Why do these devices threaten cryptocurrencies and not threaten the current financial system of banks?

According to Cointelegraph, the advent of quantum computing poses a significant threat to the security of cryptocurrencies. This emerging technology could potentially compromise the cryptographic systems that protect digital assets, turning a seemingly distant threat into a pressing concern.

Recently, Google introduced its latest quantum chip, Willow, which can solve complex problems in mere minutes—tasks that would take traditional computers an unfathomable amount of time, estimated in septillions of years. This advancement underscores the rapid progress in quantum computing, raising alarms about its potential to break the Elliptic Curve Cryptography that secures most cryptocurrencies, including Bitcoin.

Industry experts caution that the timeline for quantum supremacy, where quantum computers surpass classical computers in capability, is approaching faster than anticipated. John Lilic, executive director of the Talos Foundation, highlights the risk, stating that once confidence in the public-private key infrastructure is undermined, the value of digital assets could plummet rapidly.

The challenge lies in the exponential growth of quantum technology, which makes it difficult to predict and prepare for its impact. Fabrizio Romano Genovese, a computer scientist and expert in quantum mechanics, explains that exponential processes often appear dormant until they reach a critical point, at which everything changes swiftly.

The pressing question remains: how soon could quantum computers realistically crack Bitcoin's encryption? While the exact timeline is uncertain, the potential threat is undeniable. As the technology continues to evolve, it is crucial for investors and stakeholders in the cryptocurrency space to stay informed and take proactive measures to protect their digital assets.