Let me start this hypothetical scenario to learn about potential risks to bitcoin from advanced quantum computers if technology like lk99 accelerates development of quantum computers.
1. If I understand correctly, currently there are quantum computers eith 4 qbits, which can Crack 4 but bit password instantly.
To crack a bitcoinniwallet you need to know private key which means cracking 256 bit. If yhere is 256 qbit quantum computers, will these wallets be cracked instantly?
2. I'm such case the old wallets that hold the botcoin can be recovered?
3. What are the possible solutions in that case to protect or transform the botcoin network?
I understand that it might take a long time to get such technologies but let's say this is the case in next 100 years. Are the bitcoin wallets vulnerable to advanced quantum computers?
- as far as I know, it won't instantly. A lot of things are still uncertain right now. A lot of these nitty gritty details will become available in the future. Just not yet.
- If Quatum computers start cracking the 256-bit, then it could potentially be able to cracking old, forgotten wallets.
- There are plans in place for possible mitigation routes when quantum computing becomes a thing in the future. Forking the network like @BlackHatCoiner said might be a possible solution of if a post-quantum cryptography to mitigate it.
Quatum computing for Bitcoin and crypto has not been empirically investigated and creates a research gap in that area. As quantum computing keeps developing, cryptography will develop side by side. Same way encryption of the past like MD5 used to be widely used before they got cracked.