goes online in Bitcoin.