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TFTC: A Bitcoin Podcast
Bitcoin Alpha E005: Why Quantum Computing Can't Kill Bitcoin with Matt Corallo
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.
01:20:48
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Quick takeaways
- Quantum computing poses a theoretical threat to Bitcoin's security, yet effective harmful qubits remain a decade away from realization.
- Implementing post-quantum cryptographic schemes is essential for Bitcoin's longevity to mitigate potential future risks and ensure continued usability.
Deep dives
Understanding Quantum Threats to Bitcoin
Quantum computing poses a theoretical threat to Bitcoin's encryption standards, particularly with algorithms like RSA 2048 and EC-DSA. It is estimated that around 8,000 qubits would be required to effectively break SHA-256, the algorithm underpinning Bitcoin's security. However, experts agree that such an advanced quantum computer is likely at least a decade away, if not longer. This extended timeline underscores the importance of preparing for future threats while acknowledging that current Bitcoin encryption remains secure.
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