Summary
- Quantum computing technology is mentioned as a potential threat to Bitcoin, but currently, the possibility is considered low.
- Global investment bank Bernstein stated that Google's quantum computer lacks the performance to attack Bitcoin's security.
- It is reported that it will take decades for Google's quantum computer chip to become a practical threat to Bitcoin.
The possibility of quantum computing becoming a threat to Bitcoin (BTC) is currently considered low.
Previously, on the 9th (local time), Google announced that it had developed a quantum computer capable of solving problems in minutes that would take a supercomputer 10 septillion (10 to the power of 24) years. Some have speculated that this could pose a potential threat to Bitcoin's security. The concern is that as quantum computing power increases tremendously, hackers using it could break the encryption protecting cryptocurrency wallets and exchanges.
According to The Block, a cryptocurrency-focused media outlet, on the 10th, global investment bank Bernstein stated in a report that "the 'Willow chip' announced by Google represents significant progress in quantum computing," but added, "Even such quantum computers fall far short of practically attacking the Elliptic Curve Digital Signature Algorithm (ECDSA) and hash function (SHA-256) applied to Bitcoin."
Bernstein added, "It seems that it will take decades for quantum computers to become a practical threat to Bitcoin."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
