Bitcoin OG Willy Woo proposed a method to protect BTC before quantum computers pose a threat to Bitcoin—by hoarding Bitcoin in SegWit wallets for about 7 years.
Quantum computing has long been a turning point of concern (and debate) in the cryptocurrency industry. Theoretically, computers capable of breaking encryption could reveal user keys, expose sensitive data, and user funds.
In a post on X on Tuesday, Woo suggested an "interim measure" of transferring Bitcoin to SegWit-compatible addresses and holding BTC there until quantum-resistant protocols are developed.
SegWit, or Segregated Witness, is a Bitcoin protocol upgrade implemented on August 23, 2017.
Woo believes that quantum computers could identify private keys from public keys, while today's taproot addresses "embed public keys in the address," making them vulnerable to quantum computer attacks, whereas SegWit hides the public key until the transaction is recorded.
"The past was about protecting your private key (your mnemonic phrase). In the upcoming era of big scary quantum computers (BSQC), you also need to protect your public key," he said.
However, Woo explained that this means Bitcoin users must avoid sending any BTC from SegWit addresses until a solution to the quantum threat is developed.
Nonetheless, Woo also acknowledged that if custodians take action, Bitcoin held by exchange-traded funds, treasury companies, and cold storage could potentially be quantum-resistant even before the launch of quantum-resistant protocols.
He also pointed out that the "general consensus" is that quantum computers will not pose a threat to Bitcoin until at least after 2030, and that "quantum-resistant standards and upgrades are already being rolled out."
However, Charles Edwards, founder of the quantitative Bitcoin and digital asset fund Capriole, previously warned about the threat of quantum computers to Bitcoin, stating that this solution is "not quantum-resistant."
"SegWit is not a protection model. We need to upgrade the network as soon as possible; this post implying we have 7 years means the network will collapse first," he said.
Meanwhile, critics argue that the threat posed by quantum computers is exaggerated, as the technology is still decades away from being viable, and that banking giants and other traditional targets will be cracked long before Bitcoin.
In July, Bitcoin bull Michael Saylor downplayed concerns about the impact of quantum computing on Bitcoin, calling it a marketing strategy to push quantum-branded tokens.
Bitcoin advocate Adrian Morris stated in a post on X on February 20 that quantum computing is "hardly a viable technology," facing "significant issues" in thermodynamics, memory, and sustained computation.
Related: The IRS updates cryptocurrency ETP guidelines, providing safe harbor provisions for staking.
Original article: “Willy Woo proposes quantum threat response: Store Bitcoin (BTC) in SegWit wallets for 7 years”
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