Concerns Over Quantum Computing and Bitcoin
Ki Young Ju, the CEO and founder of CryptoQuant, recently aired concerns on social media regarding the potential threats that quantum computing poses to Bitcoin. Specifically, he addressed the significant vulnerability of older Bitcoin addresses, including the one million Bitcoins attributed to Satoshi Nakamoto, which have remained untouched since 2010.
Vulnerability of Older Bitcoin Addresses
In a detailed post on his X account, Ju emphasized the necessity of understanding quantum computing’s implications for Bitcoin, arguing that if quantum technology advances sufficiently, he would prefer to see Satoshi’s wallet effectively frozen. He warned that without intervention, older Bitcoin addresses might either risk being locked down or fall into the hands of quantum hackers.
The Threat of Quantum Computing
Ju pointed out that a major concern with quantum computing is the ability of advanced systems to compute a private key from a public key. This alarming possibility underscores the need for an upgrade to the Bitcoin protocol to enhance security against potential quantum threats. Without such updates, he warned, many wallet owners could be left vulnerable.
Estimating the Risk
At present, Ju estimates that about 6.89 million Bitcoins are at risk from quantum attacks, which includes Satoshi Nakamoto’s holdings and 3.4 million Bitcoins that have not moved in over a decade. While Ju noted that quantum attacks are currently economically unviable, he pointed out that this could change with cheaper quantum computing resources.
Challenges in Reaching Consensus
Moreover, he expressed skepticism about reaching a social consensus within the Bitcoin community on preventative measures, recalling historical debates such as the block size controversy that led to various Bitcoin forks. He predicts that any proposal to freeze dormant Bitcoins could meet with similar opposition.
Call for Immediate Discussions
Ju advocates for immediate discussions around the risks posed by quantum computing, stressing that while technical solutions may evolve rapidly, achieving a social consensus is a slow process. He acknowledges that it may be impossible to reach full agreement, increasing the likelihood of new Bitcoin forks emerging as quantum technology continues to progress.
