Google’s Quantum Computing Advance Heightens Bitcoin Security Concerns
EDINBURGH – A recent breakthrough by Google in quantum computing has intensified warnings about the potential vulnerability of Bitcoin and other encrypted systems, according to experts. The development brings the possibility of a quantum attack on Bitcoin closer to reality, perhaps jeopardizing the cryptocurrency’s security and broader internet infrastructure.
Currently, Bitcoin trades at $111,000, giving it a market value of approximately $2.2 trillion. Though, much of the internet’s security, including websites, messaging, and financial transactions, relies on encryption theoretically susceptible to attack by sufficiently powerful quantum computers.
Estimates vary on when quantum computers will pose a notable threat. Paulo Viana, a quantum computing researcher, believes a threat could emerge in around eight years. “Considering how complicated it is to transition to a quantum resistant option, eight years seems to be concerning at least,” he told DL News.
The vulnerability won’t be immediate or universal.Older Pay-To-Public-Key wallets created before 2012, utilizing weaker encryption, will be the first to fall. Most users can mitigate this risk by transferring funds to modern wallets that obscure the public key.
However, the Bitcoin holdings of Satoshi nakamoto, the pseudonymous creator of Bitcoin – currently valued at $122 billion (1.1 million Bitcoin) – remain in these older, vulnerable wallet types.Nakamoto has been inactive for 14 years, making proactive safeguarding unlikely.
A key challenge is the difficulty in detecting a quantum attack. An unauthorized transaction resulting from cracked encryption would appear indistinguishable from a standard Bitcoin transfer on the blockchain.
“We are safe for now, but this could lead to a market crash if people don’t start to focus on solving this problem,” Viana warned.
