Bitcoin expert Willy Woo has put forward a temporary method to safeguard your Bitcoin from the danger of quantum computers, by storing it in a SegWit wallet for around seven years.
Quantum computing has always been considered a potential risk to digital currencies since such formidable machines could probably break all encryption and thus disclose the private keys and make the users’ funds accessible.
On X, Woo posted on Tuesday and put forward an “interim solution”, transferring Bitcoin to an address that is SegWit-compatible and keeping it there until quantum-resistant protocol has been developed.
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SegWit, which means Segregated Witness, is the name of a Bitcoin protocol upgrade that became operational on August 23, 2017.
Willy Woo’s Warning on Quantum Threats to Bitcoin
Woo explained that quantum computers have the potential to extract private keys from public keys, a serious risk for Bitcoin users. He noted that modern Taproot addresses “embed the public key into the address,” making them more exposed to quantum attacks. In contrast, SegWit addresses conceal the public key until a transaction is made, offering an extra layer of protection.
However, he cautioned that users who move their Bitcoin to a SegWit wallet should avoid sending funds from it until a quantum-safe solution is developed, as doing so could reveal the public key.
Woo added that Bitcoin stored by exchange-traded funds (ETFs), corporate treasuries, or in cold storage might already have some level of protection, depending on the custodians’ security measures, even before a quantum-resistant protocol is introduced.
Willy also reassured that the “general consensus” among experts is that quantum computing will likely not pose a real threat to Bitcoin until around 2030 or later, and that work on quantum-resistant standards and upgrades is already underway.
