The quantum computing threat Bitcoin can’t ignore
Quantum computing poses an existential cryptographic threat to Bitcoin, potentially jeopardizing billions in funds stored in vulnerable addresses.Summary
Quantum computing is identified as the single biggest existential risk to Bitcoin, threatening the cryptography underpinning the $700 billion asset, according to a Human Rights Foundation (HRF) report. The threat targets old or reused addresses, potentially exposing 6.5 million BTC, of which 4.49 million could be secured by migrating to quantum-resistant addresses, leaving about 1.7 million coins, including Satoshi's, vulnerable to long-range attacks.
Implementing quantum-proof upgrades, such as lattice-based or hash-based signatures, presents significant political and technical hurdles. These solutions would drastically increase transaction sizes, exacerbating Bitcoin's existing scaling issues. Furthermore, the decentralized upgrade process requires global consensus among users, developers, and hardware manufacturers, leading to debates over controversial actions like 'burning' vulnerable coins.
Experts like Nic Carter emphasize the severity of this looming problem. Ultimately, the community must overcome political inertia and apathy—which Jameson Lopp cites as an even greater threat than quantum computing itself—to coordinate necessary, complex upgrades before quantum computers become powerful enough to break current encryption.
(Source：CryptoSlate)