Bitcoin Community Acknowledges Quantum Computing Risk, Says VanEck

Quantum computing poses a risk to Bitcoin, acknowledged by VanEck's Head of Digital Assets Research, Matthew Sigel. In an interview with CNBC, Sigel noted that while progress may be slow due to the decentralized nature of the crypto network, the community is actively addressing the issue. Concerns have been raised about potential advancements in quantum computers that could compromise Bitcoin's cryptography. Some Bitcoin developers are already testing quantum-resistant signatures on live sidechains in preparation for a post-quantum future. Sigel emphasized the community's recognition of the issue's scope and the collaboration of talent to upgrade the system. He explained that upgrades take longer due to the lack of centralized leadership and the governance process involved. Although quantum computers exist, none currently have the capability to break Bitcoin's cryptography. Major companies, including Coinbase and Blockstream, are working on solutions. Coinbase announced plans in July to implement a post-quantum signing pipeline using secure enclaves and threshold cryptography. Additionally, a Bitcoin Security Consortium formed in July, comprising firms like BlackRock and Fidelity Digital Assets, is funding open-source projects to support proposals like BIP-360, aimed at reducing risks associated with quantum computing.

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