A draft of Bitcoin’s BIP-361 has brought quantum security back into focus.
Frequently Asked Questions
Here is a list of FAQs about the draft Bitcoin BIP361 and its focus on quantum security
BeginnerLevel Questions
Q What is BIP361
A Its a proposed change to Bitcoin designed to make Bitcoin wallets resistant to attacks from future quantum computers
Q Why do we suddenly need quantum security for Bitcoin
A Normal computers cant break Bitcoins encryption But a powerful enough quantum computer someday might be able to reverseengineer a private key from a public key BIP361 is a proactive step to protect against that future threat
Q Does this mean Bitcoin is in danger right now
A No There is no quantum computer today that can break Bitcoins security This is a get ready before its a problem upgrade
Q Will BIP361 change how I send or receive Bitcoin
A For most users the experience will be the same The main change is that wallets using this standard will generate a different type of address Youll just copy and paste addresses as usual
Q Do I need to do anything right now
A No This is only a draft proposal No wallets have implemented it yet When its finalized you would just update your wallet software to get the new security features
IntermediateLevel Questions
Q How does BIP361 actually protect against quantum computers
A It changes the underlying cryptography Current Bitcoin addresses rely on the Elliptic Curve Digital Signature Algorithm BIP361 proposes using a quantumresistant signature scheme that a quantum computer cannot efficiently break
Q Is a quantum computer powerful enough to hack Bitcoin today
A No Current quantum computers have only a few dozen stable qubits To break Bitcoins ECDSA you would need millions of stable qubits Experts estimate that is at least 1020 years away
Q What is the biggest risk if we dont upgrade to something like BIP361