- Tether’s CEO Paolo Ardoino says quantum computing could one day unlock lost Bitcoin wallets, but is not yet a threat to Bitcoin’s cryptographic security.
- The crypto industry is preparing countermeasures like quantum-resistant signatures and algorithms in case quantum computing becomes a significant threat.
- It will take 5-10 years before quantum computing poses a serious risk, with Bitcoin likely adopting quantum-resistant addresses before then.
Quantum computing may one day unlock inactive Bitcoin wallets but is not an immediate threat to Bitcoin’s cryptographic security, at least according to Tether’s CEO Paolo Ardoino.
In a Feb. 8 post on X, Ardoino stated that Bitcoin in lost wallets, including those of Satoshi Nakamoto, could be accessed through quantum computing.
All people alive (and that have access to their wallets) will move Bitcoin into new quantum resistant addresses. Any Bitcoin in lost wallets, including Satoshi (if not alive), will be hacked and put back in circulation.
Tether CEO Paolo ArdoinoWith the above, Ardoino is referring to a main concern over wallet security; quantum computers can get private keys from public keys exposed during transactions, making online and offline wallets susceptible to attacks. That means assets are not even safe in a cold storage solution.
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In that case, the potential scenario where Satoshi’s BTC and other lost Bitcoin get into circulation has rightfully sparked a wave of concerns. Pseudonymous trader Crypto Skull warned that the return of Satoshi Nakamoto’s holdings —estimated at around 1 million BTC— could destabilise the market.
However, measures are being taken, such as quantum-resistant signatures and counter algorithms:
Some blockchains have already implemented quantum-resistant signatures and counter-algorithms. The crypto space isn’t static—it adapts.
@cryptoskullxA Long Way To Go
Ardoino argued that quantum technology is not yet advanced enough to pose an immediate threat to Bitcoin’s cryptography. He also added that all Bitcoin holders would move their BTC to quantum-resistant addresses:
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.
Tether CEO Paolo ArdoinoBitcoin and most cryptocurrencies rely on elliptic curve cryptography (ECC) for securing transactions and wallets. But quantum computers work through algorithms like Shor’s Algorithm which could theoretically reverse-engineer private keys from public keys, allowing unauthorised access to funds.
Also, since quantum computers can solve cryptographic puzzles way faster and more efficiently than classical ASIC and other systems, mining power and distribution could be concentrated in the hands of a few.
But apparently, the crypto community shouldn’t fret (not yet, at least). Despite quantum computing advancing at an overwhelming rhythm, Ardoino and industry and tech experts point to around five to ten years for it to become potent enough to harm Bitcoin’s and crypto’s cryptographic security.
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