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Bitcoin Traders Are Discussing BTC's Record High, but Quantum Computing Is Threatening the Math Behind It
Bitcoin Traders Are Discussing BTC's Record High, but Quantum Computing Is Threatening the Math Behind It

Yahoo

time16 hours ago

  • Business
  • Yahoo

Bitcoin Traders Are Discussing BTC's Record High, but Quantum Computing Is Threatening the Math Behind It

A new report by Capgemini warns that quantum computing may break the widely used public-key cryptographic systems within the next decade — threatening everything from online banking to blockchain security. The report did not single out bitcoin (BTC), but focused on encryption systems such as RSA and ECC — the same cryptographic primitives that underpin crypto wallets, transaction signatures, and key security in most blockchains. Bitcoin relies on elliptic curve cryptography (ECC) to secure wallet addresses and validate ownership. But ECC, like RSA, is vulnerable to Shor's algorithm — a quantum computing method capable of cracking the discrete logarithm problem, the core math behind bitcoin's private keys. Capgemini's findings were based on a survey of 1,000 large organizations across 13 countries. Of those, 70% are either preparing for or actively implementing post-quantum cryptography (PQC) — a new class of algorithms designed to resist quantum attacks. Yet only 15% of respondents were considered 'quantum-safe champions,' and just 2% of cybersecurity budgets globally are allocated toward this transition. 'Every encrypted asset today could become tomorrow's breach,' the report warned, referring to so-called 'harvest now, decrypt later' attacks. These involve stockpiling encrypted data now in hopes that quantum computers can break it later — a real risk for any blockchain with exposed public keys. In bitcoin's case, that includes over 25% of all coins, which have revealed their public keys and would be immediately vulnerable if Q-Day — the hypothetical moment quantum machines can break modern encryption — arrives. Earlier this week, a draft proposal by Bitcoin developer Jameson Lopp and other researchers outlined a phased plan to freeze coins secured by legacy cryptography, including those in early pay-to-pubkey addresses like Satoshi Nakamoto's wallets. The idea is to push users toward quantum-resistant formats before attackers can sweep dormant funds unnoticed. 'This proposal is radically different from any in Bitcoin's history just as the threat posed by quantum computing is radically different from any other threat in Bitcoin's history,' the authors wrote, as CoinDesk reported. While the timeline for Q-Day remains uncertain, Capgemini's report notes that breakthroughs in quantum error correction, hardware design, and algorithm efficiency have accelerated over the past five years. In some scenarios, researchers believe a cryptographically relevant quantum computer (CRQC) could emerge before 2030. Meanwhile, governments are acting. The U.S. NSA plans to deprecate RSA and ECC by 2035, and NIST has finalized several PQC algorithms like Kyber and Dilithium for public use, Capgemini said. Cloudflare, Apple, and AWS have begun integrating them, but as of Friday no major blockchain network (i.e. with tokens in the top ten by market capitalization) has made such moves. As such, bitcoin's quantum debate remains theoretical and all steps being taken are preemptive. But as institutions, regulators, and tech giants prepare for a cryptographic reset, the math behind crypto's security may not hold forever.

62 percent of Democrats agree party leadership should be replaced: Survey
62 percent of Democrats agree party leadership should be replaced: Survey

Yahoo

time19 hours ago

  • Politics
  • Yahoo

62 percent of Democrats agree party leadership should be replaced: Survey

More than half of Democrats agree party leadership should be replaced amid infighting, according to a new survey. Thursday's Reuters/Ipsos survey featuring self-identified Democratic respondents found that about 62 percent backed the idea that party leadership should be replaced, while 24 percent did not support the idea, and 14 percent did not provide a response or did not know. In the wake of the November 2024 elections, Democrats have struggled to identify what went wrong after losing the White House and Senate. The party has also found it difficult to build a cohesive message as the Democratic National Committee (DNC) has been embroiled in internal turmoil. Earlier this week, a powerful teachers union head resigned from party leadership shortly after former DNC Vice Chair David Hogg announced he would not run again in a redo election. This all comes as some some Democrats have expressed concern about DNC Chair Ken Martin's leadership. Party divides, however, can also be found on Capitol Hill, particularly surrounding Democrats' messaging on hot-button issues such as transgender rights and how to effectively counter President Trump's message. Rep. Sarah McBride (D-Del.), the first openly transgender member of Congress, argued this week that her party must make more space for disagreement when it comes to trans rights and welcome 'imperfect allies' into the discussion to bring about long-term and substantial change. This spring, Senate Minority Leader Chuck Schumer (D-N.Y.) also faced attacks from his party's base after he voted to advance a GOP funding bill, with some members, such as Rep. Alexandria Ocasio-Cortez (D-N.Y.), publicly slamming the veteran Democrat. 'There is a deep sense of outrage and betrayal,' Ocasio-Cortez said at the time of Schumer's decision. The Reuters/Ipsos survey also found 49 percent of Democrats were unhappy with current leaders while 41 percent backed the party; 10 percent of those surveyed were unsure or did not provide a response. The Reuters/Ipsos survey took place June 11-16, featuring 4,258 people and 1,293 Democrats and had 3 percentage points as its margin of error. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Midsize business use of PayPal, Zelle dipped, Citizens says
Midsize business use of PayPal, Zelle dipped, Citizens says

Yahoo

timea day ago

  • Business
  • Yahoo

Midsize business use of PayPal, Zelle dipped, Citizens says

This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Dive Brief: The use of payment options like Venmo, PayPal Holdings and Zelle declined in popularity among midsize businesses, according to a Citizens Bank payments survey. The yearly survey of business leaders, published in June, said 70% reported using business-to-consumer payment alternatives that include PayPal, Venmo and Zelle, a drop of 14 percentage points from the 2024 survey of midsize. The survey also found that check use is still ubiquitous, in spite of recent warnings that checks are prone to theft and fraud. About a fourth of the businesses surveyed by Citizens said checks are 'critical' for paying vendors, while 39% said checks are an 'important but not critical' way to pay vendors. Dive Insight: For corporate treasury professionals responding to the Citizens survey, instant payments were the most popular payment form, with 73% saying they used it. Meanwhile, the business-to-consumer alternatives were the second most popular and checks were least popular, with 47% reporting use. 'We're still in paper processing mode,' Michael Cummins, Citizens' head of treasury solutions, said in a webinar on the survey results. 'We still have industries that are heavily checked.' Citizens polled 315 owners and executives at non-bank U.S. companies with annual revenue between $5 million and $1 billion for its 2025 survey. The research was conducted from March 3 to 14. The scope of the survey changed between 2024 and 2025, including more small businesses this year. Last year, Citizens surveyed 202 business leaders from companies with annual revenue between $50 million and $1 billion. In any case, the survey also includes some businesses that the Census Bureau considers to be small, with it's definition for that category ranging between $1 million and $40 million. This is the fourth year the bank has conducted the payments survey, and the popularity of payment alternatives such as Venmo, PayPal and Zelle had risen each prior year, before peaking in 2024. The 2025 survey didn't offer any insight into the falling popularity of the above-mentioned payment services among survey respondents. Fraud concerns are top-of-mind for businesses, according to the Citizens report. While Zelle says that the vast majority of transactions on its platform are completed without a report of scams or fraud, the service has been in the cross-hairs of consumer advocates and Democratic lawmakers over fraud concerns in recent years. A spokesperson for EWS cast doubt on the results. 'Anyone drawing sweeping conclusions, opining on, or writing about a 315-person perception survey that lumps Zelle, PayPal and Venmo together might want to check the fine print before declaring a trend because the vast majority of small businesses in this country don't fit into the category sampled and we've continued to see extremely strong engagement from consumers and small businesses that rely on Zelle for speed and certainty,' the EWS spokesperson said in an emailed statement. The spokesperson did not immediately respond to a message seeking more clarity on why most small businesses don't fit the scope of the survey. Zelle's website notes that consumer use of the payment platform has tripled in the past three years. Spokespeople for PayPal and Venmo, which is owned by PayPal, did not respond to requests for comment. The popularity of instant payments made on platforms such as RTP and FedNow also declined in popularity among businesses, according to the survey. In 2025, 73% of businesses reported using instant payments, compared to 77% in 2024. Recommended Reading Early Warning pitches Zelle to Treasury Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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