Will Bitcoin Security Wide Open?

Google's Willow quantum computing chip has brought the discussion about cryptocurrency security, including Bitcoin, back into focus after Google CEO Sundar Pichai first introduced it. Willow is still considered a major advance in quantum technology, but experts say they are not yet a threat to Bitcoin. Here is some more information on the matter.

Understanding the risk

Bitcoin is based on two key cryptographic algorithms: It uses Elliptic Curve Digital Signature Algorithm (ECDSA) for encryption and SHA-256 for hashing. In order to challenge Bitcoin, a quantum computer needs to uncover the deeper ECDSA through ECDLP by applying Shor's algorithm. This would require millions of misaligned logical qubits, something far beyond Willow's capacity with only 105 physical qubits.

Willow can solve some calculations much faster than classical computers, but it is 105 qubits short of the estimated 13 million needed to break Bitcoin's encryption in a day.

Furthermore, proper quantum attacks can only be carried out in the presence of efficient, stable, and highly reliable qubits, which quantum computers do not currently have.

Future threats and how to solve them

Some quantum specialists believe it will take 10-20 years of continuous work to build quantum computers capable of solving Bitcoin. To end the threat, the crypto-currency community is actively developing quantum-secure cryptographic protocols to prevent future threats.

In the future, if there is a breakthrough in quantum computing technology, the algorithms could be implemented to make the current Bitcoin system secure.

Also read: Why is the Crypto market down today? Bitcoin liquidity reaches $1.5 billion.

Market responses and expert opinion

Willow's developments have had mixed reactions from the crypto community. While some people worry about the long-term risks to Bitcoin's security, others note that the current quantum strength isn't enough to do any harm, such as freezing vulnerable holdings or actual expirations on older cryptographic standards.

Conclusion

Quantum computing technology for Bitcoin is developing day by day but now Bitcoin is safe. So Willow's release can be seen as a wake-up call to start working on creating quantum-safe solutions.

Despite the quantum risks, it is still worth believing that the Bitcoin development team and the entire cryptocurrency sphere have plenty of time to prepare and prove the strength of this revolutionary asset class.

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