Coinbase’s Quantum Advisory Council released a report about moving to post-quantum systems and dealing with abandoned coins.
Frequently Asked Questions
Here is a list of FAQs about Coinbases quantum report and its implications for Bitcoin security
BeginnerLevel Questions
1 What is a quantum computer and why is it a threat to Bitcoin
A quantum computer is a superpowerful computer that can solve certain math problems much faster than normal computers Bitcoins security relies on a type of math that quantum computers might eventually break allowing someone to steal Bitcoin from wallets
2 Does this mean my Bitcoin is unsafe right now
No The report says this is a future threat Current quantum computers are not powerful enough to break Bitcoins security Experts believe it could be 1020 years before this becomes a real problem
3 What exactly did Coinbases report warn about
Coinbase warned that if Bitcoin doesnt upgrade its security millions of Bitcoins stored in older vulnerable wallets could be stolen once quantum computers become powerful enough
4 Which Bitcoins are most at risk
The biggest risk is for Bitcoins stored in addresses that have ever sent a transaction This includes coins from early users and Satoshi Nakamotos estimated 1 million BTC
5 Can I protect my Bitcoin from quantum attacks right now
Yes Simply moving your Bitcoin to a modern wallet that uses a stronger quantumresistant address type makes it much harder to attack The key is to avoid reusing old addresses
AdvancedLevel Questions
6 Why are used Bitcoin addresses more vulnerable than unused ones
When you send Bitcoin from an address the public key is revealed on the blockchain A quantum computer could reverseengineer that public key to find the private key Unused addresses keep the public key hidden making them safer for now
7 What is quantum resistance and how would Bitcoin adopt it
Quantum resistance means switching to new cryptographic algorithms that quantum computers cant easily crack Bitcoin would need a hard fork to add these new signatures similar to how it added SegWit or Taproot upgrades
8 How does Coinbases report estimate the number of atrisk Bitcoins
The report analyzed the