""If nothing is done, then coins on old addresses, including Satoshi's, could eventually be taken by whoever first has practical quantum capacity," says JP Richardson, an early Bitcoiner who runs the crypto wallet firm Exodus."
""It's possible to update Bitcoin in a way that the coins in Satoshi's wallets could no longer be spent. The Satoshi wallets account for around 1.1 million of Bitcoin's finite 21 million supply, and are part of a sub-set of 6.9 million coins that Google says are most vulnerable to a quantum attack.""
""Richardson, though, says he is not in favor of a forced upgrade. He believes the market impact of a quantum hacker cracking Satoshi's wallets would be 'brutal...but not the end of Bitcoin.'""
""Pete Rizzo shares this view. A former crypto journalist turned Bitcoin historian, Rizzo attended the annual gathering of insiders known as the Satoshi Roundtable in early February, where he heard calls to make a planned quantum update, known as BIP360, compulsory.""
A report indicates that by 2029, quantum computing could enable hackers to access Bitcoin wallets belonging to Satoshi Nakamoto in just nine minutes. These wallets, valued at approximately $75 billion, represent over 5% of the total Bitcoin supply. Experts suggest a blockchain upgrade to secure these coins permanently. While some advocate for a mandatory upgrade to protect against quantum attacks, others believe the market impact of such an event would be severe but not catastrophic for Bitcoin's future.
Read at Fortune
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