"The new threat of Bitcoin...""Hacking quantum computers"

The Wall Street Journal and WSJ reported on the 22nd local time that the Bitcoin rally is facing an unexpected risk and a risk of quantum computing.

Earlier, Google announced on the 9th that a quantum computer equipped with 105 Qubits "Willow" chips solved a problem that took 10 Septillion years (10 to 24 Septillion) in five minutes.

In quantum computing, errors easily occur as qubits, which are units that can express information, overlap or entangle 0 and 1 in a quantum state, increase, and Google has developed a technology to reduce these errors.

The problem is that hackers are likely to use quantum computers to decrypt and steal Bitcoin's code.

The Hudson Institute, a U.S. think tank, warned in 2022 that if such hacks become a reality, they could cost more than $3 trillion (W4,354 trillion) in financial markets, including virtual currencies, and lead to a severe downturn.

Bitcoin's price, which was $15,000-$69,000 between 2021 and 2022, has recently exceeded $108,000 and Bitcoin is being incorporated into an institutional asset due to the launch of a spot exchange-traded fund (ETF), so there is a possibility that the damage will be greater in the event of a hack in the future.

In response, Arthur Herman of the Hudson Institute said, "If someone has the ability to develop hacking into quantum computers and decides to use them in virtual currency, it will be a time bomb waiting for an explosion."

Traditional financial markets may also be threatened by the use of encryption technology in online banking systems, but the possibility of attacks on Bitcoin is particularly discussed.

"Banks have related regulations, defense mechanisms, and customer response capabilities, while Bitcoin is the same as in the Western era," said Skip Sanjeri of QSecure, a security startup related to quantum computers.

Moreover, theft from quantum computer hacking is not just a problem for some cryptocurrency exchanges with weak security, and it can lead to doubts about the security and reliability of the entire Bitcoin network.

Some point out that bitcoin in the early days of mining, including about 1 million bitcoins reportedly held by Bitcoin inventor "Satoshi Nakamoto," is more vulnerable to quantum computer hacking.

However, it is observed that it will take at least 10 years for decoding using quantum computers to become a reality.

"It is estimated that it will take at least 10 years to break the cryptocurrency system (RSA) used in virtual currency, and it will take approximately 4 million qubits to do so," CNBC said.

"There's definitely a possibility of a 'quantum catastrophe' at some point in the future, but that point is far enough away, so there's no reason to feel scared," said Emin Gün-Shyer, founder of the cryptocurrency Avalanche.

While it is pointed out that the Bitcoin industry needs to build a stronger defense wall with advances in cryptography technology, some say such a move will take years, given the nature of decentralized Bitcoin, as it requires broad consensus from people.