Safely storing bitcoins

[Raflesia]

I personally feel that this is being brought up more and more to create FUD and panic. It may be true that quantum computers are indeed that sophisticated but until there is evidence that can actually be concrete why believe in something that is not even certain.
Breaking the bitcoin key is not as easy as imagined and they try to claim that it is very easy to do without providing real evidence and exaggerating it from now on is it not a ridiculous thing.

Securing our assets is a must for ourselves and as for the case of people who are hacked or deceived it does not mean they beat bitcoin in terms of sophistication but because we are not careful about securing the assets we have so that in the end this will be very easy to steal.
I believe the development of technology is increasing but in the end claiming quickly an uncertain thing is just like telling small children about unreasonable myths about some fairy tales that will happen when they grow up.

[Marvell1]

I personally feel that this is being brought up more and more to create FUD and panic. It may be true that quantum computers are indeed that sophisticated but until there is evidence that can actually be concrete why believe in something that is not even certain.
Breaking the bitcoin key is not as easy as imagined and they try to claim that it is very easy to do without providing real evidence and exaggerating it from now on is it not a ridiculous thing.

That's what I mean, there is no evidence or real threat from QC to bitcoin, so far. It's all speculation, theory and as we all know, reality and theory have a huge difference and gap. So, as long as there is no real concrete evidence, we need not worry about the threats that come from such empty theories.

We all know that bitcoin was once hated by the whole world like government, banks, traditional investors...they all don't want bitcoin to exist and want it to die. If QC can threaten bitcoin, why don't they pour money into developing it and use it to destroy bitcoin?  Obviously, they are not sure about that either, it is just a theory, nothing more. So we don't need to worry about unreal and exaggerated things.

[nemesis_incarnate]

I personally feel that this is being brought up more and more to create FUD and panic. It may be true that quantum computers are indeed that sophisticated but until there is evidence that can actually be concrete why believe in something that is not even certain.
Breaking the bitcoin key is not as easy as imagined and they try to claim that it is very easy to do without providing real evidence and exaggerating it from now on is it not a ridiculous thing.

That's what I mean, there is no evidence or real threat from QC to bitcoin, so far. It's all speculation, theory and as we all know, reality and theory have a huge difference and gap. So, as long as there is no real concrete evidence, we need not worry about the threats that come from such empty theories.

We all know that bitcoin was once hated by the whole world like government, banks, traditional investors...they all don't want bitcoin to exist and want it to die. If QC can threaten bitcoin, why don't they pour money into developing it and use it to destroy bitcoin?  Obviously, they are not sure about that either, it is just a theory, nothing more. So we don't need to worry about unreal and exaggerated things.

By the time we reach something concrete, there will be ways to avoid it entirely, so, yeah - we don't need to be scared before QC becomes more attainable by everybody and working at all.

[Z-tight]

Honestly, it’s best to just ignore this kind of FUD. Quantum computers are nowhere near a real threat to Bitcoin anytime soon.

You are right that it is not a threat to cryptographic systems anytime soon, but since it is a possible threat in the future, i would not call it fud, because if it were, developers would have have started research on quantum resistant algorithms. However, from the little research i have done about QC, i don't think the threat is 50 years away, i believe it is at least half of that or even less.

[Butterfan]

There is a fear that quantum computers may decipher the cryptography algorithms of the Bitcoin wallet, particularly the public key exposure every time you perform a transaction. A method to remain more secure is using wallets that have made no outgoing transactions, making the public key invisible to the world. There are also discussions of quantum-resistant wallets and enhancements such as the post-quantum cryptography. However to be honest I believe the Bitcoin community will adapt prior to quantum computers becoming that potent. Nevertheless, it is good to keep oneself informed and to be wary.

[free-bit.co.in]

Honestly, it’s best to just ignore this kind of FUD. Quantum computers are nowhere near a real threat to Bitcoin anytime soon.

You are right that it is not a threat to cryptographic systems anytime soon, but since it is a possible threat in the future, i would not call it fud, because if it were, developers would have have started research on quantum resistant algorithms. However, from the little research i have done about QC, i don't think the threat is 50 years away, i believe it is at least half of that or even less.

I think if QC is not a threat to crypto in the near future, there is no guarantee that it will be a threat in the future. QC only becomes a real threat if its growth rate outpaces that of crypto, otherwise, this threat will still remain theoretical. As you said, QC needs at least 20 more years to reach the power that can harm the crypto industry today but in the meantime, developers have started researching quantum resistant algorithms from now. That means we are still progressing better than them and the gap is still very far. I don't think they can catch up with us to pose a real threat in the future.

[Donneski]

I was reading a news article saying that bitcoins will not be safe once we have powerful quantum computers. Is there a good alternative way to store bitcoins safely in such a situation  ?

The quantum computers threat I learnt is real but not urgent. I read about how Bitcoin developers are already researching address types that could be quantum-resistant and that I think  is reassuring enough for us not to panic.

For now, smart storage practices like to store your BTC in addresses that haven’t been spent from or in cold wallets so your public key stays hidden I think can be the safest measures to take. When quantum tech becomes a real threat, there are high chances that the Bitcoin network will upgrade so much it'll have little effect on Bitcoin users. So I don't think there's need to panic yet instead, we just stay have stay informed at all times.

[Odogwu-Blockchain]

Bitcoin developers are researching address types that use quantum-resistant signatures. Once those are created, you should be able to simply move your coins to such an address to mitigate the quantum computer threat in the future.

If Bitcoin developer finally come up the solutions to this problem, then most of the wallet we using will be uninstalled, and more new wallets will be created as well?
I'm just thinking this maybe these quantum resistance addresses will be supplied to every wallets out there?

How would it done?

I do think they would just get updated with the ability for such addresses and to manually move your BTC there.

Manual?
What I think would happen is that every wallet either decentralized or centralized will certainly upgrade their wallet to the new quantum resistance addresses while every balance will still remain as it is. The fact that the upgrade will not tamper with the portfolio and that new address will be generated will go a long way.

[leonair]

I was reading a news article saying that bitcoins will not be safe once we have powerful quantum computers. Is there a good alternative way to store bitcoins safely in such a situation  ?

When you use quantum computing to store your bitcoins safely, it gives you privacy but your next generation will not be able to access it in any way. Quantum computing is not necessary to store bitcoins safely. You can hold your bitcoins in any wallet and it must be non-custodial. And if you have a very large amount of bitcoins, you can use a hot wallet or use a hardware wallet that will give you complete security. You will also get better security if you use an electrum wallet. Bitcoin is now a very simple investment asset so there is no need to think about it in a complex way.

[Sammye3]

I was reading a news article saying that bitcoins will not be safe once we have powerful quantum computers. Is there a good alternative way to store bitcoins safely in such a situation  ?

I think this has being going on for quite some time now that "the introduction of quantum computers" could be of great risk to bitcoiners as there could be cases of hacked systems in the future.

But popular threads has seen solutions to this possible occurrence and most condemned the possibility of that happening or I can say it's only but a myth as they're no evidence to this.

[X-ray]

I was reading a news article saying that bitcoins will not be safe once we have powerful quantum computers. Is there a good alternative way to store bitcoins safely in such a situation  ?

There are some solution to this already on the way.

However, if quantum computer can break bitcoin's security, it can also break banking security and etc.

By the time that happens, you'd also be concerned about other things that are put behind some form of encryption that now can be solved by quantum computers.

[fuguebtc]

I was reading a news article saying that bitcoins will not be safe once we have powerful quantum computers. Is there a good alternative way to store bitcoins safely in such a situation  ?

There are some solution to this already on the way.

However, if quantum computer can break bitcoin's security, it can also break banking security and etc.

By the time that happens, you'd also be concerned about other things that are put behind some form of encryption that now can be solved by quantum computers.

As far as I know , everything is still in the research and testing phase , there is no effective solution yet, but the threat from quantum is not so urgent so it will not be serious .

Banks and bitcoin both use the same algorithms like ECDSA and SHA-256 ,  which means that traditional systems will also be threatened by quantum computers. But the ridiculous thing is most of the news is only about the threat to bitcoin, no news about the threat of quantum computers to banks and their fate. It is clear that the quantum news was given for another  purpose .