While the threat of a quantum attack may be on the horizon, experts emphasize the need for immediate readiness.
As per Bitcoin exchange River, Microsoft’s recent quantum computing chip, Majorana 1, has the potential to expedite the timeline for rendering Bitcoin immune to quantum threats. Although the risk of a quantum attack is still some time away, experts caution that preparations should commence without delay. The chip was unveiled on February 19 and is part of a competitive landscape in quantum technology, which also saw Google’s Willow chip make headlines in December.
River highlights that if quantum computers attain one million qubits by the years 2027 to 2029, they could potentially decode Bitcoin addresses during long-range attacks. While some believe such a scenario is still many years in the future, River argues that proactive measures are essential. This looming threat has reignited interest in BIP-360, a proposed upgrade aimed at enhancing Bitcoin’s defenses against future quantum developments.
Skeptics voice their doubts, noting that quantum computing is still at an early stage, facing significant technical hurdles. Some contend that traditional banking institutions, which manage far more substantial assets than Bitcoin, would be the primary targets. Conversely, others view advancements in quantum technology as a chance to reinforce Bitcoin’s security rather than diminish it.
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