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Quantum computing will fortify Bitcoin signatures: Adam Back

The post-quantum era is still “several decades away,” but it could be a net positive for the Bitcoin network’s security.

Advancements in quantum computing have the potential to strengthen the Bitcoin network in the coming decades, even though there are widespread concerns about the technology’s ability to compromise cryptographic encryption.

Industry insiders have previously voiced concerns that quantum computing may break cryptographic algorithms in the future, thanks to its ability to perform computational processes at previously unimagined speed, thanks to advancements in quantum physics.

Yet despite these concerns, quantum computing could lead to a stronger Bitcoin (BTC) network, according to Adam Back, co-founder and CEO of Blockstream, the inventor of Hashcash and one of the most notable cryptographers in the industry.

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Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

Adam Back: Bitcoin’s value lies in its founder’s anonymity

In an exclusive interview with Cointelegraph, Back explains why Bitcoin’s value relies on its dual identity as hard money and digital gold.

Adam Back, the co-founder and CEO of Blockstream, is convinced that the identity of Satoshi Nakamoto, the founder of Bitcoin, will always remain a mystery—and that this is a positive thing for Bitcoin.

“Many people have tried to research, look at all the emails, look at all the forum posts, and tried to deduce something from a digital footprint over 15 years, and found nothing,” he said in an exclusive interview with Cointelegraph’s managing editor Gareth Jenkinson.

According to Back, an early Bitcoin developer who exchanged emails with Satoshi, the fact that Bitcoin doesn’t have a central figure, like Vitalik Buterin for Ethereum, strengthens its status as a commodity. This sets it apart from most other cryptocurrencies, which could be more easily compared to securities.

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Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

Polymarket Sees Shifts in Satoshi Nakamoto Betting Odds Ahead of HBO Film Release

Polymarket Sees Shifts in Satoshi Nakamoto Betting Odds Ahead of HBO Film ReleaseWith the HBO documentary set to release on Wednesday, claiming to reveal the true identity of Satoshi Nakamoto, Polymarket bettors are actively speculating on who it might be. As of this writing, Len Sassaman, who previously led the wagers, has fallen behind, while Blockstream’s Adam Back now leads with a 22.5% probability of being named […]

Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

Bitcoin Veteran Adam Back Says BTC in Early Bull Market Phase, Could Explode by Over 700% – Here’s the Timeline

Bitcoin Veteran Adam Back Says BTC in Early Bull Market Phase, Could Explode by Over 700% – Here’s the Timeline

Blockstream chief executive Adam Back says that Bitcoin (BTC) remains in the early stages of an ongoing bull market cycle. In a new interview with Anna Tutova, the CEO of Coinstelegram, the longtime Bitcoin veteran says Bitcoin could potentially soar more than 700% from the current value this cycle. “We’re still in the early stages […]

The post Bitcoin Veteran Adam Back Says BTC in Early Bull Market Phase, Could Explode by Over 700% – Here’s the Timeline appeared first on The Daily Hodl.

Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

Plan B Predicts Repeat Performance Post-Bitcoin Halving Amid Mixed Analyst Forecasts

Plan B Predicts Repeat Performance Post-Bitcoin Halving Amid Mixed Analyst ForecastsAt block height 839,856, the Bitcoin blockchain stands a mere 144 blocks short of the forthcoming reward halving at block height 840,000. Historically, bitcoin’s price has seen substantial increases following prior halving events. However, there are speculations that this occurrence might not follow the previous pattern. This week, the creator of the stock-to-flow (S2F) price […]

Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

Roger Ver Rejects Blockstream CEO’s Invitation, Remains Loyal to Bitcoin Cash Over BTC

Roger Ver Rejects Blockstream CEO’s Invitation, Remains Loyal to Bitcoin Cash Over BTCRoger Ver, an early Bitcoin investor, has decided to continue supporting Bitcoin Cash (BCH) over Bitcoin (BTC) despite an invitation from Blockstream CEO Adam Back to rejoin the Bitcoin community. Ver criticizes layer two blockchain solutions, like Back’s Liquid Network, as centralized or unreliable, maintaining that bitcoin cash more closely aligns with the original vision […]

Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

Satoshi Correspondence Revealed by Witnesses in Legal Clash Against Craig Wright

Satoshi Correspondence Revealed by Witnesses in Legal Clash Against Craig WrightIn the unfolding lawsuit between the Crypto Open Patent Alliance (COPA) and Craig Wright, three key witnesses who had early interactions with Bitcoin’s creator, Satoshi Nakamoto, provided their testimonies. Among them were early Bitcoin developers Martti Malmi and Mike Hearn, as well as Adam Back, the creator of Hashcash, the proof-of-work (PoW) algorithm integral to […]

Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

$100K BTC? Don’t undervalue Bitcoin ETF influence, says Adam Back

Resolving recent systemic failures in the cryptocurrency ecosystem and the prospect of spot Bitcoin ETF approvals could drive Bitcoin to $100,000 in 2024.

The COVID-19 pandemic, rampant inflation and regional conflicts directly influenced Bitcoin’s (BTC) drop in value over the past two years. However, 2024 promises to be a resurgent period, according to Blockstream CEO Adam Back.

The cryptographer, who pioneered the proof-of-work algorithm applied in Bitcoin’s protocol, tells Cointelegraph that the preeminent cryptocurrency is trailing below the historical price trend line of previous mining reward halving events.

Back weighed in on the potential price action of Bitcoin as the next halving approaches, which will see Bitcoin miners’ block reward reduced from 6.25 BTC to 3.125 BTC. Block reward halvings are programmatically hardwired into Bitcoin’s code, taking place after every 210,000 blocks.

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Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

Blockstream targets continued Bitcoin miner surplus with Series 2 BASIC Note

Blockstream CEO Adam Back says 2023 presented a unique investment opportunity with Bitcoin’s price doubling amid low ASIC miner prices on secondary markets.

Blockstream will look to raise more capital to buy Bitcoin (BTC) mining hardware through a second series of its Blockstream ASIC (BASIC) Note offering, which aims to accumulate and sell ASICs based on the predicted demand for miners over the next two years.

Speaking exclusively to Cointelegraph, Blockstream CEO Adam Back highlighted a surplus of Bitcoin mining hardware on the secondary market as a critical driver for a second series of its investment offering.

Blockstream wound up an initial $5-million raise, which saw the firm purchase unused, boxed Antminer S19k Pro ASIC miners for $4.87 million. The company managed to secure the hardware, one of the Chinese manufacturer’s most popular miners, through SunnySide Digital.

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Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

Bitcoin white paper turns 15 as Satoshi Nakamoto’s legacy lives on

“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party,” Satoshi said in an Oct. 31 email in 2008.

Today marks 15 years since the pseudonymous creator of Bitcoin, Satoshi Nakamoto, shared the Bitcoin (BTC) white paper to a mailing list of cryptographers on Oct. 31, 2008 — a date also annually celebrated as Halloween.

“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party,” Satoshi famously said in the opening sentence before linking the document titled: “Bitcoin: A Peer-to-Peer Electronic Cash System.”

Satoshi’s email notifying other cypherpunks about his release of the Bitcoin Whitepaper. Source: Satoshi Nakamoto Institute

The whitepaper proposed a decentralized system that could facilitate peer-to-peer transactions which could solve the “double spending” problem often associated with digital currency. 

It proposed to achieve this via a network of nodes to validate and record transactions through a proof-of-work consensus mechanism, launching just two months later on Jan. 3, 2009.

How Bitcoin was brought to life

Satoshi’s computer science breakthrough came on the back of other impressive developments in the cryptography and e-money space.

The first reference cited in the Bitcoin whitepaper is Wei Dai’s invention of b-money, an electronic peer-to-peer cash system which never launched but nonetheless played a key role in Satoshi’s plans for Bitcoin.

Like Bitcoin, b-money proposed that participants of the system maintain a database of account balances, which keep track of the ownership of money. Transactions would be initiated and completed by a broadcast message to all participants, which would update the account balances of those involved in a specific transaction.

In many ways, it could be seen as a precursor to the nodes of Bitcoin’s protocol which keep a record of the constantly growing blockchain.

This process is one which requires proof-of-work — a form of cryptographic proof in which one party proves to others that a certain amount of a specific computational effort has been expended.

Satoshi implemented this into Bitcoin, citing Adam Back’s invention of Hashcash in 1997 which incorporated proof-of-work to limit e-mail spam and denial-of-service attacks.

Timestamps are another core property of Bitcoin which was successfully implemented by Satoshi.

Bitcoin’s timestamp server works by taking a hash — akin to a unique serial number — of a block of transactions and timestamping it towhen the block is added to Bitcoin’s blockchain.

The hashes cryptographically link one block to the next, ensuring integrity of Bitcoin data. Timestamps also prevent double spending on Bitcoin, making the network tamper-proof and immutable.

Satoshi cited work from Henri Massias, Scott Stornetta, Stuart Haber and Dave Bayer in implementing timestamping into Bitcoin’s protocol.

Meanwhile,Merkle trees were implemented into Bitcoin to verify transaction data through digital signatures. Satoshi cited Ralph Merkle’s work on developing public key cryptosystems.

Bitcoin advocate and cyperphunk Jameson Lopp previously told Cointelegraph that credit should be given to the preliminary projects which paved the way for Bitcoin.

However the genius in Satoshi was the puzzling of all these pieces into a fully functional system, said Lopp:

“There's no single piece of the puzzle that I think is more important than the others. Nakamoto's genius was not any of the individual components of Bitcoin, but rather the intricate way in which they fit together to breathe life into the system.”

What Bitcoin did

Bitcoin was at the time, one of the first inventions to use cryptography to successfully separate money from state. Satoshi’s invention enabled users to effectively bypass banks and financial institutions to transact with others, all around the world.

The first real-world transaction paid for in Bitcoin came from Laszlo Hanyecz in May 2010, who bought two pizzas for 10,000 Bitcoin.

Mainstream media highlighted Bitcoin’s increased use by criminals to launder funds, among other things in the early days, but that narrative has continued to change.

Ithas become an increasingly adopted around the globe. It was made legal tender in El Salvador in September 2021.

Financial institutions have also recently applied to offer spot Bitcoin exchange-traded funds (ETFs) in the United States, while others have launched their own Bitcoin ETFs in Europe.

Several developments have been implemented to help Bitcoin scale and bring more use cases to the network.

The Lightning network was launched in 2018 to increase Bitcoin’s transaction speed by taking computation off-chain.

Related: BlackRock’s Bitcoin ETF: How it works, its benefits and opportunities

Nonfungible token-like Ordinals were launched on Bitcoin in January, which was made possible by the Taproot soft fork in November 2021.

Bitcoin’s price has also been taken on a wild ride.

Starting out as cheap as a penny in 2009, BTC has endured several bull and bust cycles with its price volatility swinging as large as 88% in some instances.

Bitcoin’s price since April 2013. Source: CoinGecko.

BTC is currently priced at $34,350, down 50% from its all-time high price of $69,000 on Nov. 10, 2021.

Magazine: Gary Gensler’s job at risk, BlackRock’s first spot Bitcoin ETF and other news: Hodler’s Digest, June 11-17

Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January