Recent breakthroughs in quantum computing have led market commentators to, once again, claim that Bitcoin’s future is under threat.
Google’s Willow quantum chip and its ability to significantly reduce the number of errors as it scales up the number of qubits are the newest source of generating fear, uncertainty and doubt about the prospects of Bitcoin’s survival in a post-quantum computing world.
The key concern is that a sufficiently advanced quantum computer will be able to break various forms of cryptography used in Bitcoin (and many other cryptocurrencies), effectively making the system unusable and worthless. For example, someone could attack the network with a 51% attack by mining with a quantum computer or steal coins held in addresses by more easily guessing the private keys associated with them.
So, is this a genuine and imminent threat? And what can developers do, if required, to fix this much-discussed issue?
According to longtime Bitcoin researcher Ethan Heilman, keeping Bitcoin’s cryptography secure from quantum computers and other potential threats will be a never-ending battle for developers.
“Bitcoin needs to protect people’s funds over generational timescales,” Heilman tells Magazine.
“The history of cryptography is one of change and adoption to new attacks, faster computers and better algorithms. So, the grand challenge for those working on Bitcoin cryptography is: How do you protect coins over decades or even centuries, given the mercurial nature of cryptographic security?”
Is Google’s Willow quantum computer a threat to Bitcoin in 2024?
The first thing to note about the potential threat quantum computers pose to Bitcoin is that the issue is completely overblown at this time. Willow is one of the frontrunners in quantum computing built up to this point, but it’s nowhere near what would be needed to threaten the cryptography used in Bitcoin.
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