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

The Bitcoin community is considering a novel approach to addressing the potential threat of quantum computing: instead of imposing a pre-emptive 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 exploit the vulnerability for personal gain. The proposed 'canary' system involves placing a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker, triggering a network-wide freeze of older wallets if the address is accessed. This approach is designed to provide an alternative to the controversial BIP-361 proposal, which would impose restrictions on a fixed timeline regardless of whether a quantum threat is imminent. Critics of BIP-361 argue that it undermines Bitcoin's core principles and could lead to the permanent freezing of unmigrated coins. 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 publicly. Additionally, a 'safety window' would be introduced, making it more difficult for stealth attacks to occur. While this approach reduces the risk of disrupting users prematurely, it is based on the uncertain assumption that the first entity capable of breaking Bitcoin's security would choose to claim the bounty rather than carry out a massive theft.