Coinbase urges Bitcoin to prepare now for quantum computing threat
Coinbase is calling on Bitcoin developers to start upgrading the network's cryptography before quantum computers can break it. The exchange also says dormant coins from Bitcoin's early days pose a separate problem.
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What happened
Coinbase has been urging Bitcoin developers to prepare for quantum computers, which could threaten the cryptography that secures bitcoin wallets. The exchange published priorities for a post-quantum transition, including flexible addresses, a backup quantum-proof key and ways to migrate funds. Its latest statements say the upgrade may take years, and it has flagged early Satoshi-era coins as a separate challenge.
Why it matters
Coinbase, which holds 5% of all bitcoin, says funds could be lost to quantum attacks if the network is not ready.
Timeline
- Oct 13, 10:20 AM ET: Bitcoin's experimental quantum-resistant transaction method became about 82% cheaper to compute since August, as researchers race to secure around 6 million exposed BTC.
- Oct 13, 10:49 PM ET: Coinbase published its priorities for Bitcoin's post-quantum transition, urging early preparation for signature upgrades and fund migration.
- Oct 14, 6:59 AM ET: Coinbase warned developers to begin preparing for an upgrade that may take years and raised the separate problem of protecting dormant Satoshi-era coins.
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