Analyst: Holding all Bitcoin forks could counter the threat of quantum computers

If a quantum computer emerges, Bitcoin holders should hodl and its forks—Bitcoin Cash and Bitcoin Gold—for protection. This was stated by independent analyst Maxim Onegin during the online conference “Bitcoin 2020: New Horizons” on ForkLog Live’s YouTube channel.

He advised that when buying Bitcoin, investors should set aside and hold similar amounts in all forks of the first cryptocurrency.

“Formally, it’s all one Bitcoin, because the chain is the same,” Onegin explained.

Assessing the probability of the 51% attack by mining pools as Bitcoin’s price rises, the analyst said that hypothetically it is possible, but its organizer would need to own half of all mining capacity, which runs counter to game theory.

“Overall this is not such a big catastrophe and it is solvable. The greater threat comes from a quantum computer or a collision attack, in which a large exchange wallet or a whale wallet could potentially be emptied.”

With a quantum computer, the most resistant mining algorithm, in the analyst’s view, is Equihash:

“It is already protected – this is the next generation of cryptography, while SHA-256 is potentially vulnerable.”

The expert noted that changing Bitcoin’s hash function could potentially be done, but the counterpoint is that all mining equipment runs on the SHA-256 algorithm.

“You can re-hash anytime, the main thing is to do it in the right direction,” Onegin concluded.

Back in December, a group of Chinese scientists created prototype of a quantum computer, processing data ten billion times faster than Google’s 53-qubit device.

Earlier, trader Ilya Meshcheryakov stated that cryptocurrency trading should begin with defining an investor profile.

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