Post
Topic
Board Development & Technical Discussion
Merits 5 from 2 users
Re: Bitcoin private key BASE58 problem
by
BlackHatCoiner
on 24/11/2021, 14:19:28 UTC
⭐ Merited by o_e_l_e_o (4) ,ETFbitcoin (1)
I do not understand then, why whole crypto industry is in fear of an arrival of quantum computers?
Because they are fearmonger.  Tongue

Joke asides, it's because when Bitcoin started in 2009, Satoshi chose to make the coinbase transaction payable in public key. The uttered “Pay-to-public-key” (P2PK). As a result, thousands of addresses containing this unspent output of 50 BTC have exposed their public key.

Besides that, every address that is reused has also exposed its public key. Currently, the one with the most bitcoins, Binance's, has revealed its public key.