El Salvador moved their bitcoins

[HajiBagi]

El Salvador moved their 6.274 bitcoins into 14 different wallets in order to prepare for a possible quantum threat in the future.

They believe that through this, they are reducing the risks of losing all their bitcoin should quantum threats be real in the future and their holdings get attacked. That is the only reason why El Salvador is moving their bitcoins and I believe this should be something we can all learn from El Salvador. Distributing your bitcoins in more than one wallets will save you in the future and El Salvador knows this.

That is a good thing, and I believe El Salvador knows what they are doing; they understand how Bitcoin works and how to protect their investment from any attack. El Salvador has understood Bitcoin from the beginning and they value it to the point of investing millions in it. There is also news that they currently have a bitcoin bank in the country, which shows how much they value Bitcoin and believe in it.

Distributing their Bitcoin is the best way for them to protect their assets from scammers because there are many scammers who may be planning to attack them. This is another way of informing some people that keeping your bitcoin in one wallet is very risky, do not keep your bitcoins in one wallet because if an attack occurs, it will affect all of your bitcoins and you will not lose them all.

[9ja Amaka]

The government of El Salvador can do whatever they want with their BTC, but a few things come to my mind.
1.There's no "quantum threat" coming anytime soon. Why are they preparing for this so early? Maybe the "quantum threat" is just an excuse and there's another reason for the government to move the BTC to multiple wallets. What if the IMF wants to take control over El Salvador's Bitcoins?

There many not be any quantum threat the moment, but that doesn't mean there wont be one in the future. El Salvador is protection their Bitcoin not for anything but against any future threat. Just because we haven't heard of any attack or upcoming attack that doesn't mean we dont know what the quantum computers are capable of.

There are lots of predictions of how quantum can threating the online space in the nearest future. Do you really think El Salvador should wait until they striker before protecting their national treasure. Since their national treasury is in Bitcoin, they are not meant to gamble with it Early precautions is better than regretting.

[Alpha Marine]

What's the point then? What is the point of having Bitcoin in a wallet if quantum computers can be used to hack it? If there a point in distributing to 5o different addresses? After all, all of them can be hacked overnight.

Quaantom computers are not something we should be afraid of yet. I don't even think it's something that will become a thing in our lifetime, but even if it happens, we won't live in a world where people's wallets and accounts can just be brute forced by a computer. To me, we have nothing to be worried about in that regard. Bitcoin developers wont just sit around and watched that happen.

[arabspaceship123]

Big exchanges should use more than one wallet for their Bitcoins because preparing for quantum threats is important. Cryptorank says Bitcoin will develop quantum resistant addresses and everyone will move their BTC before quantum computers become a threat.

Distributing your bitcoins in more than one wallets will save you in the future and El Salvador knows this.

[DigitalPsyche]

El Salvador moved their 6.274 bitcoins into 14 different wallets in order to prepare for a possible quantum threat in the future.

They believe that through this, they are reducing the risks of losing all their bitcoin should quantum threats be real in the future and their holdings get attacked. That is the only reason why El Salvador is moving their bitcoins and I believe this should be something we can all learn from El Salvador. Distributing your bitcoins in more than one wallets will save you in the future and El Salvador knows this.

If quantum threats become a reality, simply distributing Bitcoin will not be enough. Hard fork will become a necessity!

[Z-tight]

If quantum threats become a reality, simply distributing Bitcoin will not be enough. Hard fork will become a necessity!

It wouldn't be enough in a general sense of things, but if they never spend from the wallets they have moved their coins to, then quantum computer would be unable to derive the private key from the public key. Take note that once BTC tx's are made, the public key is exposed and is public, and that is where the threat of quantum computer lies, in breaking ECDSA and generate private keys from public keys, something classical or conventional computers cannot do.

[Satofan44]

If quantum threats become a reality, simply distributing Bitcoin will not be enough. Hard fork will become a necessity!

No, that is wrong. Don't listen to social media experts. Everyone is an expert on everything online, but in reality almost nobody is an expert on anything.

It wouldn't be enough in a general sense of things, but if they never spend from the wallets they have moved their coins to, then quantum computer would be unable to derive the private key from the public key. Take note that once BTC tx's are made, the public key is exposed and is public, and that is where the threat of quantum computer lies, in breaking ECDSA and generate private keys from public keys, something classical or conventional computers cannot do.

When you deliver the message like this you are ignoring most of the important information relating to assumptions and nuances. It is assumed that the derivation will be possible, and that ECDSA will be broken. Nobody at this point in time knows exactly how much energy one derivation will require, nor how much time it will take such a machine to derive it. The devil is in the details, most of it is unknown and the rest is theoretical. Only once it becomes feasible to do this at all will we know more about it.

[Scarlett_23]

El Salvador moved their 6.274 bitcoins into 14 different wallets in order to prepare for a possible quantum threat in the future.

They believe that through this, they are reducing the risks of losing all their bitcoin should quantum threats be real in the future and their holdings get attacked. That is the only reason why El Salvador is moving their bitcoins and I believe this should be something we can all learn from El Salvador. Distributing your bitcoins in more than one wallets will save you in the future and El Salvador knows this.

If El Salvador divides their Bitcoin into several wallets and keeps them separate, then they have done a practical and reasonable thing. Not only buying Bitcoin, but also ensuring its security. Not only for quantum computing, if it is in an insecure wallet or exchange, hackers can steal it at any time. El Salvador has borrowed a lot of money from the IMF. The IMF has given conditions on their Bitcoin policy on this occasion. So, Bitcoin is already a valuable asset, but it has become even more valuable to them.

If quantum computing poses any kind of threat to the Bitcoin network, then perhaps the developers will also take anti-quantum measures. However, how true or false this is cannot be said at the moment.

[AirtelBuzz]

Quaantom computers are not something we should be afraid of yet. I don't even think it's something that will become a thing in our lifetime, but even if it happens, we won't live in a world where people's wallets and accounts can just be brute forced by a computer. To me, we have nothing to be worried about in that regard. Bitcoin developers wont just sit around and watched that happen.

Yes, we shouldn't be overly concerned about quantum computers right now but El Salvador may understand how to protect their investments from attacks, which is why they want to be extra safe even if this quantum computer doesn't have the ability to hack Bitcoin. It has already been mentioned that this country is using 14 different addresses, perhaps this can be considered the best way to protect their assets from scammers and hackers. Earlier I heard from executive Chairman of Strategy, i.e a Bitcoin bull that Bitcoin quantum computing is just propaganda, maybe he brought these up through experience and analysis, and it's right that developers will make every effort to prevent this.

[The Cryptovator]

El Salvador moved their 6.274 bitcoins into 14 different wallets in order to prepare for a possible quantum threat in the future.

They believe that through this, they are reducing the risks of losing all their bitcoin should quantum threats be real in the future and their holdings get attacked. That is the only reason why El Salvador is moving their bitcoins and I believe this should be something we can all learn from El Salvador. Distributing your bitcoins in more than one wallets will save you in the future and El Salvador knows this.

I have seen the news as well; they did what they feel is better to secure their wallet. Although I believe even quantum computing systems will become a threat for Bitcoin, it will take a couple of decades. Still too far to compute Bitcoin private keys in reverse. However, we have to keep in mind always anything could happen with your wallet. So we have to do best practice to secure our funds. Out of quantum, we may encounter hacks or virus attacks as well. So splitting funds into different wallets increases the security.

However, whether it's a lesson or not, this is a good practice. We might take it seriously since quantum computers are becoming a threat for Bitcoin. My personal opinion is it's too early to think about quantum threats, but I agree to protect your funds in a different wallet if the amount is quite big.

[Localhostspeed]

If quantum computing poses any kind of threat to the Bitcoin network, then perhaps the developers will also take anti-quantum measures. However, how true or false this is cannot be said at the moment.

Quantum computers are years above us but I don't know why people spread many bad runours about it. We need understand that people spreading FUD about Bitcoin Quantum threats are anti Bitcoin and they don't really care much about Bitcoin, they don't want to see Bitcoin progress. Anytime you see Bitcoin and Quantum news, it's usually spread by people that doesn't hold Bitcoin, we need to understand this earlier and forget about this FUD people are spreading about quantum threats.

[Z-tight]

Earlier I heard from executive Chairman of Strategy, i.e a Bitcoin bull that Bitcoin quantum computing is just propaganda, maybe he brought these up through experience and analysis, and it's right that developers will make every effort to prevent this.

I watched the video to be sure if he actually called it a propaganda like you said, which he didn't, because it isn't a propaganda. Everything he said in the video is true, we are years away from it and there are other systems that are at greater risk, i.e. the banking system, digital communications, etc.

However, we don't know right now how powerful qc would be to break these algorithms, but it is a very real possibility and that's why we would probably move to a resistant algorithm before the attack becomes feasible.

[KingsDen]

Some countries use decimals and commas for separating numbers the opposite way of what you might be used to. If they are really buying 1 BTC per day then it would obviously be 6 thousand 274 bitcoins.

Thanks for the information finneys I was also thinking this must be a regional difference thing but I was not so sure because I thought, "Why would someone be using a decimal instead of the comma, when a decimal can make things very hard to understand?"

Anyway not a big thing, and El Salvador is doing good and that's a good calculation that they must be buying BTC every day but don't know how they lie to the IMF and how the IMF even ensures that they are not buying anymore I guess that's normal because many other countries that have taken loans from IMF also don't listen much to such restrictions that could affect their progress and development.

Yea, I know that some countries use decimals instead of comma to separate their numbers. I am just imagining how complicated it will be when they want to express numbers based on decimals itself. Well, that is their headache and I believe there is an International standard for such numbering.

Talking about IMF and El Salvador, despite that we have known how IMF operates, are they actually supposed to know when and how a country buys her bitcoin? Do IMF perform monthly audit on El Salvador to be able to know that they stopped buying bitcoin?

[Wake Up]

This is a precaution everyone knows, or at least needs to know. You should never put all your eggs in one basket. Countries interested in cryptocurrencies have a lot to learn from El Salvador. They've become a country that's increasingly taking precautions and investing in cryptocurrencies. I follow them with envy. I wish every country believed in cryptocurrencies as much as they do. Especially Bitcoin.

[arabspaceship123]

Did the El Salvador government explain why they moved their Bitcoins. If they said it is because of quantum threats they will scare investors to sell their Bitcoins. If people think their Bitcoin can be hacked they will sell if they know it is not safe.

[AmoreJaz]

This is a precaution everyone knows, or at least needs to know. You should never put all your eggs in one basket. Countries interested in cryptocurrencies have a lot to learn from El Salvador. They've become a country that's increasingly taking precautions and investing in cryptocurrencies. I follow them with envy. I wish every country believed in cryptocurrencies as much as they do. Especially Bitcoin.

It may not be owed to quantum threats but just a precaution. As mentioned, don't put all your eggs in one basket to lessen the threat from possible attacks.  They may have their other reasons to do so to lessen the risks accompanied in investing digital curremcy.

[Taskford]

This is a precaution everyone knows, or at least needs to know. You should never put all your eggs in one basket. Countries interested in cryptocurrencies have a lot to learn from El Salvador. They've become a country that's increasingly taking precautions and investing in cryptocurrencies. I follow them with envy. I wish every country believed in cryptocurrencies as much as they do. Especially Bitcoin.

It may not be owed to quantum threats but just a precaution. As mentioned, don't put all your eggs in one basket to lessen the threat from possible attacks.  They may have their other reasons to do so to lessen the risks accompanied in investing digital curremcy.

Somehow those things they do is good move and they are doing good precautionary measure to make sure that their funds is safe for those potential attacks that might gonna happen in future.

We could see on those actions they made that El Salvador is advance whenever they do something.

Paying attention early on their safety is good act and this one is good thing that other country or maybe those big corporation which invest on Bitcoin should follow. El Salvador is always one step ahead and this is good sign that they would do more better in future.

[nemesis_incarnate]

It may not be owed to quantum threats but just a precaution. As mentioned, don't put all your eggs in one basket to lessen the threat from possible attacks.  They may have their other reasons to do so to lessen the risks accompanied in investing digital curremcy.

Agreed.

El Sal does what it sees fit, as always, and as every country should do for itself.

[Satofan44]

Did the El Salvador government explain why they moved their Bitcoins. If they said it is because of quantum threats they will scare investors to sell their Bitcoins. If people think their Bitcoin can be hacked they will sell if they know it is not safe.

The government of El Salvador consists of experts on quantum technology, cryptography and post-quantum cryptography?   What they think about this topic is mostly irrelevant.

It may not be owed to quantum threats but just a precaution. As mentioned, don't put all your eggs in one basket to lessen the threat from possible attacks.  They may have their other reasons to do so to lessen the risks accompanied in investing digital curremcy.

It helps, but it is not a given. Many people throw around this worthless advice that many wallets are safer than 1 wallet, and then you find a news article with someone who got all his 100+ wallets hacked. The argument is flawed as it is based on a false premise. The quantity of wallets is not in any way related to security. One extremely secure wallet is always better than ten weakly secured wallets. If you want to have multiple wallets, go ahead, but make sure that they are all reasonable secure. That is the correct advice.

Somehow those things they do is good move and they are doing good precautionary measure to make sure that their funds is safe for those potential attacks that might gonna happen in future.

It is not gonna do anything, read the replies to this thread before responding.