Prominent Bitcoin (BTC) investor and analyst Willy Woo has introduced a guide aimed at helping holders protect their assets from potential quantum computing attacks. His recommendations come in light of growing concerns about Bitcoin’s long-term security due to rapid advancements in quantum technology. Experts warn that future quantum machines could potentially breach the cryptographic safeguards that currently protect users’ funds.
Woo explains that the focus of security measures has shifted with the looming threat of quantum computing. In the past, users primarily needed to protect their private keys or seed phrases. However, with the capabilities of powerful quantum computers, it is now equally crucial to secure public keys as well. “Basically a BSQC can figure out your private key from a public key,” Woo stated. He highlighted that current taproot addresses, which begin with “bc1p,” are unsafe due to their embedded public keys.
To mitigate these risks, Woo has published a step-by-step “dummies guide” designed to assist Bitcoin holders in lessening their exposure. He advises users to transfer their Bitcoin into newly created SegWit addresses, which start with “bc1q,” or legacy formats beginning with “1” or “3.” The SegWit protocol, initiated in 2017, enhances scalability and efficiency by separating digital signatures from transaction data. This improvement allows for more transactions per block, lowers fees, and corrects transaction malleability issues, also enabling advanced solutions like the Lightning Network.
Woo recommends that users refrain from spending from these new addresses until more quantum-resistant upgrades are available, forecasting that such enhancements may take around seven years to implement. “Send your BTC into the new quantum-safe address when the network is NOT congested; once you send, you reveal the private key for a short time. It’s unlikely a BSQC will steal your coins in that short window,” he advised.
However, Woo’s guidance faced criticism from fellow analyst Charles Edwards, the founder of Capriole Investments. In a response on social media platform X, Edwards contended that SegWit does not provide adequate quantum protection and criticized Woo’s timeline as impractical. He stated, “SegWit is no protection model. We need to upgrade the network ASAP, and these kinds of posts suggesting we have 7 years would mean the network collapses first.”
While acknowledging the urgency surrounding quantum risks, Woo remains confident in Bitcoin’s resilience over the long term. He emphasized that addressing quantum security should be a priority, but the progress of Bitcoin relies on consensus within the ecosystem. He reassured that proactive measures and open dialogue are essential for advancing these changes. “BTC remains the best monetary asset if you take a long time horizon beyond the next 10 years. Quantum will not break BTC because BTC will adapt,” he stated.
Additionally, Woo noted that Bitcoin held in exchange-traded funds (ETFs), corporate treasuries, and exchange cold storage could be shielded from quantum threats if custodians implement necessary precautions. He elaborated on the importance of wallet applications ensuring any spending from an address transitions remaining coins to a new non-taproot address. He expressed concerns that Satoshi’s 1 million coins, stored in an outdated P2PK address, might be at risk unless future measures are taken to secure them.
Experts generally agree that quantum computing likely won’t pose a significant threat to Bitcoin until after 2030, though opinions vary on timelines. The Quantum Doomsday Clock estimates that Bitcoin’s encryption could be compromised as early as March 8, 2028. Meanwhile, some analysts, like David Carvalho of Naoris Protocol, project that Bitcoin’s security could be at risk within the next 2 to 3 years. Regardless of whether the quantum threat materializes by 2028 or 2030, it’s clear that Bitcoin users must take proactive steps now to prepare for the evolving landscape of technology.
