A new Bitcoin Improvement Proposal (BIP) aims to address the threat of quantum computers by gradually phasing out Bitcoin's traditional signature scheme vulnerable to quantum attacks and adopting quantum-resistant alternatives.
The proposal, titled "Post-Quantum Migration and Legacy Signature Sunset," was drafted earlier this week by a group of cryptography and blockchain experts, including American software engineer Jameson Lopp and BitcoinQS founder Christian Papathanasiou.
While there are currently no quantum computers powerful enough to crack Bitcoin's cryptography, recent developments have shortened this window. According to McKinsey, some academic predictions suggest that quantum machines capable of threatening Bitcoin
Bitcoin at $118,771 could emerge as early as 2027 to 2030.
Bitcoin currently relies on ECDSA and Schnorr signatures to secure transactions. However, approximately a quarter of unspent Bitcoin outputs have already exposed public keys on-chain, making these funds particularly vulnerable to quantum attacks.
The proposal warns: "A successful quantum attack on Bitcoin would lead to severe economic disruption and ecosystem destruction." "Beyond price impacts, miners' ability to provide network security could also be seriously compromised."
Proposal excerpt. Source: GitHub
Related:Quantum Computers Could Bring Lost Bitcoin Back to Life: Here's How
Phased Approach to Quantum Computing Risks
The proposal suggests a phased approach to addressing quantum computer risks. The first phase recommends preventing people from sending Bitcoin to older, less secure addresses that are easily breakable by quantum computers.
About five years after this change, the plan will further advance to make any Bitcoin stored in these old, vulnerable addresses unusable, essentially freezing these bitcoins.
A potential future step is currently being researched, which might allow people to recover frozen bitcoins by proving ownership through special cryptographic methods related to wallet backup phrases, but this depends on further research and demand.
The authors wrote, "The longer we delay migration, the more difficult it becomes to coordinate." They believe a clear, time-limited plan will create certainty, coordinate stakeholders, and minimize the risk of catastrophic quantum theft.
Related:Google Unveils New Quantum Computing Chip: Is the Clock Ticking for Crypto Encryption?
Quantum Computing Threatens Bitcoin
David Carvalho, CEO of Naoris Protocol, stated in a recent commentary for Cointelegraph that the rise of quantum computing poses the most serious threat to Bitcoin's security to date, potentially breaking its cryptographic protection within five years or less.
He noted that recent advances like Microsoft's Majorana chip are accelerating the development of powerful quantum computers, which operate differently from traditional machines. These quantum systems threaten Bitcoin's core security algorithms, especially given that about 30% of BTC addresses are vulnerable to quantum attacks.
Carvalho stated: "Once a leak occurs, it will be catastrophic for holders and the entire ecosystem, with their funds disappearing forever." He added that the real threat is not quantum technology itself, but the "community's continued failure to take decisive action to ensure Bitcoin's future."
Magazine:Bitcoin and Quantum Computer Threat - Timeline and Solutions (2025-2035)
