Google researchers have presented new findings suggesting that quantum computers may break encryption standards used by cryptocurrencies, such as Bitcoin, in a way that was previously underestimated. Their research indicates that these powerful quantum computers could potentially crack the code behind Bitcoin’s security within a dramatically shorter timeframe compared to previous estimates, needing only 20 times fewer qubits for this task. Quantum cryptography expert Craig Gidney highlights the urgency of addressing the potential risks posed by quantum computing, urging developers to prepare for the transition process by understanding the cost implications of creating quantum-safe cryptocurrencies. This research suggests that existing cryptographic standards like RSA could be particularly vulnerable to attack, potentially leaving Bitcoin users, especially those with custodial funds, exposed. Quantum computers can solve complex mathematical problems at lightning speed, posing a major threat to cryptocurrency security as they could exploit algorithms used in Bitcoin’s proof-of-work system, which is based on these same types of challenges. ]