It will take at least five to 10 years for Bitcoin (BTC) to transition to a post-quantum standard, according to Jameson Ropp, core developer of Bitcoin (BTC) and co-founder of cryptocurrency custodian Casa, who has weighed in on the ongoing quantum computing debate.
Ropp agreed with Adam Back, CEO of crypto infrastructure company Blockstream, that there is no near-term threat to Bitcoin from quantum computers. Ropp said in the X-Post.
“Quantum computers will not destroy Bitcoin in the near future. We will continue to watch its evolution. However, it could easily take five to 10 years to make thoughtful changes to the protocol and create unprecedented capital transfers.”
sauce: jameson lace
In another post, he said that the Bitcoin protocol is more difficult to upgrade to post-quantum standards than centralized software because of its decentralized consensus model.
Debate over the quantum threat and possible solutions continues to be a major topic in the Bitcoin community, with a growing divide between Bitcoin maximalists who want to be cautious about encouraging changes to the protocol and venture capitalists (VCs) who argue that the quantum threat is imminent.
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“Quantum-resistant solutions are affordable enough for non-profits and venture capitalists to fund,” said Bitcoin Maximalist Pierre Rochard.
Rochard added that using quantum computers to attack Bitcoin would be so expensive that governments would be forced to “subsidize it as a matter of collective action.”
sauce: Pierre Roshard
Samson Mo, a Bitcoin investor and CEO of wallet company and advocacy group JAN3, also questions the ability of quantum computers to break through Bitcoin’s security.
“In reality, a quantum computer cannot factor the number 21 instead of 21 million without heavily customizing the algorithm,” Mo said.
Nevertheless, venture capitalists and other investment firms have warned that the price of BTC is being influenced by the threat, or perceived threat, from quantum computers.
If the Bitcoin protocol does not become quantum-enabled by 2028, the price of BTC could fall below $50,000, according to Charles Edwards, founder of digital asset investment fund Capriol.
Edwards called on Bitcoin node operators to implement Bitcoin Improvement Proposal (BIP) 360, which introduces quantum-enabled signatures to BTC.
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