Bitcoin Faces Quantum Computing Threat, Putting 6.9 Million Coins at Risk

While not all aspects of bitcoin are susceptible to quantum computer attacks, the ownership of coins is at risk due to the type of math used to protect wallets. A quantum algorithm known as Shor's can potentially break this math, and recent research suggests this could be achieved with fewer resources than previously thought. Approximately 6.9 million bitcoin, including those held by the cryptocurrency's pseudonymous creator Satoshi Nakamoto, are vulnerable due to exposed public keys. The bitcoin network's lack of formal governance and resistance to coordinated change poses a significant challenge in implementing a solution to this problem. Ethereum, another major cryptocurrency, has been working on a quantum-resistant program since 2018 and has made significant progress. In contrast, bitcoin's development community has been slower to respond, with some proposals for quantum-safe address types and detection systems, but no concrete plan has emerged yet. The coordination problem is further complicated by bitcoin's culture of avoiding central authority and rare protocol changes, making it difficult to decide on the best course of action to protect exposed coins.