Quantum Shock: Google’s Breakthrough Puts Bitcoin’s Encryption On Notice

Some computer scientists say quantum computers are moving closer to reality and will cripple bitcoin’s encryption systems and doom bitcoin. Governments are investing aggressively in quantum computers, which are ultra powerful. Quantum computers, first theorized by physicist Richard Feynman in 1982, have promised a new era of computing. The theory has only recently translated into significant real-world advances, with NASA, the CIA and Google working on a quantum computer. Computer scientists now warn the machines will cripple existing encryption methods and destroy bitcoin’s technological....

According to the U.S. Cybersecurity and Infrastructure Security Agency (CISA), while quantum computers are incapable of breaking public key encryption algorithms, public and private entities need to prepare for future threats against cryptography that is not quantum resistant. Most of today’s digital communications, including cryptocurrencies, leverage public key encryption and CISA believes when “quantum computers reach higher levels of computing power and speed, they will be capable of breaking the public key cryptography algorithms that are in use today.” US....

Is quantum computing threatening Bitcoin sooner than expected? On Wednesday, Microsoft unveiled its first quantum computing chip, dubbed “Majorana 1.” While the tech community has long speculated about Google’s next-generation quantum effort—often referred to as “Willow”—Microsoft’s announcement places renewed focus on the looming question: Can Bitcoin survive the accelerated push toward million-qubit machines? Microsoft claims […]

It is ‘deja vu’ all over again as Google prepares for a future that seems inevitable. Like the millennium bug of the late 90s, Practical Quantum Computing looks like the next big turn in this era of internet security and encryption. Preparing for Advanced Quantum attacks. The prevailing concern is that in the near future, personal information may not be so secure as hackers could employ higher level computing procedures, otherwise known as Advanced Quantum attacks to crack current encryption techniques. Considering the potential weakness of encryption which could make it vulnerable in the....

Worried about security for your bitcoin in the face of quantum computing? According to computer researchers, there’s no reason to be. Some people assume that once quantum computing comes along modern encryption technologies will be outpowered. But experts are starting to posit that hash functions and asymmetric encryption could defend not only against modern computers, but also against quantum attackers from the future. Matthew Amy from Canada’s University of Waterloo proposes just this in a paper by the International Association of Cryptologic Research. Amy, and researchers from Perimeter....