"Bitcoin can be hacked in 9 minutes"…Industry moves to secure quantum-computing countermeasures

As research suggests that quantum computers could neutralize Bitcoin’s (BTC) core security framework in just minutes, developers are reportedly beginning work on “quantum-proof” technology.

According to CoinDesk on the 5th (Korea time), Google said in a report earlier this week that if sufficiently powerful quantum computers emerge, Bitcoin’s cryptographic system could be cracked within 9 minutes. Some experts forecast that quantum computers could become a reality as early as 2029.

Bitcoin’s security is based on a “one-way mathematical relationship.” Specifically, spending Bitcoin tokens requires proving ownership of a private key, and it is widely understood that reverse-engineering this private key from a public key would take billions of years with today’s computers.

Quantum computers, however, are known to be able to break this one-way mathematical relationship and derive private keys using only publicly available information. As a result, an estimated 6.5 million bitcoins—including the wallet of Bitcoin creator Satoshi Nakamoto—could be exposed to the quantum-computing threat. Bitcoin’s total supply is 21 million.

Developers are reportedly reviewing a range of countermeasures. These include architectures that reduce public-key exposure on the blockchain, adopting hash-based quantum-resistant signature schemes, and “commit-reveal,” a two-step transaction process.

CoinDesk noted that “none of these proposals have been implemented yet, and given Bitcoin’s decentralized governance structure, it could take quite some time,” but added that “developers have long been aware of the issue and have been preparing, which could help ease market concerns.”