“The Willow chip is a major step on a journey that began over 10 years ago,” Hartmut Neven, the Google executive who founded and leads Quantum AI, the research team behind the breakthrough, said in a blog post on Monday, December 9.
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Following the introduction of Willow, some have started speculating about whether Bitcoin and other cryptocurrencies could be on the way out. With quantum technology advancing at a rapid pace, many are wondering: Could this new chip pose a threat to Bitcoin’s famously strong encryption?
With Willow’s introduction is Bitcoin still safe?
While Willow is being seen as a groundbreaking achievement in the world of quantum computing, experts agree that Bitcoin is still safe, according to a report in Coinpedia. While Willow can solve certain problems faster than classical computers, it is nowhere near powerful enough to crack Bitcoin’s encryption. Experts estimate that at least 13 million qubits would be needed to break Bitcoin’s security in a day—far more than Willow’s current 105 qubits.
Moreover, a successful quantum attack requires qubits that are not only powerful but also stable and error-free over long periods, something current quantum computers, including Willow, do not possess. In short, we are far from a time when quantum computers can realistically threaten Bitcoin.
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Cryptocurrency experts argue that decrypting a Bitcoin typically requires around 13 million qubits, far exceeding Willow’s 105 qubits, according to a report in The Hindu Business Line.
What is the crypto community saying?
Willow’s release has sparked varied reactions in the crypto world. Some people worry about the long-term risks to Bitcoin’s security, while others argue that current quantum technology is not yet capable of causing harm. Some have proposed temporary solutions, such as freezing vulnerable holdings or putting expiration dates on outdated cryptographic standards, to mitigate potential risks, according to Coinpedia.
“The idea of quantum computers cracking Bitcoin is still far off. Google’s Willow chip, with 105 qubits, is impressive, but lightyears away from the millions needed to challenge Bitcoin’s security. Think of qubits as the ‘power cores’ — the more you have, the more powerful the computer. Even if Willow’s qubits are ground-breaking and hold promise for addressing challenges like climate modelling and drug discovery, it’s not enough to break Bitcoin’s encryption,” observed Himanshu Maradiya, Chairman and Founder of CIFDAQ.
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Utkarsh Tiwari, the chief strategy office of KoinBX, resounded this, saying that while some discussions link quantum advancements to the potential for “cracking” it, Bitcoin is based on cryptographic algorithms like SHA-256, which would require more than a million qubits to pose a genuine threat.
“Willow’s capabilities, while impressive, do not yet pose an immediate risk to the cryptographic foundations. The estimated computational power required to compromise Bitcoin’s encryption methods is still far beyond what Willow can achieve,” said Balaji Srihari, Vice-President, CoinSwitch.
“Estimates indicate that compromising Bitcoin’s encryption would necessitate a quantum computer with approximately 13 million qubits to achieve decryption within a 24-hour period,” Kevin Rose, a tech entrepreneur and former senior product manager at Google, told The Indian Express.
