Quantum computing poses a potential threat to Bitcoin, as highlighted in a recent Chaincode Labs report. The report lays out a dual-track strategy for Bitcoin's transition to quantum resistance. The long-term path anticipates a seven-year timeline for a complete migration to quantum-safe solutions, while a short-term contingency plan aims for rapid measures within two years.
Currently, funds stored in securely managed address types are mostly safe from quantum attacks, but additional infrastructure will be needed for future spending. The imminent risk involves cryptographically relevant quantum computers (CRQCs), which could break contemporary cryptographic algorithms like Elliptic Curve Cryptography (ECC) used by Bitcoin.
Major organizations, including NIST and the UK’s National Cyber Security Centre, are setting timelines for transitioning to post-quantum algorithms by 2035. The financial stakes are high, with approximately 6.51 million Bitcoin currently considered quantum vulnerable.
Importantly, quantum threats largely target transaction signatures and mining operations, though advances in CRQC technology are still unpredictable. A philosophical dilemma also emerges for the Bitcoin community regarding whether to make vulnerable funds unspendable or allow potential theft. Proactive measures, such as addressing address reuse, are urgent as the financial ecosystem braces for future quantum advancements.
