TFTC: A Bitcoin Podcast Bitcoin Alpha E005: Why Quantum Computing Can't Kill Bitcoin with Matt Corallo
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Dec 20, 2024 Matt Corallo, a leading Bitcoin developer at Spiral, dives into the myth versus reality of quantum computing's threat to Bitcoin. He reassures listeners about the current security of Bitcoin wallets and discusses the urgency for new solutions. The conversation also covers Bitcoin's growing role in geopolitics, with insights on nation-state adoption and institutional interest. Additionally, they explore Bitcoin's integration into financial products, implications for lending, and the community's distinctive incentives driving its ongoing development.
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Quantum Computing Not a Threat
- Google's quantum computing advancements don't threaten Bitcoin's encryption yet.
- Breaking Bitcoin requires significantly more stable qubits and longer computation times than currently possible.
Bitcoin's Quantum Concerns
- Bitcoin faces two quantum concerns: its signature algorithm (ECDSA) and proof-of-work.
- Hash-based signatures offer a potential solution, although they require large keys and signatures.
Preparing for Quantum
- Start preparing for a potential quantum threat by incorporating post-quantum cryptography.
- Wallets can integrate hash-based signatures now, activating them when quantum computers become a real threat.