Bitcoin faces a quantum computing threat, and developers have no countermeasures yet

CryptoWorld News, according to CoinDesk, reports that Bitcoin may face a new threat from quantum computing, although not all Bitcoins are affected. The hash algorithms used for Bitcoin mining are difficult for quantum computers to break, and the blockchain ledger and the rules for generating new Bitcoins can still survive under quantum attacks. However, the security of Bitcoin wallets depends on a mathematical method that converts private keys into public keys, which quantum computers may use to launch attacks. About 6.9 million Bitcoins—roughly one-third of all mined Bitcoins—are stored in wallets where the public key is permanently visible. Bitcoin’s founder, Satoshi Nakamoto, holds approximately 1 million Bitcoins, which are now also exposed. Although the quantum threat has sparked intense debate, to date, Bitcoin developers have not proposed any specific response strategy. By contrast, Ethereum has launched a formal quantum-resistance plan since 2018 and is carrying out related network upgrades. Bitcoin’s governance culture makes it more challenging to address the quantum threat.