a post<\/a> to X.<\/p>\n\u201cThis cryptography underpins not only bitcoin but also many daily systems like banking, email, and communications. When a bitcoin transaction is signed and broadcast, the public key becomes visible on the blockchain, potentially exposing the address to quantum attacks that could discover private keys and redirect funds before the transaction confirms.<\/p>\n
\u201cBy splitting funds into smaller amounts, the impact of a potential quantum attack is minimised.\u201d<\/p>\n
Quantum computing research firm Project Eleven has estimated that around 6 million bitcoin could be at risk to quantum machines in the future due to exposed public keys.<\/p>\n
In May, investment giant BlackRock issued a warning about future quantum technology, claiming that it could \u201cundermine the viability\u201d of the cryptographic algorithms used for digital assets like bitcoin.<\/p>\n
Some figures within the crypto industry have downplayed the threat that quantum computing poses to bitcoin, claiming that a fix could be implemented to the cryptocurrency\u2019s underlying software in such an event.<\/p>\n
\u201cThe answer is [a] bitcoin network hardware upgrade, bitcoin network software upgrade,\u201d Michael Saylor, whose company Strategy owns 629,000 bitcoins (worth \u00a350 billion at today\u2019s prices), told CNBC in June.<\/p>\n
\u201cJust like Microsoft, Google, the US government upgrade, we\u2019re just going to upgrade the software.\u201d<\/p>\n
He added that it\u2019s \u201cthe hardest thing in the universe to hack\u201d, claiming that the technology underpinning communications and banking systems arer \u201can order of magnitude weaker\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"Your support helps us to tell the story From reproductive rights to climate change to Big Tech, The…\n","protected":false},"author":2,"featured_media":110883,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[64,63,257,105],"class_list":{"0":"post-110882","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-computing","8":"tag-au","9":"tag-australia","10":"tag-computing","11":"tag-technology"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/110882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=110882"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/110882\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/110883"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=110882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=110882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=110882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}