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Bitcoin faces risks from quantum computers, but the primary threat lies not in the technology itself but in the community’s inability to reach a consensus, stated Zach Pandl, head of research at the American firm Grayscale.
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Approximately 1.7 million BTC are at risk. This includes the earliest Bitcoin addresses, which hold around 1 million coins linked to the anonymous creator of Bitcoin, Satoshi Nakamoto. A significant portion of these funds is locked due to lost private keys, making any actions regarding this burden challenging, the analyst lamented.
According to Pandl, the community must choose one of three courses of action:
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burn the vulnerable coins;
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artificially slow down their expenditure by limiting the withdrawal speed from such addresses;
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take no action.
Technically, each option is feasible. However, the decision carries the risk of prolonged disagreements. The need for consensus becomes the main obstacle—such discussions in a decentralized environment can last for years and do not always lead to a unified resolution, the Grayscale expert believes.
Grayscale maintains that the division has not yet reached a level that warrants concern: the fundamental architecture of the network remains robust. However, the issue of managing vulnerable assets will eventually require coordinated actions, Pandl is convinced.
Previously, Christopher Bendiksen, head of Bitcoin research at CoinShares, stated that the threat posed by quantum computing to the blockchain of the first cryptocurrency is greatly exaggerated.
