A new warning from Google (NASDAQ:GOOG) (NASDAQ:GOOGL) is making crypto investors face a threat they have always thought was still far off: quantum computing.
For a long time, the threat posed by quantum computers on Bitcoin (CRYPTO: BTC) security has largely remained a theoretical threat. However, new research from Google indicates this threat may not be as far off as we think and may come sooner than we expect.
A Faster Timeline Than Expected
At the heart of this concern is the method by which Bitcoin secures transactions. The method is based on a cryptographic system that is theoretically uncrackable by traditional computers. It allows for the creation of private keys from public ones.
However, Google’s latest research into the matter revealed that quantum computing could soon make such systems less complex to crack. The company believes that future quantum computers could have the ability to breach the cryptographic foundations of Bitcoin far sooner than previously thought.
One of the most worrying consequences of this is speed. According to the research, a sufficiently powerful quantum computer could theoretically crack a Bitcoin private key in less than 9 minutes. This could lead to what is known as an ‘on-spend’ attack, which could allow hackers to interfere with transactions before they are made.
Whilst such technology is not yet …