Quantum computing advancements pose a significant threat to Bitcoin's existing cryptographic security, specifically its reliance on ECDSA

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Bitcoin’s security right now depends on something called the Elliptic Curve Digital Signature Algorithm (or ECDSA), which protects users’ unspent coins — also known as UTXOs. The problem? ECDSA isn’t built to hold up against powerful quantum computers, and that’s where things could get risky.

Quantum computing involves moving away from a process reliant on binary code, ones and zeros, and exponentially increasing computing power by employing Quantum bits (qubits) that exist in multiple states simultaneously. Such a jump in power is expected to threaten modern computing encryption built by classic machines.