Hunter Beast, author of BIP 360, a proposal that aims to make bitcoin quantum computing resistant, has warned about advancements in the field that could potentially endanger bitcoin. “I don’t think we have as much time as I once thought,” he stressed.
BIP 360 Author Raises Concerns About Bitcoin’s Vulnerability To Quantum Computing
Quantum computing has burst onto the tech scene, and its processing capabilities are impacting security and encryption standards. Hunter Beast, author of Bitcoin Improvement Proposal (BIP) 360, aimed to make bitcoin quantum computing resistant, recently warned about the rising threat this presents to the network’s operability.
While most analysts have disregarded the threat of quantum computing to bitcoin, at least for the foreseeable future, Beast recently raised concerns with statements issued on social media, where he stressed that the time to shield bitcoin is already running out.
Beast stressed that, while he would not reveal what had him concerned regarding the issue, he wanted to raise awareness about this imminent danger to bitcoin.
He stated:
I don’t think we have as much time as I once thought. I don’t want to be alarmist and so I need to put my information in the proper context.
When asked about the source of this renewed stance on the subject, he explained that something had changed and that some new techniques to facilitate a possible bitcoin hack had been discovered.
Establishing a hypothetical timeline for this threat to become effective, he assessed:
Worst case? Absolute worst case is that we have 3 years. Bear in mind. This isn’t FUD. It’s just a kick in the pants. We just need to work harder.
Beast is not the only one pondering the effects of quantum computing on bitcoin security. Ethereum co-founder Vitalik Buterin commented that there was a 20% chance that quantum methods could break bitcoin encryption by 2030.
Recently, El Salvador announced movements to distribute its national bitcoin reserve to new addresses to protect it from possible quantum attacks.
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