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Controversial Bitcoin Proposal Aims to Burn BTC – Here’s Why

  • A draft proposal called Quantum-Resistant Address Migration Protocol (QRAMP) outlines a new approach for handling vulnerable unspent transaction outputs (UTXOs) on the Bitcoin blockchain.
  • QRAMP suggests a hard fork to migrate UTXOs to quantum-resistant addresses due to the potential vulnerabilities of the Elliptic Curve Digital Signature Algorithm (ECDSA) against future quantum threats.
  • If implemented, users would need to transfer their coins to quantum-resistant wallets before a deadline. Failure to do so would result in the funds becoming unusable.
  • The proposal has sparked controversy over concerns about potential challenges faced by users and the potential decrease in the overall supply of BTC.

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