Bitcoin Faces Urgent Threat from Quantum Computers, Putting 6.9 Million BTC at Risk

While not all aspects of bitcoin are vulnerable to quantum computers, the ownership of coins is at significant risk. Bitcoin wallets rely on a specific type of mathematics that can be compromised by quantum computing, potentially allowing attackers to spend coins without permission. Approximately 6.9 million bitcoin, or about one-third of all mined coins, are stored in wallets with publicly visible keys, making them susceptible to quantum attacks. This includes the 1 million bitcoin owned by the pseudonymous creator of bitcoin, Satoshi Nakamoto. The recent Taproot upgrade has also expanded the problem by publishing keys for any spent bitcoin, making them more vulnerable. Although some proposals have been put forth to address the issue, such as adding quantum-safe address types or installing a detection system, none have gained broad support from core developers. The lack of a formal governance process and funding for engineering work makes it challenging for bitcoin to implement effective solutions. In contrast, Ethereum has had a formal quantum-resistant program in place since 2018 and has made significant progress in migrating to new, quantum-safe mathematics. The clock is ticking for bitcoin to take action and prevent a potential disaster.