BTC News: How To Avoid The Quantum Computing Threat With Your Bitcoin, According To Analyst

Willy Woo advises using SegWit wallets and long-term holding to safeguard Bitcoin against future quantum computing risks.

Quantum computing has always been an issue in the crypto space. To this end, prominent Bitcoin analyst Willy Woo has pointed out a simple way to protect Bitcoin from quantum attacks. 

His advice focuses on using SegWit wallets and holding funds safely until the network adopts quantum-resistant solutions.

Protect Bitcoin Using SegWit Wallets

The main threat from quantum computers is their ability to break current cryptographic protections. Traditional Bitcoin security relied on private keys and Woo explains that future quantum machines will be able to derive private keys from public keys.

Current Taproot addresses starting with “bc1p” embed the public key in the address and Woo warns that these addresses are vulnerable to quantum attacks. 

SegWit addresses starting with “bc1q,” or legacy addresses like those starting with “1” or “3,” are different, though. These wallets hide public keys until a transaction is made. This provides a temporary layer of protection.

Woo believes that moving Bitcoin into SegWit addresses and refraining from spending it until quantum-safe upgrades arrive could be the way to go. He estimates that this interim solution may take around seven years.

How SegWit Improves Security and Efficiency

Segregated Witness, or SegWit was implemented in 2017 to improve Bitcoin’s scalability. 

It separates digital signatures from transaction data and this allows more transactions per block. It also lowers fees and resolves transaction malleability issues.

Woo argues that SegWit’s structure provides an extra benefit against quantum computers. By keeping public keys hidden until the moment of spending, the address becomes less vulnerable. 

Users must also avoid frequent transactions to maintain this advantage.

SegWit supports advanced technologies like the Lightning Network, and this dual functionality makes it a practical choice for BTC holders who are worried about future risks.

Criticism and Scepticism Around Quantum Risks

Some industry figures argue that quantum computing threats to Bitcoin are exaggerated. 

Charles Edwards, founder of Capriole Investments for example, criticises Woo’s SegWit approach. He noted in a recent tweet that “SegWit is no protection model. We need to upgrade the network ASAP. Posts suggesting we have seven years could mean the network collapses first.”

Other critics, like Bitcoin advocate Michael Saylor, say that quantum threats are a marketing tactic. Saylor and the others claim that practical quantum computers capable of breaking Bitcoin’s cryptography are decades away. 

Adrian Morris adds that quantum machines face still have major technical issues with thermodynamics, memory and persistent calculations.

Despite these differences in opinion, most agree that proactive measures are necessary. 

Long-Term Safety for Bitcoin Holders

Woo also notes that Bitcoin held in ETFs, corporate treasuries or cold storage could remain secure if custodians implement the right measures. Wallet apps can move remaining coins to safer addresses after spending to reduce exposure.

Even Bitcoin stored in ancient addresses like Satoshi’s early holdings could be vulnerable if future upgrades do not freeze inactive coins. Woo says that while the quantum threat exists, Bitcoin is resilient.

He explains,

This confidence shows the difference between interim measures and permanent network upgrades.

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