As claims that quantum computers could threaten the security of Bitcoin are reignited, Blockstream CEO Adam Back, who is also at the center of speculation that he could be Satoshi Nakamoto, gave a remarkable response.
Back argued that a significant portion of these claims did not correspond to technical realities, saying the issue was being debated based on faulty concepts.
Back, in a social media post, directly addressed those spreading fear of quantum computing, saying: “A quick tip for those spreading quantum FUD: Bitcoin does not use encryption. Learn the basics correctly, otherwise it indicates a serious lack of knowledge.” This statement reignited long-standing debates about how the workings of Bitcoin are often misunderstood.
Responding to a follower’s question about where real risks to Bitcoin’s security model begin amid quantum rumors, and which fears are just theoretical misunderstandings, Back said he doesn’t see any significant near-term risks. According to Back, this will happen in several decades and the scenarios mentioned today are far too early. There are still enormous research and development problems to be solved in applied physics before quantum computers can reach a useful and scalable level. Therefore, even though Back describes the short-term risks as “almost zero”, he nevertheless said that being “quantum ready” in the long term is a sensible approach.
One of the most common misconceptions at the heart of discussions is the claim that “Bitcoin has been decrypted.” From a technical perspective, Bitcoin is not a cryptographic system; it is a great public book. All transactions, addresses and transferred amounts are clearly visible on the blockchain. The cryptographic structures used in Bitcoin are not intended to hide data, but to prove that transactions were actually carried out by the relevant key holder.
Bitcoin worked with the Elliptic Curve Digital Signature Algorithm (ECDSA) for many years, and with the Taproot update it also incorporated Schnorr signatures into the system. These mechanisms function as authentication tools; In other words, they offer a signing and authorization system, not “encryption”. Similarly, SHA-256, one of the fundamental building blocks of Bitcoin, is not an encryption algorithm but a one-way hash function that proves that data has not been modified.
According to experts, in theory, a sufficiently powerful quantum computer could calculate a private key from a public key via Shor’s algorithm. However, this does not mean a “decryption” process as is commonly claimed, and requires infrastructure far beyond the current capabilities of quantum technology. Therefore, Adam Back and many crypto experts agree that quantum computers do not pose a practical threat to Bitcoin in the short to medium term.
*This does not constitute investment advice.