Pierre-Luc Dallaire-Demers, a physicist at the University of Calgary in Canada, has once again warned that we are about five years away from quantum computers being able to crack Bitcoin wallets. (Background: Bitcoin could be cracked in two years? SPAC king warns 'Google quantum chip' can obliterate SHA-256; Adam Back lashes out at nonsense) (Additional background: Could Bitcoin wallets be 'brute-forced' by Google's quantum chip? Yu Xian: Let's worry about Satoshi's private key in a few decades) Recently, Google released its next-generation chip, Willow, which caused a stir. Google claims that Willow has successfully overcome key challenges in quantum computing, as the chip can perform calculations with 105 qubits, solving problems that would take traditional computers a billion years in just five minutes. The emergence of Willow has sparked intense discussions in the cryptocurrency community, with some tech experts believing that Bitcoin's encryption algorithms will soon be cracked by quantum computing, allowing hackers to easily steal Bitcoin from people's wallets. However, some experts also believe that current quantum computing technology is still not sufficient to pose a threat to Bitcoin... Extended reading: Could Satoshi's 1 million Bitcoins be cracked? Google releases quantum chip Willow, leading to debates about freezing wallets. Scientists: Bitcoin wallets could be cracked by quantum computing in five years. In this regard, Pierre-Luc Dallaire-Demers, a physicist at the University of Calgary in Canada, has recently warned that we are about five years away from quantum computers being able to crack Bitcoin wallets: Cracking Bitcoin keys will undoubtedly be one of the simplest application scenarios for large quantum computers. We are about five years away from commercial quantum computers being able to crack Bitcoin's elliptic curve digital signature algorithm. Capriole Investments founder: Bitcoin needs an upgrade. Capriole Investments founder Charles Edwards has recently pointed out that ordinary people currently underestimate the power of quantum computing, just as those who spend only 10 minutes researching Bitcoin believe it to be worthless. He stated that quantum computing will fundamentally change the world, and if Bitcoin is not upgraded, it will ultimately be compromised: Quantum computing is real, and it will fundamentally change the world. Many studies have found that the threat of quantum computing to Bitcoin will emerge within 5 to 10 years. It only takes 2,500 logical qubits to crack Bitcoin's SHA-256 algorithm. Just two years ago, you couldn't imagine working with AI, and now the world's research on AI is growing exponentially, and quantum computing will be the same. If we want to securely hold Bitcoin in the coming decades, we must stay ahead of quantum computers. The level of Quantum Computing skepticism today reminds me of the average person who spends 10 minutes researching Bitcoin and then dismissing it as valueless. Quantum Computing is real. It will change the world. MASSIVELY. QC will break Bitcoin if we do not upgrade it. The… — Charles Edwards (@caprioleio) December 10, 2024. Bitcoin needs to halt for upgrades to defend against quantum attacks. Additionally, according to a report from Fortune, research from the University of Kent's School of Computing indicates that if Bitcoin wants to effectively guard against the threats posed by quantum computing, it needs to undergo a protocol upgrade, which would require Bitcoin to shut down for 76 days. If Bitcoin does not want a complete shutdown, it can also allocate 25% of its servers for the protocol upgrade. However, this would only allow users to mine and trade at a slower pace, but the cost would increase the downtime to 305 days (10 months). Regarding the cost of shutdowns, Kent University lecturer Carlos Perez-Delgado stated that he cannot provide an exact figure at present, but it is expected to reach hundreds of millions of dollars: Even a few minutes or hours of downtime could be very costly. Should we be worried? However, the development of quantum computers is exceptionally challenging, and whether it will truly happen as predicted by the experts remains to be seen. Xu Xian, the founder of Slow Mist, previously cited an analysis by expert Jeffrey Scholz, stating that quantum computing is still far from cracking Bitcoin's private keys... Moreover, Bitcoin is no longer just a small asset played with by a group of small miners, but involves numerous global investors and large institutions, and investors should not panic so much.

#BTC