Quantum computing poses a potential threat to the security of cryptocurrencies, raising concerns among investors. A recent Cointelegraph video delves into this issue, outlining the risk and exploring possible measures for protecting crypto portfolios.
In recent developments, Google has introduced its advanced quantum chip, Willow, which can solve complex problems within minutes—tasks that would take traditional computers septillion years to complete. This technological advancement heightens the risk of quantum computing being able to breach Elliptic Curve Cryptography, the security backbone for many cryptocurrencies, including Bitcoin.
John Lilic, executive director at the Talos Foundation, cautions that a breakdown in confidence in the public-private key infrastructure could lead to a rapid devaluation of digital assets. The rapid pace of development in quantum computing technology challenges the ability to prepare adequately for its potential impact. Fabrizio Romano Genovese, a computer scientist and expert in quantum mechanics, highlights the unpredictable nature of exponential technological changes, where shifts can appear sudden and all-encompassing.
The central question remains: how soon might quantum computers crack Bitcoin’s encryption? The Cointelegraph video explores this timeline and offers strategies for investors to secure their digital assets against this emerging threat.
