Bitcoin has become a topic of discussion on social media after Google unveiled its latest supercomputer chip named Willow. Willow is said to perform standard calculations in five minutes that today's supercomputers would take light years to complete. Members of the crypto community shared their opinions on the possibility of Willow compromising Bitcoin encryption.
Bitcoin faced mixed emotions on Tuesday after members of the crypto community spoke out about the potential ability of Google's new quantum chip Willow to crack blockchain networks and disable the security of public-key cryptography. did.
Concerns about Bitcoin grow after Google launches quantum chip
Google's announcement of a new quantum computing chip called Willow has raised concerns about Bitcoin and cryptographic cryptography. Concerns center around Willow's potential to compromise Bitcoin's security and the cryptographic technology used to protect private keys.
Willow is a quantum computing chip that boasts 105 qubits and an impressive ability to minimize computational errors. The chip is said to be able to perform benchmark tasks in less than five minutes, “tasks that would take today's supercomputers about 1 billion years to complete,” Google said in a blog post on Monday.
Members of the crypto community share varying opinions regarding Willow's capabilities and potential impact on Bitcoin and the crypto market in general.
On the other hand, some members feel that this new technology will end encryption and crack Bitcoin.
However, most experts say that despite Willow's breakthrough computing speed, there are some drawbacks when tested against Bitcoin security.
Bitcoin advocate Ben Sigman said that Bitcoin primarily uses two types of encryption: the Elliptic Curve Digital Signature Algorithm (ECDSA) and the SHA-256 secure hash algorithm.
Sigman pointed out that both ciphers require millions of qubits to break, meaning Willow's 105 qubits are still a long way from cracking Bitcoin.
Kevin Rose, partner at True Ventures and host of The Kevin Rose Show, echoed similar sentiments.
Q: Can Google's Willow crack Bitcoin?
According to estimates, breaching Bitcoin's encryption would require a quantum computer with approximately 13 million qubits to achieve decryption within 24 hours.
In contrast, Google's Willow chip, while important…
— Kevin Rose (@kevinrose) December 9, 2024
Others also shared that cryptocurrencies are the least worrying for investors if Willow could be powerful enough to break cryptographic standards.
If quantum computing breaks encryption
There is little to worry about with cryptocurrencies. it is
– Reveal government and military secrets
– Abuse the banking system
– Make private chat public
But Google's willow is 105 qubits. 13 million qubits needed to beat Bitcoin – still a long way to go
— Suhail Kakar (@SuhailKakar) December 10, 2024
Even though it seems impossible for Willow to break Bitcoin's cryptography, most members of the cryptocurrency community believe that blockchain can remain future-proof as technology advances. pointed out that it is important to start rethinking how blockchain works.
Bitcoin is trying to recover from the recent market decline and is trading just above $97,000 at the time of writing.
Frequently asked questions about Bitcoin, altcoins, and stablecoins
Bitcoin is the largest cryptocurrency by market capitalization and is a virtual currency designed to function as money. This form of payment is not controlled by any particular person, group, or entity and eliminates the need for third parties to participate during financial transactions.
An altcoin is any cryptocurrency other than Bitcoin, but some consider Ethereum to be a non-altcoin because it is these two cryptocurrencies that forks occur. If this is true, Litecoin would be the first altcoin to fork from the Bitcoin protocol and thus be an “improved” version of it.
A stablecoin is a cryptocurrency that is designed to have a stable price, and its value is backed by the reserves of the asset it represents. To achieve this, the value of one stablecoin is pegged to a commodity or financial instrument, such as the US dollar (USD), and its supply is regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who wish to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value, as cryptocurrencies are generally volatile.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the market capitalization of all cryptocurrencies combined. This clearly shows the interest in Bitcoin among investors. BTC's dominance typically occurs around bull markets, where investors turn to relatively stable, high-market-cap cryptocurrencies like Bitcoin. Decreasing BTC dominance usually means investors are moving their capital and profits to altcoins in search of higher returns, which usually causes an explosive rally in altcoins.
