Link: Experts: Bitcoin has time to adopt newer encryption that's resistant to attacks via potentially upcoming quantum systems, but such an overhaul could take years (Alexander Osipovich/Wall Street Journal)

Quantum computing poses a significant risk to Bitcoin's security, potentially enabling hackers to break its encryption. Google's recent advancement with the Willow quantum-computing chip has heightened these concerns.

Researchers believe a quantum device capable of cracking Bitcoin might still be more than a decade away.

Nonetheless, the Bitcoin community faces a challenge to fortify its defenses through a time-consuming technology upgrade to mitigate this long-term threat.

Arthur Herman of the Hudson Institute warns that quantum computing could lead to catastrophic losses across financial markets, estimating over $3 trillion in damages.

Moreover, quantum capabilities could expedite the decoding of encryption keys, jeopardizing not only Bitcoin but also traditional banking systems.

Future quantum computers could potentially manipulate the encryption during the brief period when Bitcoin transactions are confirmed, placing all Bitcoin transactions at risk.

Adapting to quantum-resistant encryption could secure Bitcoin, but requires a broad consensus for implementation, which has historically been slow and contentious.

The urgency to transition Bitcoin into quantum-resistant addresses involves coordinated effort worldwide, with individual stakeholders needing to actively participate to safeguard their assets.

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