Recent studies have shown that Bitcoin is facing a potentially huge threat from quantum hackers. A quantum device powerful enough to crack Bitcoin may not appear until a decade or more later, but the risks it brings cannot be underestimated. According to estimates by the Hudson Institute, if Bitcoin is attacked by quantum attacks, it will cause more than $3 trillion in losses to the entire cryptocurrency and other markets, triggering a deep recession, and as the price of Bitcoin rises, its potential losses after the attack are still increasing.
Quantum computers use the characteristics of subatomic particles to quickly complete tasks that are difficult for standard computers to achieve, such as factoring large numbers in encryption algorithms, which poses a direct threat to the common encryption methods used by Bitcoin. Compared with traditional financial institutions such as banks, Bitcoin lacks supervision and effective defense mechanisms, like the "Wild West". Once stolen, it is difficult for consumers to obtain compensation, which makes it an attractive target for quantum thieves.
Some of the early Bitcoins were stored in addresses with exposed public keys. About 1.72 million Bitcoins worth more than $160 billion are still affected by this, and eventually all Bitcoins may be stolen during the transfer window after quantum computers become powerful.
Although cryptocurrency veterans believe there is no need to panic, Bitcoin needs to adopt new encryption methods to ensure its security, but this faces many challenges. Bitcoin is decentralized, and technological changes require global maintainers to reach a consensus. In the past, upgrades have been slow and controversial. Even if a quantum protection consensus is reached, each Bitcoin holder still needs to transfer existing Bitcoin to a quantum-resistant address, otherwise the assets will still face the risk of being stolen. Under the threat of quantum hackers, Bitcoin's security and future development are full of variables, and investors and users need to be cautious.
