Coinbase Advisory Group Says Bitcoin Should Start Preparing for Quantum Threat

Bitcoin should begin technical preparations now for potential future attacks from quantum computers, according to a new recommendation.

CoinDesk reported on June 13 that a cryptography advisory group convened by Coinbase wrote in a report that quantum computers do not currently pose a threat to blockchains, but preparations should start now. The panel included Scott Aaronson, a professor at the University of Texas at Austin, Stanford University professor Dan Boneh, and Ethereum Foundation researcher Justin Drake.

About 1.7 million early Bitcoin are considered vulnerable to quantum computing. The public keys for those addresses are exposed on the blockchain, leaving the assets at risk of theft if sufficiently advanced quantum computers emerge. Many of the coins are believed to belong to Satoshi Nakamoto or early investors who lost their private keys.

Some developers argue that Bitcoin should eventually retire its current signature method and move to a new quantum-resistant cryptographic system. Under that approach, Bitcoin that is not migrated would be rendered unusable.

Others oppose the idea, calling it asset confiscation. They argue it could undermine Bitcoin's core principle of protecting property rights.

The advisory group did not explicitly side with either camp. It said technical development for a quantum-resistant signature system should begin now because that work is separate from the debate over abandoned coins. The group also stressed that users need clear information so the issue does not go unaddressed.