Satoshi Nakamoto Candidate Makes a Statement Regarding the Recent FUD in Bitcoin
As claims that quantum computers could threaten Bitcoin’s security are reignited, Blockstream CEO Adam Back, who is also at the center of speculation that he might be Satoshi Nakamoto, has given a noteworthy response.
Back argued that a significant portion of these claims did not align with technical realities, stating that the issue was being debated based on flawed concepts.
Back, in a social media post, directly addressed those spreading fear of quantum computing, stating, “A little tip for those spreading quantum FUD: Bitcoin doesn’t use encryption. Learn the basics correctly, otherwise this indicates a serious knowledge gap.” This statement reignited long-standing debates about how Bitcoin’s workings are frequently misunderstood.
Responding to a follower’s question about where the real risks begin for Bitcoin’s security model amidst quantum rumors, and which fears are merely theoretical misunderstandings, Back said he sees no significant short-term risks. According to Back, this is decades from now, and the scenarios being discussed today are far too early. There are still huge research and development problems to be solved in applied physics before quantum computers can reach a useful and scalable level. Therefore, while Back describes short-term risks as “almost zero,” he still stated that being “quantum ready” in the long term is a sensible approach.
One of the biggest misconceptions at the heart of the discussions is the claim that “Bitcoin has been decrypted.” From a technical standpoint, Bitcoin is not a cryptographic system; it’s a public ledger. All transactions, addresses, and transferred amounts are clearly visible on the blockchain. The cryptographic structures used in Bitcoin are not to hide data, but to prove that transactions were indeed made by the relevant key holder.
Bitcoin operated 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; that is, they offer a signature and authorization system, not “encryption.” Similarly, SHA-256, one of Bitcoin’s fundamental building blocks, is not an encryption algorithm but a one-way hash function that proves the data has not been altered.
According to experts, theoretically, a sufficiently powerful quantum computer could compute a private key from a public key via the Shor algorithm. However, this doesn’t mean a “decryption” process as commonly claimed, and requires infrastructure far beyond the current capabilities of quantum technology. Therefore, Adam Back and many cryptography experts agree that quantum computers do not pose a practical threat to Bitcoin in the short to medium term.
*This is not investment advice.
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