Why it matters: A University of Kent study reveals Bitcoin’s blockchain could require up to 76 days of complete downtime to implement quantum-resistant security measures, potentially costing nearly $1 billion in losses. As reported by Futurism, the findings come as Google’s new Willow quantum chip demonstrates unprecedented computing power.
The Big Picture: Fortune reports that the quantum computing threat to Bitcoin operates on two fronts:
- Breaking encryption protecting private keys
- Disrupting mining network integrity
- Compromising blockchain security
Technical Challenge: Updating Bitcoin’s security presents a massive logistical hurdle:
- 76 days of complete network shutdown needed
- Alternative 305-day partial update possible
- Estimated $912 million in potential losses (Binance)
- 275 million users requiring consensus
Time Pressure: While quantum computers capable of breaking Bitcoin’s encryption don’t exist yet, experts warn preparation is crucial:
- Google’s Willow chip solves problems 10 septillion times faster than supercomputers
- Commercial quantum threats predicted within 5 years
- 1.9 million Bitcoins stored in vulnerable pre-2012 addresses
Looking Forward: The cryptocurrency community faces difficult choices between extended downtime for security updates versus risking future quantum attacks. The decentralized nature of Bitcoin makes coordinating such massive changes particularly challenging.
