Willy Woo Issues ‘Quantum Safe’ Guide for Bitcoin Holders Amid Rising Concerns

Prominent Bitcoin (BTC) investor and analyst Willy Woo has launched a information to assist holders safeguard their belongings towards potential quantum computing assaults, advocating for the usage of SegWit wallets.

This comes as speedy advances in quantum computing intensify issues over Bitcoin’s long-term safety. Experts warn that future machines may ultimately crack the cryptographic foundations defending customers’ funds.

How to Protect Your Bitcoin from Quantum Computers

Quantum computing is commonly described as a future existential risk to Bitcoin’s cryptographic spine. Woo defined that, up to now, customers solely wanted to safeguard their non-public keys (or seed phrases).

However, with the rise of powerful quantum computers, it should turn into equally essential to safe their public keys as nicely.

“Basically a BSQC can determine your non-public key from a public key. The current day taproot addresses (the most recent format) are NOT secure, these are addresses beginning with “bc1p” they usually embed the general public key into the tackle, not good,” Woo stated.

To tackle these dangers, Willy Woo revealed a step-by-step “dummies information” to assist Bitcoin holders cut back their publicity. As an interim resolution, he recommends transferring Bitcoin to newly created SegWit addresses beginning with “bc1q” or legacy codecs starting with “1” or “3.”

SegWit, quick for Segregated Witness, is a Bitcoin protocol improve launched in 2017. It improves scalability and efficiency by separating digital signatures (witness information) from transaction information.

This change permits extra transactions per block, reduces charges, and resolves transaction malleability points. It additionally helps superior options, comparable to the Lightning Network.

Woo advises towards spending from these addresses till quantum-resistant upgrades are in place. He prompt that this course of could take round seven years to finish.

“Send your BTC into the brand new quantum secure tackle when the community is NOT congested, when you ship, you reveal the non-public key for a short while. It’s unlikely a BSQC will steal your cash in that quick window,” he added.

However, Woo’s suggestions drew criticism from fellow analyst Charles Edwards, founding father of Capriole Investments. In a direct response on X, Edwards argued that SegWit presents no true quantum safety and dismissed the information as inadequate, stating,

“Segwit isn’t any safety mannequin. We must improve the community ASAP, and these sort of posts suggesting we’ve 7 years would imply the community collapses first. Bitcoin can adapt, however we have to see much more traction on that now and actually consensus subsequent yr. Bitcoin is probably the most susceptible community on this planet.”

Woo acknowledged the urgency of addressing quantum-related dangers however remained assured in Bitcoin’s long-term energy. He emphasised that whereas quantum safety ought to be a high precedence, Bitcoin’s progress depends upon ecosystem-wide consensus.

The analyst added that proactive measures and open discussions are essential to drive motion. He additionally expressed religion that Bitcoin will finally prevail and is way from being “doomed.”

“BTC stays the very best financial asset should you take a very long time horizon past the subsequent 10 years. Quantum is not going to break BTC as a result of BTC will adapt,” Woo noted.

Moreover, he emphasised that Bitcoin held in exchange-traded funds (ETFs), company treasuries, and change chilly storage may stay secure from quantum threats, offered that custodians take the mandatory precautions. According to him,

“Wallet Apps may take acceptable motion (ensuring any spend from an tackle additionally strikes remaining cash to a brand new non-taproot tackle). Satoshi’s 1 million cash utilizing an historical P2PK tackle will likely be stolen (until a future softfork freezes them). So are misplaced cash in addresses the place there’s previous spending exercise.”

Lastly, Woo added that the overall view amongst consultants is that quantum computing is unlikely to pose an actual threat to Bitcoin till someday after 2030. However, the timelines fluctuate.

The Quantum Doomsday Clock forecasts that Bitcoin encryption may fall by March 8, 2028. Meanwhile, different consultants, comparable to David Carvalho, CEO of Naoris Protocol, counsel that quantum computer systems could compromise Bitcoin’s safety inside 2 to three years.

Whether it arrives by 2028 or 2030, it’s clear that quantum computer systems are on the horizon, and Bitcoin customers must take steps now to arrange.

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