What would you do if you forgot the password to your digital wallet that has 7,002 BTC ($265M) on it.
You will notice that I rarely post articles about Cryptocurrency or similar information pertaining to Blockchain technology.
Honestly speaking, I am not good at this niche but I do read several topics and news about it so as not to be ignorant of the current trend. Just to know the basics at least.
In my post, Talking About Blockchain And Cryptocurrency, I have tried to discuss Blockchain and crypto. I also created an article about digital currency with a post, A Digital Currency Controlled by Central Bank. However it seemed that the robot was not impressed with me talking about this stuff. I even tried writing about NFTs with a post, NFT Invades WWE: The Undertaker NFT and still received lower reward from the robot. It only means that he did not understand what I was talking about.
I guess I need to read more and learn about this thing in order to impress the robot or MDM somehow. I’m not gonna lie to you, I was trying to impress him with my post about crypto, you know it’s way better than always mentioning him or even commenting on his post like a pauper. That’s nonsense. You might as well create a single post coming from your heart asking for donations. Don’t get me wrong because I see a lot of comments like that, like, hey Marc notice me, read my article. I hope no one gets offended because that’s reality. Remember that Marc doesn't just give high rewards to Crypto articles. He has lots of interests too aside from investing, cars and girls.
Anyway my topic for today is not about Marc, with all due respect I am learning from him somehow.
I will try to create a post again about Bitcoin, digital wallets in particular. I hope the robot will somehow understand. (Laughs)
Later this afternoon, I read a news article about quantum computers published on CNBC last June 10, 2021. The news was about threats in cryptography.
What do you do when you forget about your password in your Twitter or other social media account? We simply hit forget password and then login on our email account to reset it and create a new one.
But what if you forget about the password in your digital wallet that has thousands or millions of digital currency?
That was the case when Stefan Thomas forgot the password to his digital wallet which contains 7,002 bitcoins worth $265 millions.
Quantum Computer
According to reports he could have used Quantum Computer to crack the code and have accessed his account. But the report has not mentioned whether he has remembered his password.
What is quantum computing? According to wikipedia, (verbatim) it is the exploitation of collective properties of quantum states, such as superposition and entanglement, to perform computation. The devices that perform quantum computations are known as quantum computers.
These quantum computers are more times faster than traditional computers that can hack cell phones, bank accounts, your email addresses and even your bitcoin wallets.
Do we need to worry about this?
As far as Bitcoin Cash holders are concerned, I think they will kind of threaten this. But as for me in the meantime that I do not hold BCH or any Crypto coins, why would I bother? I think Marc, Roger, Vitalik or even Elon should be warned. They are the ones that need to be aware of this quantum hacking.
Time will come that I will be holding coins too but It will take years before I can do that. I am just starting to engage in the crypto world so why would I be in a hurry, but to start today little by little is better than not doing anything.
According to the report by Mackenzie Sigalos, quantum computing these days is still very young. In the next decade, it will be able to break cryptographic security that includes Bitcoin wallets.
On the other hand, crypto experts said that they are not worrying about this quantum hacking of bitcoin wallets.
Programmers and researchers are already in the process of creating quantum-safe cryptography.
As per Thorsten Groetker, it is a technical problem and there is a technical solution for it.
Thanks for reading. Ciao!
Feel free to check my previous posts:
Listen: Do You Want To Know a Secret
━◦○◦━◦○◦━◦○◦━◦○◦━◦○◦━◦○◦━
Special mention to my sponsors:
@Cineholic @CryptoBabe @CryptoMax
@scottcbusiness @FrieLincs @JonicaBradley
━◦○◦━◦○◦━◦○◦━◦○◦━◦○◦━◦○◦━
Lead image source
Photo Credits:
Resources:
https://www.investopedia.com/terms/q/quantum-computing.asp
https://en.wikipedia.org/wiki/Quantum_computing
Dami ko ng di nababasa na articles. Panay tulog kasi ako. 😆 ay bet na bet ko sinabi mo. Meron nga ako nakitaa na grabe makatag. Yung bang walang connection sa article tapos biglang susundutan ng pa thank you. Style! Very impressive. Hahaha.
Naku ako nga laking lugmok ko nung di ko nasulat seeds ko. Hindi kalakiha yung laman pero ang sakit pa rin talaga. What more kung ganyang $256M? Baka sobrang hindi na ako makaahon sa kalugmukan ko.