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David Duong, Coinbase’s investment research head, stated that quantum computing could affect more than just Bitcoin wallets. In a post on LinkedIn, he explained that once quantum computers reach a certain level, often called 'Q-day', they might challenge the foundations that keep Bitcoin secure. According to Duong, Bitcoin’s security depends on two main tools: one for managing transaction signatures (ECDSA) and the other for mining (SHA-256). Quantum computers, using special algorithms such as Shor’s and Grover’s, could weaken both systems. This means they could expose private keys and make mining faster and more efficient, which would disrupt how the network operates. Recently, Bitcoin miners have been using large amounts of computing power and energy to process transactions. Quantum machines could change this balance by solving the same problems much faster, which potentially allows some users to mine blocks more easily than others. Duong also pointed out the risk of a 51% attack. If someone gained control over most of Bitcoin’s total mining power, they could alter how transactions are recorded and possibly manipulate the blockchain. While such a scenario would be serious, Duong said that practical limits in quantum technology make it a lower concern. He believes the more important task is preparing to update Bitcoin’s signature system before quantum computing becomes powerful enough to cause harm. Concerns about the risk posed by quantum computing to Bitcoin's security have weighed on its market value and capital flows, according to crypto industry leaders. What did they say? Read the full story.
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