Is There a Real Possibility That Bitcoin Can Be Decrypted? Scientist Puts the Final Point

According to experts, quantum computers utilize the principles of quantum mechanics for unprecedented computing power. Bitcoin’in is approaching a real threat to its security.

This threat became even more evident last week when Google introduced Willow, its newest quantum computing chip that delivers a 56% performance increase over the previous model. If developments continue at this pace, researchers predict that quantum computers could compromise Bitcoin’s encryption within the next five years.

“We are about five years away from commercial quantum computers being able to break the elliptic curve keys that secure Bitcoin wallets,” said quantum physicist Pierre-Luc Dallaire-Demers, a visiting scientist at the University of Calgary.

Bitcoin is based on two key encryption methods: ECDSA 256 and SHA-256. ECDSA 256 encryption secures Bitcoin wallets and signs transactions via public-private key pairs. But this encryption is vulnerable to Shor’s algorithm, a quantum algorithm that can rapidly factor large numbers, which could reveal the private keys behind Bitcoin wallets.

“Cracking these keys is one of the easiest applications for large quantum computers,” Dallaire-Demers said.

In contrast, SHA-256, the encryption used in Bitcoin’s proof-of-work mining process, is less at risk. According to digital asset firm Galaxy, it can be secured against quantum attacks by doubling the hash length.

But defending Bitcoin’s ECDSA encryption would require fundamental changes to its cryptographic infrastructure, which would require $3.8 trillion worth of cryptocurrencies. crypto para Not an easy target for the industry.

The most vulnerable wallets are legacy Pay-To-Public-Key (P2PK) addresses created before 2012, which expose public keys directly to quantum attacks. The funds in these wallets, which belong to Bitcoin’s mysterious founder Satoshi Nakamoto and are estimated to contain 1.1 million Bitcoins worth more than $113 billion, may be among the first to fall if quantum computing advances.

*This is not investment advice.