It was called Bitcoin's nightmare! They give a reward of 1 BTC to the one who cracks the password! - Coin Newsletter

Quantum computer research firm Project Eleven has announced that it will award 1 Bitcoin to the first team to crack an elliptic curve cryptographic (ECC) key on a quantum computer using Shor's algorithm, approximately $84,081.

Bitcoin uses the Curve Digital Signature Algorithm(** )Elliptic ECDSA for transaction security. However, quantum computers, using the Shor algorithm, can derive private keys from the public key, thus threatening wallet security. Project Eleven estimates that 6.2 million Bitcoins, or about $500 billion, are at risk from such an attack.

Quantum computers theoretically have the potential to surpass today's encryption systems. This could pose a major threat to digital assets such as Bitcoin. Project Eleven's CEO, Alex Pruden, said they don't know how close these threats are, but the competition aims to make concrete the real risks that quantum computers can pose to encryptions.

Quantum computers are attracting the attention of big tech firms. Giants such as Alibaba, Amazon, Google** and IBM continue to work to develop projects in this field. Microsoft has developed a quantum computer with the Majorana 1 chip, which has the potential to bypass encryption methods. These developments mark a major turning point for Bitcoin's security.

Bitcoin's security could be compromised by quantum computers being able to crack cryptographic algorithms. It is of great importance to develop more secure and quantum-resistant encryption solutions against these threats.