Will a quantum computer kill Bitcoin?

[White pawn]

There's this particular rumours about bitcoin facing quantum threats. The google quantum threats especially, I don't think the community has taken their time to explain to bitcoin users here panicking but shouldn't it be that time when these unhealthy news be cleared once and for all?
There are rumours about the chances of facing this attacks with the reducing hash rate every halving, and also seeing Satoshi's Bitcoin holdings taken from his wallets eventually leaving the not your keys, not your coins slogan as a fat joke.

In four sentences one for each, can you OG's clear the air and tell us why we shouldn't panic about these threats?

[Ambatman]

In four sentences one for each, can you OG's clear the air and tell us why we shouldn't panic about these threats?

Lol this is not how questions are asked
And they are not obligated to convince you not to panic.

I don't think the community has taken their time to explain to bitcoin users here panicking but shouldn't it be that time when these unhealthy news be cleared once and for all?

  It would amaze you the number of times such topic has been created this year
Just search for quantum computer on the forum.

There are rumours about the chances of facing this attacks with the reducing hash rate every halving

False, What's reducing is the Block reward not hashrate.
And lower reward doesn't necessarily mean lower hashrate.

the not your keys, not your coins slogan as a fat joke.

This isn't about cryptography but about custody. Who controls the key controls the coin.
Quantum isn't hacking bitcoin but finding Private keys through pubkeys.

[Cookdata]

Quantum! Quantum!! Quantum!!! This has been discussed 100 times.

J. Lopp's Post-Quantum Migration BIP

Github link to bip361

Here you go.

[retreat]

I don't think the community has taken their time to explain to bitcoin users here panicking

The topic of quantum threats has been discussed hundreds of times on this forum. And there are plenty of explanations as to why it's not a serious problem. Just search.

but shouldn't it be that time when these unhealthy news be cleared once and for all?

No matter how many times you explain it, there will still be people who are skeptical about developers ability to overcome quantum threats – and there will also be people who keep bringing up these quantum threats, just like you're doing now.

In four sentences one for each, can you OG's clear the air and tell us why we shouldn't panic about these threats?

There are already many explanations as to why you shouldn’t worry about quantum threats. If you’re still panicked by them, then that’s your problem.

[Smartprofit]

Quantum computers, as far as I understand, pose no threat to Bitcoin users who use SegWit addresses and generate a new, unique address for each transaction.🙋

The problem here, in my opinion, is different... All centralized organizations have already announced the transition to new encryption algorithms resistant to quantum computer attacks. If the Bitcoin Core developers don't do the same, Bitcoin risks losing its innovativeness and becoming a digital anachronism.

If the Bitcoin Core developers take steps in this direction, they could face the problem of finding consensus in a large decentralized system. Many people, many opinions, many ambitions... In some situations, decentralized systems are significantly inferior to centralized systems. The transition to new encryption algorithms, I believe, is precisely such a case. In a system like Bitcoin, it's very difficult to change anything.🤷

Therefore, I cannot completely rule out the possibility that a quantum computer could kill Bitcoin... Not the quantum computer itself, but rather the ambitions of a large number of people who cannot agree among themselves. Such a risk exists.

[BlackHatCoiner]

SHA-256 mining is already quantum-resistant against any foreseeable hardware, and block halvings have literally nothing to do with quantum.

Even if Satoshi's ancient P2PK coins eventually become exposed decades from now, that has nothing to do with the security of your own private keys. Long before quantum computers can crack ECDSA, the network will simply fork to post-quantum signature schemes just like we've upgraded everything else.

[BluebloodCXVI]

Well i don’t know of any quantum computer that is capable of breaking Bitcoin’s cryptography as it is now.
As far as i know, they don’t exist yet and are likely still many years away from existing.

But perhaps if they do eventually become a reality later on, the first targets would most likely be the older addresses that have their public keys exposed like Satoshi’s early coins but not wallets that follow good security practices.

And considering Bitcoin’s track record of adapting and evolving over the years, there’s a pretty good chance the network will have transitioned to quantum resistant cryptography by then long before it even becomes a real threat.

So even though this is something worth making research on and preparing for, i don’t think it is something that we bitcoin users should lose their sleep over today.

[Z-tight]

But perhaps if they do eventually become a reality later on, the first targets would most likely be the older addresses that have their public keys exposed like Satoshi’s early coins but not wallets that follow good security practices.

That's not necessarily true, as soon as BTC is spent from any address, the public key is exposed on the blockchain. It does not matter if it is old or was just created today. So, theoretically, every address with an exposed public key could potentially be a target. Again, the threat has nothing to do with having good or bad security practice, you'd agree with me that spending BTC is not a bad practice, but that's all you have to do in order to be a potential target.

And considering Bitcoin’s track record of adapting and evolving over the years, there’s a pretty good chance the network will have transitioned to quantum resistant cryptography by then long before it even becomes a real threat.

Yeah, and the threat is only in theory right now. Nobody knows exactly what it would be like, and as such the media and so many people keep using it to spread fud about BTC and make people worry about the safety of their BTC.

[BluebloodCXVI]

But perhaps if they do eventually become a reality later on, the first targets would most likely be the older addresses that have their public keys exposed like Satoshi’s early coins but not wallets that follow good security practices.

That's not necessarily true, as soon as BTC is spent from any address, the public key is exposed on the blockchain. It does not matter if it is old or was just created today. So, theoretically, every address with an exposed public key could potentially be a target. Again, the threat has nothing to do with having good or bad security practice, you'd agree with me that spending BTC is not a bad practice, but that's all you have to do in order to be a potential target.

Damn, i honestly never knew that was how it worked.

It’s pretty fascinating to learn that spending from an address will change its security situation by revealing the public key on the blockchain.

It’s also kind of mind blowing to me that Bitcoin’s security model works so well today partly because the technology needed to exploit that information doesn’t exist yet.

This makes me appreciate the amount of thought that went into the design of bitcoin’s security model and also how important future cryptographic upgrades could be if quantum computing happens to ever reach that level of being a threat to bitcoin’s security.

[PrivacyG]

It’s pretty fascinating to learn that spending from an address will change its security situation by revealing the public key on the blockchain.

It’s also kind of mind blowing to me that Bitcoin’s security model works so well today partly because the technology needed to exploit that information doesn’t exist yet.

Well.  Any thing that exists digitally is only as secure as it can be today and only today.  What happens tomorrow gives you the choice of keeping up with the newest level of security or possibly having it compromised.  This is part of why Smart phones and Operating Systems get updates too, so does Electrum and any other respectable piece of software or software running device.

Bitcoin has to level up if some thing even 'worse' than Quantum Computers are invented in the next hundreds of years, which I really am hoping there will be more advanced things than Quantum.

But generally it is true that the more information there is revealed to the external World, the more it helps them exploit you or what ever you are using.  In this situation, it is Public Keys.