Bitcoin Worth $590 Billion Faces Risks of a Quantum Attack

Bitcoin developers have proposed a plan to protect the Bitcoin network from potential attacks by quantum computers, which could become a threat in the next five to ten years. The proposal involves transitioning Bitcoin to quantum-resistant cryptography. The plan has three phases. Phase A prohibits sending transactions to vulnerable addresses, phase B invalidates transactions using older cryptography, potentially freezing funds in un-upgraded wallets, and phase C is still being researched and may provide a recovery mechanism for users who miss the upgrade deadline. Roughly 25% of the total Bitcoin supply, about $593 billion, is currently at risk because it's held in older address formats that are vulnerable. If the proposal is adopted and users don't upgrade their wallets, this Bitcoin could become inaccessible. The proposal aims to create a strong incentive for users to update their wallets. The plan is in draft form and needs community approval, but represents a significant effort to address the potential quantum threat to Bitcoin.