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CryptoQuant founder Ki Young Ju has taken to X to assure his followers that quantum computer cannot break Bitcoin (BTC). His X statement agrees with an earlier post from Blockstream CEO Adam Back.
Young Ju does not see the possibility of Quantum Computers killing Bitcoin this decade or the next.
He categorized the ongoing discussions as the manifestations of Fear, Uncertainty, and Doubt (FUD) instigated by ignorant entities. Hence, he advised his followers not to fall for any antics.
Google’s Willow and its Impact on Bitcoin
Recently, the Bitcoin (BTC) ecosystem become very concerned about the impact of quantum computing on the future of the top cryptocurrency.
It all started after Google introduced its new quantum computing chip, Willow. The new technology can floor existing supercomputers per transaction processing capabilities.
In particular, Google’s Willow only needs five minutes to perform complex computational tasks. This same task will ordinarily take classical supercomputers 10 septillion years.
#Bitcoin won’t be broken by quantum computers this decade—or likely even the next.
— Ki Young Ju (@ki_young_ju) December 14, 2024
Don’t fall for baseless FUD from people who don’t know what they’re talking about.
FYI, Adam Back is a legendary cryptographer and the inventor of Proof-of-Work(PoW) algorithm used in Bitcoin. https://t.co/DilYOc4GNe
Its capacity to achieve this feat quickly is attributed to the presence of qubits, otherwise known as quantum bits.
These qubits allow quantum computer to run at a very high speed and perform multiple calculations simultaneously.
On the brighter side, they can solve problems currently intractable for classical computers.
Many believe this feature poses a long-term threat to Bitcoin. Passwords may no longer be safe, encrypted messages could be intercepted, and nuclear weapon codes may become easily accessible.
All that hackers may require to break through secret codes, and keys are brute-forcing combinations of numbers and letters.
Bitcoin’s complex math algorithm SHA-256 could be at the mercy of such technology. In the end, the network could end up compromised.
Adam Back’s Take on Willow and Bitcoin
Back, the Bitcoin Proof-of-Work (PoW) algorithm creator does not see quantum computing as sufficient to crack down on Bitcoin. At least for now!
Willow currently runs on 105 qubits. At least 1 million qubits of the chips are required to beat the Bitcoin algorithm.
He believes, “We are nowhere near building computers with 1 million qubits this decade or likely the next.”
He said Bitcoin’s cryptography is secure enough to withstand all potential risks, especially those posed by quantum computing.
Quantum computers remain a relatively new introduction, with more progress being made.
If the technology is to get to the point where it competes directly with Bitcoin, its developers may need to put in more work.
This “work” could take a couple of decades to accomplish. By all indications, Young Ju and Back are on the same page, emphasizing that quantum computers pose no immediate threat to digital coins.
What the Future Holds For Bitcoin
It is still being determined if developers will return immediately to their drawing boards, geared to come up with a quantum computer that could end Bitcoin.
If this agenda grows, the Bitcoin community could also develop strategies to beat them to their game.
Ava Labs CEO Emin Gün Sirer has suggested that 1.1 million BTC stored in Satoshi Nakamoto’s wallets be frozen.
This is to avoid any potential threats posed by quantum computing. The Bitcoin creator’s fortune might face unique risks due to using an obsolete address format called Pay-To-Public-Key (P2PK).