Quantum computers could break bitcoin encryption

In the future, quantum computers could break bitcoin encryption, jeopardizing the security of the entire network.

About it writes The Wall Street Journal

Quantum computing poses a serious threat to bitcoin because it allows hackers to break the encryption that protects digital wallets.

Google’s recent announcement of a breakthrough in the development of a new quantum chip called Willow show just how quickly the technology is evolving.

While experts believe it will take about a decade to create a quantum computer capable of cracking bitcoin, the threat already demands attention.

Experts warn that such a hack could lead to multi-trillion-dollar losses in the cryptocurrency market and the financial system as a whole.

Quantum technology could allow hackers to attack coins in the transaction process while the network is confirming transfers.

This would jeopardize the entire bitcoin network, not just individual exchanges, as is the case now.

To prevent possible catastrophic consequences, the developer community needs to modernize the bitcoin network.

A new modernization of the bitcoin network will help protect it from a potential quantum hack.

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