Google’s Quantum Computing Chip Raises Questions About Bitcoin’s Security

Earlier this week, Google announced its latest product: a quantum chip called Willow, capable of performing advanced computations in seconds. The announcement sent shock waves throughout the crypto community, raising concerns about the security of Bitcoin and other blockchains.

Some crypto enthusiasts speculate that Willow could spell the end of the crypto industry by cracking the complex encryption that secures blockchains like Bitcoin.

“Bitcoin and blockchain depend on cryptography. The security of Bitcoin lies in complex math SHA-256. It’s so hard to crack that it would take classical supercomputers millions of years. But now? Quantum chips like Willow could break this in minutes,” one user wrote on X.

Following Google’s announcement, the price of quantum-resistant blockchain, Cellframe’s native token, CELL, has surged 154% in the last two days, according to Coingecko data. The network is secured by post-quantum encryption, according to its website.

Is Bitcoin Really at Risk?

While Willow is an exciting advancement in computing, it doesn’t put the crypto industry in as much danger as people think. Following the debate on social media, The Defiant interviewed several experts to dig deeper.

“No need to hit the panic button just yet. Bitcoin relies on cryptographic algorithms like SHA-256, which are incredibly secure by today’s standards. Breaking them would require quantum machines far more powerful than Willow’s 105 qubits—think millions of qubits, not just a hundred or so. Willow’s cool, but it’s not exactly a hacker’s dream tool,” said Blake Morgan, Managing Director of Vault Mineral.

On the other hand, Dr. Ren Zhang, Senior Researcher at Cryptape and Nervos, says that quantum computers do pose a risk due to their potential exponential development, like IBM’s 100,000 qubit computer project, but believes that “there is still a long way to go before they can be used commercially—and thus be exploited by attackers to crack Bitcoin private keys. If the Bitcoin community can act quickly, most users can successfully migrate before that date.”

All in all, the consensus opinion appears to be that Willow and other quantum computers could potentially threaten crypto networks down the line when they get exponentially more advanced and commercially available.

Fortunately, it is still a long way from that reality, and the crypto community should have ample time to take preventive measures.