Alleged Satoshi Nakamoto Candidate Responds to Claims that Quantum Computers Will Crack Bitcoin’s Password!

Blockstream founder Adam Back reassured the crypto community that the threat posed by quantum computers to Bitcoin’s security is still a few decades away, and he explained how Bitcoin is already equipped with mechanisms to address potential quantum-related risks in the future without the need for urgent changes.

Adam Back is among the names claimed to be Satoshi Nakamoto.

Quantum computers could theoretically break the cryptographic security that underpins Bitcoin and other cryptocurrencies, prompting concerns that BTC wallets could one day become vulnerable to hacking.

Adam Back explained that Bitcoin is already “quantum-ready” thanks to Taproot, a technology implemented in Bitcoin in 2021. Taproot uses “leaf nodes” in its design that can hold placeholders for future advanced cryptographic technologies, including quantum-resistant (post-quantum or PQ) signatures.

In simpler terms, Bitcoin’s current system is like a house built with extra empty rooms that can later be equipped with advanced security doors if needed. For now, these rooms are unused but ready for upgrades.

Back cautioned that there should be no rush to enable quantum-resistant signature technology:

• The Threat is Decades Away: Quantum computing powerful enough to break Bitcoin's cryptography is still decades away from becoming a reality.
• Future Innovations: Cryptographic research is constantly advancing. When quantum computers become a real threat, more compact, efficient, and well-studied solutions for quantum-resistant signatures will likely become available.

Bitcoin users can prepare for this without immediately enabling quantum-resistant cryptography. This includes:

• Future-proofing Wallets: Wallets can use new cryptographic formats compatible with future technologies while continuing to use the existing signature system (Schnorr signatures).
• Seamless Transition: If quantum computing becomes a real threat, Bitcoin can migrate to these quantum-resistant systems without major disruptions.

These preparations should ease fears about quantum computing, Back says. In the possible scenario where quantum computing advances faster than expected, Bitcoin has a system in place to adapt. But that likely won’t happen for several decades, allowing researchers to develop and improve compact, efficient solutions in the meantime.

*This is not investment advice.