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No, a quantum computer won’t instantly reward you with $ 700 million in Bitcoin … not yet

September 9, 2020

It’s about a bitcoin wallet with almost $ 700 million. but anyone who pretends to be one “Cryptocurrency thief” and catch them must first crack the password.

A crypto enthusiast named Twitter user, Alon Gal called his 29,900 followers looking for solutions to get access to 69,370.22 Bitcoin (BTC). At the time of this writing, it is valued at approximately $ 695.4 million. According to Gal’s post on Sept. 8, the wallet has been leaked among hackers for the past two years without the password being found.

Source: Twitter

Blockchain records show that the transactions associated with this wallet address started in April 2013. Many online forums such as All private keys Offer members of the crypto community the opportunity to decrypt Bitcoin Core wallet.dat files with lost passwords for part of the remaining balance.

No, a quantum computer won’t instantly reward you with $ 700 million in Bitcoin … not yetNo, a quantum computer won’t instantly reward you with $ 700 million in Bitcoin … not yet

“I have the wallet”, Said Gal. “Google, please give me a quantum computer.”

This begs a very interesting question: With a quantum computer, what about the possibility that someone with a lost password could access a random wallet, even with a motivation of $ 695 million?

Advances in quantum computing have been a point of contention for proponents of cryptocurrency for some time Many believe the machines could compromise the security of the Bitcoin blockchain.

The experts, however They are divided over this idea. While Today’s very primitive quantum computers cannot compromise blockchains and their underlying cryptography, while the more advanced ones in the future may have this capability.

Recently, in June, Scientists in China were able to change an encryption key at a distance of 1,120 kilometers using quantum entanglement. the best attempt so far by 1,000 kilometers. Additional advances in technology could allow users to authorize transactions outside of the Internet.

In terms of lost passwords, technology would have the ability Go through more permutations than today’s best machines to find the unencrypted passwords or even reverse a hash.

Last year, Former Bitcoin Core developer Peter Todd called Google’s feat “quantum superiority”. a computer that solved an equation that would otherwise take 10,000 years in just 3 minutes and 20 seconds, as “a primitive type of quantum computer that by no means breaks cryptography.”

However, others, including Deloitte, aren’t so sure. This was stated on the auditing firm’s website Current technology in the field of quantum computing makes 25% of all Bitcoin in circulation vulnerable to possible attacks. If enough coins were stolen, the market could crash and destroy trust in the cryptocurrency.

“Even if everyone took the same protective measures, quantum computers could get so fast that they would affect the Bitcoin transaction process.” explained the company. “In this case, the security of the Bitcoin blockchain would be fundamentally impaired.”

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