This has raised a question for many Bitcoiners: Should we be worried about the future of Bitcoin’s security? The short answer is No.
Bitcoin’s security relies on two types of encryption: ECDSA 256 and SHA-256 . Let’s break them down and see why they’re still safe for now.
ECDSA 256: The First Layer of Security
The first layer of Bitcoin’s encryption is ECDSA 256, which helps protect users’ private keys. This encryption is indeed vulnerable to a method called “Shor’s algorithm,” which quantum computers could potentially use to crack the encryption.
But here’s the catch: cracking ECDSA 256 with Shor’s algorithm would require over 1,000,000 qubits—way more than Willow’s 105 qubits. In simple terms, Willow is still a long way from being able to crack this encryption.
Google Willow Quantum vs Bitcoin Encryption
Today, Google announced that Willow has reached 105 qubits with improved error rates. Should Bitcoiners worry?
🚫 Short Answer: No.
🔒 Bitcoin relies on two types of encryption:
1️⃣ ECDSA 256: Vulnerable to “Shor’s algorithm,” but… pic.twitter.com/Baa8lwUVM6
— Ben Sigman (@bensig) December 9, 2024
SHA-256: The Stronger Defense
The second layer of Bitcoin’s security is SHA-256, the algorithm used to mine new bitcoins and verify transactions. This one is even tougher to crack with quantum computers. If quantum computers try to break SHA-256, they’d need to use a different algorithm called Grover’s algorithm . However, cracking SHA-256 with Grover’s algorithm still requires millions of physical qubits—again. Much more than what Willow can handle right now.
So, while Willow might be a big step forward for quantum computing, it’s not quite the “big bad wolf” for Bitcoin. The kind of quantum computer that could threaten Bitcoin is still years away. The truth is, that Bitcoin’s encryption is still “safe as houses” for the time being.
XIII. Bitcoin uses ECDSA 256 and SHA-256 encryptions.
ECDSA 256: Vulnerable to “Shor’s algorithm,” but cracking it would require over 1,000,000 qubits. Willow’s 105 isn’t even close.
SHA-256: Even tougher – requires a different approach (Grover’s algorithm) and millions … pic.twitter.com/XjuAMCIVT9
— defizard (@belizardd) December 10, 2024
What Does This Mean for the Future?
While quantum computing is exciting and could change many industries, Bitcoiners don’t need to worry about their crypto being at risk just yet. Quantum computers like Willow may be making progress, but they’re far from having the power to crack Bitcoin’s encryption. Plus, Bitcoin developers are already looking ahead, planning for the time when quantum computers become stronger. They’re actively researching ways to upgrade Bitcoin’s encryption to make it even more secure in the future.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
