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

While not all aspects of bitcoin are vulnerable 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 break this math, potentially allowing an attacker to drain 6.9 million bitcoins, including those owned by the currency's creator, Satoshi Nakamoto. The bitcoin network has no formal plan in place to address this threat, unlike its competitor, Ethereum, which has a dedicated program for migrating to quantum-resistant cryptography. Various proposals have been put forth, but none have gained broad support from bitcoin's core developers. The lack of a centralized authority and a governance process makes it challenging for bitcoin to coordinate a response to this threat, leaving the network to decide on the best course of action to protect the exposed coins and prevent potential theft.