| Cryptocurrency | Price (USDT) |
|---|---|
| BTC | $107324.9100000000 |
| ETH | $2435.6050000000 |
| BNB | $647.1894200000 |
| XRP | $2.1894360000 |
| ADA | $0.5657651000 |
| SOL | $150.9674000000 |
| DOGE | $N/A |
| DOT | $3.4093600000 |
| LTC | $86.7075000000 |
| LINK | $13.3516800000 |
Category: CRYPTO NEWS
The post Quantum Tech Sparks Bitcoin Security Fears appeared on BitcoinEthereumNews.com. BlackRock, the largest asset management firm globally, has highlighted potential challenges facing Bitcoin, singling out quantum computing as a major concern. In the prospectus for their iShares Bitcoin Trust ETF (IBIT), BlackRock addresses how advancing quantum technology could threaten Bitcoin’s security framework. What drives the focus on this emerging technology? How Does Quantum Computing Impact Bitcoin?Is the Threat Overrated? How Does Quantum Computing Impact Bitcoin? Quantum computing presents a theoretical risk to cryptocurrencies due to its potential to override current encryption safeguards. Although current technology does not yet pose an immediate threat to Bitcoin, BlackRock notes potential vulnerabilities in the future as quantum advancements progress. Their document specifies that developments in fields such as digital computation and algebraic geometry could render existing cryptographic methods ineffective. This could make the Bitcoin network and other digital assets vulnerable to cyberattacks. Instances in the past have shown how cryptographic weaknesses led to breaches and financial setbacks in some cryptocurrency platforms. A significant breach within Bitcoin’s systems could have serious implications for both users and investors. “The cryptography underpinning Bitcoin could be compromised or become ineffective, or advancements in mathematics or technology, especially with digital computation, algebraic geometry, and quantum computers could render it nonfunctional. In such cases, a malicious actor could jeopardize the Bitcoin network’s security.” The ripple effect of such a flaw might not only impact Bitcoin but extend to other cryptocurrencies, potentially eroding market demand. Is the Threat Overrated? The iShares Bitcoin Trust (IBIT) is one of the larger exchange-traded funds with Bitcoin assets totaling $70.1 billion. The listing of risks, including the quantum threat, is a standard requirement in ETF filings, regardless of likelihood. However, earlier mentions of these risks led to some misinterpretations suggesting Bitcoin was deemed unsafe by BlackRock. The implications of quantum encryption-breaking could affect a broad…
2025-05-27T02:43:09+00:00