Concerns about the potential for quantum computers to breach the first cryptocurrency’s network are greatly exaggerated, according to Alex Thorn, head of research at Galaxy Digital, in an interview with CoinDesk.
Nonetheless, the expert acknowledged the reality of the threat. Theoretically, a sufficiently powerful quantum computer could calculate a private key from a public one, enabling malicious actors to forge signatures and steal funds. Thorn emphasized that it is a mistake to consider this scenario inevitable or unique to Bitcoin.
Analysts at Project Eleven have estimated that around 7 million BTC could be vulnerable. This pertains to coins whose public keys have already been exposed on the blockchain due to address reuse or storage in outdated wallet formats.
The majority of existing assets remain secure, as there is no threat to them with the current level of technological development.
Galaxy noted that the developer community is already preparing preventive measures:
- New address types: Work is underway to implement post-quantum cryptography, allowing users to transfer funds to secure addresses;
- Restrictions on old coins: Mechanisms are being discussed to gradually limit the spending of “dormant” bitcoins with exposed keys. This will reduce systemic risks without asset confiscation.
Thorn stressed that we are still far from the advent of computers capable of breaking modern encryption. Bitcoin’s open architecture will allow the network to adapt long before any potential crisis.
“Quantum computing is a powerful technology, but that doesn’t mean every risk is immediate or unmanageable. Bitcoin developers are not ignoring the issue; they are actively working on it,” concluded Thorn.
In February, analyst Willy Woo suggested the release of 4 million BTC onto the market following a quantum computer breach of the first cryptocurrency.