The Wall Street Journal reports that quantum computers can crack Bitcoin's encryption, which could compromise the security of the entire network.
Quantum computing poses a serious threat to Bitcoin because it allows hackers to break the encryption that protects digital wallets.
Google's latest announcement about Willow's new quantum chip's development shows how fast the technology is advancing.
Although experts believe that creating a quantum computer that can crack Bitcoin will take about ten years, the threat is already demanding attention.
Quantum technology could allow hackers to attack Bitcoin during transactions if the network confirms the transfers. This would compromise the entire network, not just individual exchanges, as is the case now.
To prevent potentially catastrophic consequences, the developer community needs to upgrade the Bitcoin network to protect it against potential quantum attacks.
