Quantum Computers Are Coming: Those Who Want to Protect Their Bitcoins Must Do These

Cryptocurrency analyst Willy Woo warned Bitcoin users about the growing risk of quantum computing. According to Woo, Big Scary Quantum Computers, which he calls “BSQC,” will have the capacity to crack not only private keys but also public keys that appear in Bitcoin addresses once they reach sufficient power. Woo stated that existing Bitcoin address formats are not equally resilient to this threat, and that Taproot (bc1p) addresses are particularly at risk. According to the analyst, because the public key in the bc1p format is embedded within the address, quantum computers can directly target this information. In contrast, the older SegWit format, bc1q, and addresses starting with “1” and “3,” are considered more secure because they hide the public key behind a hash. Related News: Historic Moment Has Arrived: XRP Spot ETF Will Soon Begin Trading - Here's the Date and Time Willy Woo listed the precautions that users can take now: Woo said users should create a new SegWit bc1q wallet and suggested moving all BTC to this new address. He added that adding new BTC to the wallet afterward is fine, but he said BTC should never be sent from this address. This is because the public key is revealed the moment a transfer is made, opening the door to quantum computer hacking. Woo stated that Bitcoin's transition to a quantum-resistant protocol could likely take around seven years. Once this transition is complete, users will need to move their funds to new quantum-resistant addresses as soon as the network is not experiencing congestion. Woo noted that the public key will be visible briefly during the transfer, but the likelihood of a quantum attack during that short window is low. The analyst said that Bitcoin held in ETFs, corporate treasuries, or exchange cold wallets could also be made “quantum-safe” if the right steps are taken. He also noted that wallet apps could be designed to automatically move the remaining balance from one address to a new, secure address when spending occurs. The most striking item Woo highlighted was Satoshi Nakamoto's 1 million BTC. These coins are in the old P2PK format, meaning the public key is directly held by the address itself. According to Woo, if these coins aren't frozen by a soft fork before Bitcoin becomes quantum-safe, they could all be stolen at that time. The same risk applies to coins lost in old addresses where spending has been done in the past. Woo said that the general expectation among BTC experts is for the quantum breakout point, dubbed the “quantum day,” to occur after 2030. However, according to the analyst, preparations need to begin much earlier. *This is not investment advice. Continue Reading: Quantum Computers Are Coming: Those Who Want to Protect Their Bitcoins Must Do These