Adam Back: Quantum Computing Will Strengthen Bitcoin

Advancements in quantum computing are more likely to bolster Bitcoin than to undermine it, according to renowned cypherpunk and cryptographer Adam Back.

in all likelihood the hash-based PQ scheme will never be used. because PQ is likely still several decades out at least. and and PQ signature research will eventually produce conservative well reviewed more compact signatures, and bitcoin can add those schemes as another option.

— Adam Back (@adam3us) December 21, 2024

“In all likelihood, the hash-based PQ [Post-quantum] scheme will never be used, because PQ is likely still several decades out at least. And PQ signature research will eventually produce conservative, well-reviewed, and more compact signatures. Bitcoin can add these schemes as another option,” Back wrote.

Signatures in the Bitcoin network prevent third parties from altering transactions, forming an integral part of its security mechanism.

In December, Google Quantum AI specialists unveiled the latest quantum chip, Willow. It performed a standard benchmark calculation in less than five minutes. One of the fastest modern supercomputers, Frontier, would require 10 septillion years to complete the same task—a number far exceeding the age of the universe.

This has once again sparked concerns within the community about the potential threat quantum computers pose to Bitcoin. Back sees no reason for panic.

Earlier, he stated that humanity is nowhere near achieving 1 million qubit quantum computers, and they are unlikely to appear this decade or possibly even the next.

No you can’t increase entangled qbits by wiring lots of 105 qbits chips. We are not remotely close to 1m qbit computers this decade or likely next either.

— Adam Back (@adam3us) December 14, 2024

“[…] You can’t increase the number of entangled qubits by connecting lots of 105 qubit chips […]” the cypherpunk emphasized.

Back estimates that it will be about 50 years before computers capable of cracking private keys in the Bitcoin network emerge, he believes.

Previously, several experts have stated that the threat of a quantum attack on cryptocurrencies is exaggerated.

In March, Vitalik Buterin proposed a strategy to protect Ethereum from this technology.