Discussions about quantum computing and its potential threat to cryptocurrencies have resurfaced. A pressing question dominates the conversation: if Bitcoin isn’t quantum-proof, why would the U.S. consider it a strategic reserve asset? And beyond Bitcoin, can cryptocurrencies like XRP ($2.21) ever achieve quantum resistance? Ripple’s CTO, David Schwartz, shared his insights, downplaying the urgency of the issue.

Quantum Computing vs. Blockchain Security

Schwartz confirmed Bitcoin isn’t quantum-proof, but he believes the concern is often exaggerated. He likened quantum computing to cold fusion—always “a few years away” but never materializing. For over a decade, experts have predicted practical quantum computing is eight years out, yet it remains elusive.

According to Schwartz, cryptocurrencies like Bitcoin, Ethereum, and the XRP Ledger (XRPL) will eventually need quantum-resistant solutions. However, the current urgency is overblown. Present quantum-safe cryptographic methods are inefficient and poorly suited for blockchain. Implementing them now would involve significant tradeoffs without clear benefits.

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Schwartz advised waiting until efficient and scalable quantum-resistant algorithms emerge. While making a single account or UTXO quantum-safe is possible, it’s impractical at scale. For instance, locking accounts to the hash of a public key without revealing the key itself can protect against quantum threats, but the process is cumbersome.

Quantum Computing: Hype or Threat?

Schwartz acknowledged quantum computing is real, but breaking encryption remains far off. Cryptographic standards like SHA-256, SHA-512, RIPEMD-160, SECp256k1, and Ed25519 remain secure for now. 

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Despite advances like Google’s Willow chip—capable of solving tasks in minutes that would take supercomputers years—quantum computers cannot yet crack crypto wallets. The industry must remain vigilant, adapting when necessary. 

While quantum computing advances, it hasn’t reached the level to threaten cryptocurrencies. For now, the focus should stay on monitoring developments and preparing to adopt quantum-resistant measures when the technology matures.

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