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Bitcoinmagazine
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What Happens to Bitcoin When Quantum Computers Arrive?
- Recent announcements in quantum computing have raised concerns about the potential impact on Bitcoin.
- A dual-track migration strategy for Bitcoin in response to quantum computing includes a long-term comprehensive approach and a short-term emergency response.
- Quantum computing could provide significant speed-ups, posing a threat to modern cryptography, including Bitcoin's security based on ECC.
- No quantum computer has yet surpassed classical supercomputers in solving commercially relevant problems or threatening modern cryptography.
- Various organizations have proposed timelines for transitioning to post-quantum algorithms, aiming for full transition by 2035.
- Approximately 6.51 million bitcoins, valued over $700 billion, are identified as quantum vulnerable, representing 32.7% of the current supply.
- Quantum computing is expected to impact Bitcoin mining and transaction signatures, potentially threatening decentralization and enabling theft of funds.
- Quantum-secure cryptographic signatures pose challenges due to larger key and signature sizes compared to current algorithms like ECDSA and Schnorr.
- Various migration pathways are being considered to transition vulnerable funds to quantum-resistant formats within the Bitcoin protocol.
- A philosophical dilemma arises on whether quantum-vulnerable funds should be made unspendable ('burned') or remain accessible ('stolen') in the event of quantum threats.
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