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

Bitcoin developers are considering a novel approach to mitigate the risks posed by quantum computing: instead of implementing a pre-emptive freeze on vulnerable coins, they propose waiting for an attacker to demonstrate their capabilities. This 'wait and react' strategy relies on a 'canary' system, which would trigger a network-wide restriction on older bitcoin wallets only if a quantum-capable attacker successfully unlocks a specially designed address. The approach is designed to provide a more flexible and user-centric solution than the previously proposed BIP-361, which would impose a fixed five-year timeline for phasing out vulnerable addresses. However, this new proposal assumes that the first entity to demonstrate a quantum attack would claim a bounty rather than exploiting the vulnerability for personal gain, a bet that cuts against Bitcoin's historical emphasis on worst-case scenario planning. The 'canary' system includes a financial incentive, allowing users to contribute to a bounty that would reward the first entity to demonstrate a quantum attack, as well as a 'safety window' that would make stealth attacks more difficult by introducing a delayed spend period for vulnerable coins. Critics argue that this approach may not be sufficient to prevent a catastrophic attack, and that a fixed-timeline defense might be more effective in protecting the network.