Avalanche founder: No need to panic about quantum doomsday, Bitcoin has enough time to fix vulnerabilities

Odaily reported that the US President-elect Trump has promised to establish a strategic reserve for the government's Bitcoin, similar to the digital Fort Knox, but quantum computing can allow thieves to raid Fort Knox. Some cryptocurrency veterans said that Bitcoin still has enough time to fix its vulnerabilities. Emin Gün Sirer, the founder of cryptocurrency company, said: "The quantum doomsday will certainly come at some point in the future, but it is still a long way off, so there is no need to panic." Cryptocurrency executives believe that Bitcoin can ensure its security by adopting new encryption methods that are difficult to crack by quantum computers, but such a fundamental reform may take years. Due to the decentralized nature of Bitcoin, changing its technology requires a broad consensus among the people around the world who maintain its network. Past upgrades have progressed slowly and have been controversial. However, even if the community reaches a consensus on how to protect Bitcoin from quantum attacks, there is another obstacle: existing Bitcoins need to be transferred to quantum-resistant addresses. Each individual or company holding Bitcoin needs to perform such a transfer, otherwise their Bitcoin may be stolen by quantum thieves.