Jeddah : Concerns around the long-term security of Bitcoin have resurfaced after prominent cryptographer Adam Back warned that the network must begin preparing for potential risks from quantum computing.
Adam Back is British cryptographer, he is a co-founder and CEO of Blockstream founded in in 2014. He invented Hashcash, which is used in the bitcoin mining process.
Investigations by the Financial Times and The New York Times have suggested that he may be Satoshi Nakamoto, the pseudonymous inventor of bitcoin, though Back has repeatedly denied these allegations.
Speaking at a global blockchain event, Back said that although the threat may still be years away, early planning is critical.
“While quantum computing is still largely experimental and progressing slowly, proactive planning is essential,” he stated.
Quantum computing, an emerging field being explored by institutions like Google and California Institute of Technology, has the theoretical ability to break the cryptographic systems that secure blockchain networks.
If developed at scale, such technology could potentially allow unauthorized access to digital wallets.
Back emphasized that current systems are “little more than lab experiments,” but suggested that developers should introduce optional upgrades that allow users to shift to quantum-resistant security methods over time.
This approach, he said, would avoid disruption and allow the network to adapt gradually. Meanwhile, researchers at BitMEX Research proposed a different strategy known as a “canary fund.”
The idea involves creating a special Bitcoin address that would act as an early warning system.
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If a quantum computer ever succeeds in accessing the address, it would signal that existing cryptographic protections have been compromised.
The proposal offers a cautious “wait and see” method instead of immediately freezing vulnerable coins a suggestion previously made in the controversial BIP-361 proposal.
Despite the concerns, experts remain confident in the resilience of the Bitcoin network. Back noted that the community has successfully addressed past vulnerabilities and can respond quickly if a real threat emerges.
As research into quantum computing accelerates, the debate highlights a growing need to future-proof digital assets in an evolving technological landscape.