It only takes 5 minutes to solve a problem that would take 10 million trillion years, so why hasn’t Google's quantum chip 'conquered' Bitcoin's encryption algorithm yet?
Breaking Bitcoin's encryption algorithms is not that simple, even with the use of quantum supercomputers.
Google's recent breakthrough in quantum computing, evidenced by the advanced Willow chip, has attracted attention not only from the market but also from leading innovators like Elon Musk and Sam Altman of OpenAI. However, amidst this buzz, some cryptocurrency critics have begun targeting Bitcoin, viewing it as the biggest 'loser' in the upcoming quantum revolution. But in reality, this perspective does not accurately reflect the essence of the issue.
Google's Willow chip is truly revolutionary in two main aspects: first, it effectively reduces errors as the system scales with the increasing number of qubits, thereby addressing one of the biggest barriers in quantum computing; second, this chip can complete a computational task in less than 5 minutes, while the fastest supercomputers today would take up to 10 million trillion years (10^25) to perform the same task. These capabilities have triggered a wave of negative predictions about Bitcoin, as some believe Bitcoin's encryption could be easily broken in the near future.
However, breaking Bitcoin's encryption algorithms is not that simple. According to serious estimates, this would require 1,500 qubits operating continuously for 15-20 years. In comparison, Google's current Willow chip only has 105 qubits.
Moreover, even if quantum technology in the future can break Bitcoin's encryption algorithms, as some recent studies have hypothesized, this only threatens dormant wallets. Most active Bitcoin wallets are likely to timely transition to quantum-resistant signatures – through a soft fork – before this scenario occurs. Nevertheless, this does not diminish the importance of the revolutionary innovation that the Willow chip brings to the field of quantum.
Currently, the price of Bitcoin has dropped to 95,000 USD at the time of writing. Some cryptocurrency critics have linked this decline to Google's quantum breakthrough. However, Wccftech suggests that this is a reaction to the 'risk-averse' sentiment prevailing in the global market.
Additionally, market sentiment towards Bitcoin has not improved as Microsoft shareholders seem to be voting against investing in this cryptocurrency, according to a recent preliminary poll.
Nevertheless, Google's breakthrough with the Willow quantum chip remains a significant milestone, showcasing the limitless potential of quantum technology in the near future.
