[2017-11-15] Bitcoin can be hacked in 2027, Sydney scientists suggest

[fanatseal2]

The science team at the University of Technology Sydney's Centre for Quantum Software and Information tells about a very distressing situation that might emerge once quantum computers become widespread.

Quantum computers are still at their dawn, but in the year 2027, they will evolve enough to become capable of hacking modern cryptographic means which cryptocurrencies have installed. The paper dedicated to this called Quantum Attacks on Bitcoin and How to Protect Against Them has been published online at the beginning of this month, but went largely unnoticed by the cryptocurrency community.

What could be done today to prevent threats of tomorrow? The researchers offer developing PoW (Proof-of-Work) methods which...Read more

[zakalwe]

I don't quite understand how is a quantum computer any different from any other computer. Of course it is more powerful but that doesn't make it any better for hacking Bitcoin.
Blockchain simply can't be hacked, because what written in the chain, stays in the chain. You can't modify the past blocks. The only way to hack Bitcoin is to get someone's private key which means that you install virus to his computer or you get access some other way. But quantum computer doesn't help you with that.

[Spaffin]

I have already read for these quantum computers and there also expressed an idea about the ability of these new computers to crack various codes, including the block chain of blocking. But until 2027, we have almost ten years. By this time, something will be invented so that quantum computers can not harm the crypto currency.

[Iranus]

All mentions of quantum computers have been mentioned millions of times already.  By this point, they're pretty much worth ignoring.

Sure, a quantum computer could theoretically be developed which would break 256 bit security, but there is a very simple solution to this.  There could just be a soft fork which implements a new address type.  People would have to send to that address type to keep their coins safe.

Bitcoin Wiki also notes that Bitcoin is naturally somewhat quantum resistant:

Bitcoin already has some built-in quantum resistance. If you only use Bitcoin addresses one time, which has always been the recommended practice, then your ECDSA public key is only ever revealed at the one time that you spend bitcoins sent to each address. A quantum computer would need to be able to break your key in the short time between when your transaction is first sent and when it gets into a block.

[ChromaticStar]

I don't quite understand how is a quantum computer any different from any other computer. Of course it is more powerful but that doesn't make it any better for hacking Bitcoin.
Blockchain simply can't be hacked, because what written in the chain, stays in the chain. You can't modify the past blocks. The only way to hack Bitcoin is to get someone's private key which means that you install virus to his computer or you get access some other way. But quantum computer doesn't help you with that.

I'm no expert on cryptography, but it is possible to break some of it with quantum computing. Current computer technology prohibits deriving a private key due to mathematical limitations. Quantum computing would allow someone to derive a private key using the Shor algorithm. There are ways that BTC could survive in the quantum age, but it will need some upgrading. I know there's been talk of adding Shor signatures and maybe POW will need to be changed someday, but I'm not worried about it right now.

[8270thNinja]

Like any other Cryptography Algorithms, The Cryptography Algorithm that Bitcoin uses may also be cracked down, but just to remind everyone that Developers is not dumb enough to let it happen, a fork can take place to make Bitcoin resistance to future Quantum technology attacks.

[ivanpoldark]

Scientist and cryptography engineers have more than enough time to prepare for this quantum invasion, and there always will be exist a risk for BTC and any other cryptocurrencies to be hacked. But advantages from BTC/blockchain using and evolution are closing all gaps.

[Maheshkumar_Hrangkhawl]

At least they are saying that Bitcoin is going to survive for another 10 years. Just calculate this: if Bitcoin can increase its value from $0.001 per coin to $7,500 per coin in 7 years, how much it can rise during the next 10 years?