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Will Quantum Computers Break Bitcoin?
- Quantum computers are exponentially faster than even the fastest supercomputers. Google's Willow chip has improved the coherence time for qubits 5x, which is a game-changer.
- Bitcoin’s security relies on two encryption methods: ECDSA 256 and SHA-256. Can a quantum computer really crack the cryptography that protects Bitcoin?
- ECDSA 256 algorithm creates a private key and a corresponding public key, which takes over a million qubits to break. Google’s Willow chip only has 105 qubits, which can't break this encryption.
- SHA-256 is even stronger than ECDSA, which is the backbone of Bitcoin's blockchain. A quantum computer would have to use Grover’s Algorithm to crack SHA-256 that requires millions of error-corrected qubits, unachievable with existing technology.
- Bitcoin can upgrade to quantum-resistant encryption through a hard fork if quantum computers become a threat. Developers are already working on post-quantum cryptography that can protect Bitcoin from quantum attacks.
- Quantum computers aren't a threat to Bitcoin yet, as it can adapt to threats as they arise and can undergo a hard fork to switch to quantum-resistant encryption.
- If quantum computers break Bitcoin's encryption, it would not only impact Bitcoin but also banks, healthcare, and government systems. However, it's more likely that companies will use quantum computers to protect security systems, not attack them.
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