- Quantum computing risks could freeze Satoshi’s Bitcoin—prepare for the future.
- Millions of dormant Bitcoins at risk from future quantum attacks.
- Bitcoin’s protocol upgrade needed to stay ahead of quantum hackers.
Ki Young Ju, the CEO of CryptoQuant, recently raised alarms over the potential threat quantum computing poses to Bitcoin. In a social media post, Ju highlighted that Bitcoin addresses from early adopters, including the infamous wallet containing one million BTC believed to belong to Satoshi Nakamoto, could be vulnerable to future quantum hackers.
The Quantum Threat to Dormant Bitcoin Addresses
Ju expressed concern that, as quantum technology advances, it may be able to exploit weaknesses in Bitcoin’s cryptographic systems. He pointed out that quantum computers, once sufficiently powerful, could theoretically derive private keys from exposed public keys.
This, according to Ju, could leave Bitcoin addresses, especially those that have been dormant for years, vulnerable to attack. He warned that this could result in these funds being either frozen or completely lost.
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One of the most significant risks, Ju emphasized, is the large amount of Bitcoin still at risk. He estimates that around 6.89 million Bitcoins are currently exposed to potential quantum attacks, including Satoshi’s one million BTC.
In addition, approximately 3.4 million Bitcoins have been dormant for over a decade, making them prime targets for quantum hackers. While quantum attacks are currently uneconomical, Ju believes this could soon change as the technology advances and becomes more affordable.
The Bitcoin Community’s Struggle for Consensus on Quantum Protection
Ju stresses the importance of a Bitcoin protocol upgrade to protect the network from these risks. If users fail to adopt the necessary upgrades, their wallets could be at risk of being compromised by quantum hackers.
However, Ki Young Ju also recognizes the difficulty in achieving social consensus within the Bitcoin community. Past disagreements, such as the block size debate, show how hard it is to reach a collective agreement on such critical issues. This challenge could be compounded by the growing resistance to freezing dormant Bitcoins as a means of protection against quantum threats.
Despite the obstacles, Ju urges the Bitcoin community to begin discussing these risks now. He believes that while technical solutions can be implemented swiftly, building consensus within the community may take much longer. With quantum technology continuing to develop, Bitcoin’s future security may depend on how quickly and effectively it adapts to this emerging threat.
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