U have been reading about quantum computing and i have occasionally come
Across claims that it could one day breaks the crypto graphic algorithm used by
Bitcoin. As a beginner, i want to understand what that will means In practice
Bitcoin has private key and corresponding public key for each address, when an address received Bitcoin, the Bitcoin is lock on the public key hash as script and you need the private key to unlock that script to spend the bitcoin but the public key will remain hidden. Once that coin is spent, the public key becomes visible on Bitcoin network.
The catch about Quantum computers is that it can calculate public keys to get real private keys of any wallet address and if it contains Bitcoin, they will be able to spend the Bitcoin on that address. There are many wallet address with public keys exposed on the Bitcoin network, if Quantum computers becomes real, it can wipe the entire wallet and spend them.
For now, there is are different proposal and some developers are working on how to move forward with Quantum threats but haven't been finalize. But as a bitcoin user, the only way to protect your self from Quantum computers is don't reuse wallet address when you spend Bitcoin, spend the coins on one transaction to new address, your public key will be exposed once you carried out a single transaction from an address.
If the quantum computers becomes capable of breaking bitcoins security
Would bitcoin holders have enough time to move their coin to quantum resistance addresses
Could bitcoins network be upgraded to defend against such threaten
Would older wallet be more vulnerable than the new ones
I would be glad if crypto enthusiasts clarify these for me
Like I said, there is ongoing discussion and proposals on how to handle Quantum threats.
J. Lopp's Post-Quantum Migration BIP This was the last proposal by Jameson Lopp but it was controversial due to the fact that he proposed for Satoshi coins to be locked.
If Quantum computers algorithm becomes powerful, there will be an upgrade for everyone safety for sure.