Prominent Bitcoin (BTC) investor and analyst Willy Woo has released a guide to help holders safeguard their assets against potential quantum computing attacks, advocating for the use of SegWit wallets.
This comes as rapid advances in quantum computing intensify concerns over Bitcoin’s long-term security. Experts warn that future machines could eventually crack the cryptographic foundations protecting users’ funds.
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How to Protect Your Bitcoin from Quantum Computers
Quantum computing is often described as a future existential risk to Bitcoin’s cryptographic backbone. Woo explained that, in the past, users only needed to safeguard their private keys (or seed phrases).
However, with the rise of powerful quantum computers, it will become equally important to secure their public keys as well.
To address these risks, Willy Woo published a step-by-step “dummies guide” to help Bitcoin holders reduce their exposure. As an interim solution, he recommends transferring Bitcoin to newly created SegWit addresses starting with “bc1q” or legacy formats beginning with “1” or “3.”
SegWit, short for Segregated Witness, is a Bitcoin protocol upgrade introduced in 2017. It improves scalability and efficiency by separating digital signatures (witness data) from transaction data.
This change enables more transactions per block, reduces fees, and resolves transaction malleability issues. It also supports advanced solutions, such as the Lightning Network.
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Woo advises against spending from these addresses until quantum-resistant upgrades are in place. He suggested that this process may take around seven years to complete.
However, Woo’s recommendations drew criticism from fellow analyst Charles Edwards, founder of Capriole Investments. In a direct response on X, Edwards argued that SegWit offers no true quantum protection and dismissed the guide as insufficient, stating,
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Woo acknowledged the urgency of addressing quantum-related risks but remained confident in Bitcoin’s long-term strength. He emphasized that while quantum security should be a high priority, Bitcoin’s progress depends on ecosystem-wide consensus.
The analyst added that proactive measures and open discussions are crucial to drive action. He also expressed faith that Bitcoin will ultimately prevail and is far from being “doomed.”
Moreover, he emphasized that Bitcoin held in exchange-traded funds (ETFs), corporate treasuries, and exchange cold storage could remain safe from quantum threats, provided that custodians take the necessary precautions. According to him,
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Lastly, Woo added that the general view among experts is that quantum computing is unlikely to pose a real risk to Bitcoin until sometime after 2030. However, the timelines vary.
The Quantum Doomsday Clock forecasts that Bitcoin encryption could fall by March 8, 2028. Meanwhile, other experts, such as David Carvalho, CEO of Naoris Protocol, suggest that quantum computers may compromise Bitcoin’s security within 2 to 3 years.
Whether it arrives by 2028 or 2030, it’s clear that quantum computers are on the horizon, and Bitcoin users need to take steps now to prepare.
Source: https://beincrypto.com/bitcoin-quantum-threat-address-migration/
