- No reason to panic just yet
- Practical advice
According to a recent report by blockchain sleuth Chainalysis, Quantum computing is coming, and we need to prepare now
Google’s recent breakthrough demonstrates that quantum computing is advancing faster than many expected.
Even though quantum computers capable of breaking Bitcoin or Ethereum security don’t exist yet, the timeline is shrinking. Chainalsysi has estimated 5–15 years.
No reason to panic just yet
From Chainalysis’ standpoint, this isn’t a reason to panic, but it is a call to action for crypto security planning.
Cryptocurrencies like Bitcoin and Ethereum rely on cryptography (ECDSA, SHA-256, Keccak-256) for ownership and transaction security.
Shor’s algorithm could theoretically derive private keys from public keys, giving attackers full control over funds. Grover’s algorithm could reduce hash function security, but it’s less catastrophic.
Key concern for Chainalysis is that early Bitcoin addresses (P2PK) and reused addresses expose public keys on the blockchain. These are potential targets for future quantum attacks.
Adversaries could collect public keys now and wait until quantum computers are powerful enough to derive the private keys.
From Chainalysis’ point of view, this is a critical intelligence and monitoring challenge: identifying which addresses might be at risk and tracking activity that could indicate future attacks.
Practical advice
Chainalysis has recommended conducting cryptographic audits of wallets, exchanges, and infrastructure while also monitoring PQC standardization.
On top of that, it would be prudent to develop migration strategies for upgrading addresses and signatures.
Quantum computing is not an immediate threat, but the crypto ecosystem has a limited preparation window.
Source: https://u.today/will-quantum-computing-break-bitcointime-to-act-is-now-chainalysis-says
