Bitcoin Security in the Quantum Era: Risks, Challenges, and Solutions

Abstract

Bitcoin was introduced in 2009 as the world’s first decentralized cryptocurrency. Today, it is the largest cryptocurrency by market capitalization and has driven the development of various other cryptocurrencies. The security of the Bitcoin system is based on public-key cryptography. However, with the rapid advancement of quantum computing technology, the elliptic curve digital signature algorithm (ECDSA) and the secure hash algorithm (SHA-256) used by Bitcoin are at risk of being compromised, putting Bitcoin and other blockchain systems under imminent security threats. This study will analyze the operation and transaction mechanisms of Bitcoin, explore its asset security and investment risks, and assess the development trends of quantum computing and the latest advancements in quantum computing technology. It will also evaluate the potential threats to the Bitcoin system and further discuss possible solutions to ensure Bitcoin's stability and security in the quantum era.