Bitcoin Is Safe For Now: Jameson Lopp on Quantum Computing Risks

Jameson Lopp Says Quantum Computers Cannot Break Bitcoin Anytime Soon

Highlights

• It is not yet the case that quantum computers are powerful enough to break the security.

• Professionals recommend planning without panic and hasty decisions.

The idea of quantum computing is something that can cause fear in the crypto community, particularly regarding BTC security. Nonetheless, security expert in Bitcoin Jameson Lopp believes that there is no threat at hand. Rather than panicking, he encourages calm observation and long-term preparation.

Source: Jameson Lopp X

Why Quantum Computers Are a Cause for Concern to the Bitcoin Community?

Quantum computers are frequently mentioned as a threat in the future since they, in theory, would be able to intercept the crypto of Bitcoin, namely ECDSA signatures. These signatures defend wallets and transactions.

Other headlines say that machines may suddenly break BTC and steal money. This has resulted in fear-based debates and extreme conditions, such as forced protocol changes or loss of coins. Experts argue. However, this is an overblown fear.

Jameson Lopp View: No Immediate Threat.

Jameson Lopp, co-founder and Chief Security Officer of Casa, has explicitly said that quantum computers will not pose a threat to Bitcoin in the near future. In his opinion, the machines of today are too limited to be able to conduct such attacks.

The views of Lopp are consistent with the recent news of crypto research firms and institutions, which have verified that the current quantum hardware is not large-scale and stable enough to crack the encryption of cryptocurrency.

The Actual Difficulty: Time-wasting Bitcoin Upgrades.

Although quantum threats are far away, Lopp points to another issue, which is the time to upgrade BTC in case of necessity.

BTC is decentralized, which implies that the changes must:

• Community agreement

• Developer coordination

• Software updates across the network.

• Transfer of money to safer destinations.

Lopp approximates that in case Bitcoin requires quantum-resistant modifications, the operation might require 5 to 10 years. That is why it is important to be prepared in case the threat is not urgent.

Developers are already looking into the future.

The problem is not being overlooked by developers. Others, such as Adam Back, advocate the inclusion of optional quantum-ready features with existing upgrades such as Taproot. These will enable protection in the future without compelling one to change.

Meanwhile, cryptography standards based on post-quantum cryptography have been developed by organizations such as NIST since 2022, which allows BTC  to safely adapt to it.

Calm Down and Think Rationally.

The message that Jameson puts across is quite clear that decisions made out of fear might do more harm to Bitcoin (BTC) Price than computers themselves. The ecosystem must avoid rushing drastic upgrades or hard forks, instead doing research, testing, and gradual preparation.

Conclusion

In the near future, these computers will not break BTC, although it would be negligent to disregard the risks in the future. The balanced opinion of Jameson promotes a peaceful confidence, relying on the existing safety but being ready to face the possible changes in technology in the long run.

Disclaimer: This is not financial advice. Please DYOR before investing. CoinGabbar is not responsible for any financial losses. Crypto assets are highly volatile and you can lose your entire investment.