Bitcoin Developers Propose 'Wait and React' Strategy to Counter Quantum Computing Threats

The Bitcoin community is considering a novel approach to addressing the potential risks posed by quantum computing: instead of imposing a preemptive freeze on vulnerable coins, the network would wait for an attacker to demonstrate their capabilities and then react. However, this plan relies on the assumption that the attacker will choose to claim a bounty rather than exploiting the vulnerability for financial gain. The proposed 'canary' system involves placing a small amount of bitcoin in a special address that can only be accessed by a quantum-capable attacker, triggering a network-wide freeze of older wallets if the address is compromised. This approach is intended as an alternative to the controversial BIP-361 proposal, which would impose a fixed five-year timeline for phasing out vulnerable addresses. Critics of BIP-361 argue that it undermines the core principles of Bitcoin by potentially confiscating users' funds. The new proposal includes a financial incentive for users to contribute to a bounty, which would reward the first entity to demonstrate a quantum attack. Additionally, a 'safety window' is introduced, making it more difficult for attackers to quietly drain vulnerable wallets. While this approach reduces the risk of disrupting users prematurely, it is based on the uncertain assumption that the first quantum-capable attacker will choose to claim the bounty rather than carrying out a large-scale theft. If this assumption proves incorrect, Bitcoin may face the worst of both worlds: the catastrophic consequences of a quantum attack and the realization that a fixed-timeline defense could have prevented it.