Quantum Debates Continue in Bitcoin: Experts Disagree Over 5 Million BTC
World-leading cryptography experts are divided on how to proceed against the risk of quantum computers seizing millions of assets on the Bitcoin (BTC) network in the future.
An advisory board established by Coinbase, including names from Stanford and the Ethereum Foundation, discussed Bitcoin’s future against the quantum threat. While experts agree that quantum computers do not yet pose a threat to existing blockchains, they emphasize that preparations should begin now. In particular, approximately 1.7 million Bitcoin (BTC) remaining from the early days of the network, whose public keys are shared directly, are vulnerable to this technological development.
Quantum Threat and Lost Wallets
According to research, around 20,000 old addresses, including wallets believed to belong to Satoshi Nakamoto, represent open targets for quantum attacks. In addition to these addresses, approximately 5 million Bitcoin (BTC) are seen as at risk due to address reuse. The complex data flows and digital codes in the image symbolize the massive technological transformation facing the encryption systems underlying these assets.
Experts warn that if these assets are not moved to a secure area, they could fall into the hands of malicious actors in the future, creating billions of dollars worth of selling pressure in the market. It is stated that this situation could have devastating effects not only on the Bitcoin price but also on the legitimacy of the network.
Property Rights and Technical Solutions
At the center of the debate is whether a deadline should be set for these unspent “abandoned” coins. One group advocates for making these assets unspendable to ensure security, while the other states that this would be a violation of property rights and would open the door to government asset-freezing requests. BIP-361 and Hourglass like various technical solution proposals are on the table, but the board emphasizes that the final decision must be made by the Bitcoin community.
It is stated that technical migration work should begin immediately, independent of governance debates. While networks like Ethereum (ETH) have been continuing these preparations for years, the uncertainty on the Bitcoin side is said to pose a risk in itself for users. Experts argue that the community establishing a clear roadmap on this issue is critical for the future of the network.