Quantum computers could potentially unlock lost Bitcoins, challenging the traditional view of their irretrievability . This development may alter the scarcity narrative and introduce new security concerns for older wallets, necessitating vigilance and proactive measures from Bitcoin developers .
Analysts think that between 2.3 million and 3.7 million Bitcoin is permanently lost . This is about 11%-18% of the total fixed supply of 21 million . If a quantum computer cracks their wallet and releases the coins into circulation, it could lead to big market swings .
However, the short-term quantum risks are minimal for Bitcoin . Current quantum computers are decades away from being able to break Bitcoin's encryption . To break ECDSA within an hour would require approximately 317 million physical qubits . Today's quantum computers have around 100 qubits .
If a quantum attacker started stealing coins, the impact on Bitcoin would be massive . The most obvious effect is theft of bitcoins from vulnerable addresses . This would erode trust badly . There's also a potential market impact: imagine millions of coins suddenly flooding exchanges or moving .
The Bitcoin community is taking steps to prepare for the “quantum era” . Users can mitigate risks by using Bitcoin addresses only once and transferring coins to new p2pkh addresses . Additionally, Bitcoin developers can upgrade protocols to protect active wallets .
Tether CEO Paolo Ardoino predicts that quantum computing will eventually hack inactive Bitcoin wallets, returning the Bitcoin in those wallets to circulation . However, other experts suggest burning compromised BTC as a means to secure the protocol's integrity . Casa's chief security officer, Jameson Lopp, argues that recovering lost coins through quantum computers would violate Bitcoin's core principles .
While quantum computing poses a potential threat to Bitcoin, it's important to remember that Bitcoin is built to evolve . Bitcoin's adaptability, strong cryptographic foundation, and decentralized governance position it to meet any challenges .