Coinbase Advisory Group Says Bitcoin Should Start Preparing for Quantum Threats, Stops Short of Backing Early-Coin Freeze

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

CoinDesk reported on June 13 that a cryptography advisory council convened by Coinbase said in a report that quantum computers do not currently pose a threat to blockchains, but preparations should start now. The group includes University of Texas at Austin professor Scott Aaronson, Stanford 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, raising the 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 abandon 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, arguing that it would amount to confiscation. They say 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, separate from the debate over abandoned coins. It also said users need clear information to ensure the issue is not ignored.