Bitcoin Quantum Threat: Coinbase Panel Urges Preparation but Sidesteps Frozen Coins Debate
A Coinbase-convened advisory council of top cryptographers, including Scott Aaronson, Dan Boneh, and Justin Drake, has released a report urging the Bitcoin community to begin technical planning for post-quantum signatures, despite quantum computers not yet posing an immediate threat. The report highlights that approximately 6.7 million bitcoin, including 1.7 million in early pay-to-public-key addresses likely tied to Satoshi Nakamoto and lost keys, are vulnerable to future quantum attacks. The council declines to take a position on whether these vulnerable coins should be frozen or constrained, instead emphasizing that technical migration should start now and that compatible solutions like Hourglass, BIP-361, and PACTs could be combined. The board stresses clear communication to users to address uncertainty, noting that while Ethereum has spent years preparing, Bitcoin has yet to act on migration.
Key facts
- Coinbase council urges Bitcoin to plan for post-quantum signatures now.
- 6.7M BTC vulnerable including 1.7M in Satoshi-linked early addresses.
- Council neutral on freezing coins; calls for community decision.
- Solutions like Hourglass, BIP-361, and PACTs are compatible.
- Ethereum prepared for years; Bitcoin has not started migration.