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 to the network's security. Instead of imposing a fixed timeline for freezing vulnerable coins, the proposed 'wait and react' strategy would only take action when a quantum-capable attacker is detected. This approach relies on a 'canary' system, which involves placing a small amount of bitcoin in a special address that can only be unlocked by a quantum-capable attacker. If the attacker unlocks the address, it would trigger a network-wide freeze on older wallets. The proposal also includes a financial incentive, where users can contribute to a bounty that rewards the first entity to demonstrate a quantum attack publicly. However, this approach assumes that the attacker will claim the bounty rather than attempting to steal millions of bitcoin, which is a gamble that cuts against Bitcoin's design principles. The proposal is an alternative to BIP-361, which would impose a fixed five-year timeline for phasing out vulnerable addresses and freezing unmigrated coins. Critics argue that BIP-361 is 'authoritarian and confiscatory' and undermines Bitcoin's core principle of private key holder control. The 'wait and react' strategy reduces the risk of disrupting users prematurely but rests on the assumption that the first entity capable of breaking Bitcoin would claim the bounty rather than executing a large-scale theft.