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Quantum computers will not instantly reward you with 69,000 Bitcoins.

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Crypto Business World Follow

INDIA

Sep, 23 2020

Sep, 23 2020

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The present quantum computers may not help unlock lost Bitcoin.

A Bitcoin wallet with nearly $700 million is up for grabs. But anyone intending to be a "crypto thief" and nabs will have to crack the password first. Alon Gal, a crypto Twitter user, has put out a call to his 29,900 followers. He wants for solutions on how to gain access to 69370.22 Bitcoin (BTC). It is worth roughly $695.4 million as of this writing. For the past two years, the wallet has been passed between hackers. But it has been without success at determining the password. The wallet address associated transactions began in April 2013. Blockchain records show this. Forums such as All Private Keys offer members of the crypto community a chance. They are allowed to crack Bitcoin Core wallet.dat files with lost passwords. They are given a share of the remaining balance. 

 

"I have the wallet," Gal said. He requested Google to give him access to a quantum computer.

 

This raises an interesting question. What would be the chance someone could gain access to a random wallet with a lost password using a quantum computer. Even with a $695 million motivation? Quantum computing advancements have been areas of contention for cryptocurrency proponents. This is as many believe the machines could undermine the security of the Bitcoin blockchain. But experts are divided on the idea. The present-day quantum computers are very primitive. They cannot break blockchains and their underlying cryptography. But larger ones on the horizon might have that capability.

 

Scientists in China were able to exchange an encryption key as recently in June. They did it at a distance of 1,120kilometers using quantum entanglement. This exceeded the previous best attempt by 1,000 kilometers. Further technological advancements could mean users would be able to allow transactions outside of the Internet.

 

Those machines would have the ability to go through more permutations than the best machines today. This will help them to find the unencrypted passwords or even to reverse a hash. This news may make those Asian countries that have adopted Blockchain to feel both secure and wary.


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