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

The Bitcoin community is considering a novel approach to address the potential threat of quantum computing to the network's security. Instead of imposing a pre-emptive freeze on vulnerable coins, the proposed 'canary' system would only trigger a network-wide restriction if a quantum-capable attacker demonstrates their capabilities on-chain. This 'wait and react' strategy relies on a bounty system, where a small amount of bitcoin is placed in a special address that can only be unlocked by a quantum-capable attacker, serving as public proof of the threat. The proposal is designed to replace earlier plans to impose a fixed five-year timeline for security updates, which has been met with criticism for being 'authoritarian and confiscatory'. The new approach introduces a 'safety window' to prevent stealth attacks and allows contributors to the bounty to withdraw their funds at any time. However, the strategy rests on the assumption that the first entity capable of breaking Bitcoin's security would claim the bounty rather than executing a large-scale theft, which raises concerns about the network's ability to respond to worst-case scenarios.