Controversial Bitcoin Proposal Aims to Burn BTC – Here’s Why
Amid growing concerns that quantum computers could potentially compromise Bitcoin’s security, developers have begun working on a hard fork that might change the cryptocurrency’s supply.
One of the latest contributors, Agustin Cruz, recently shared a draft of his proposal on the Bitcoin-Dev mailing list.
The draft, titled “Quantum-Resistant Address Migration Protocol” (QRAMP), outlines a new approach for handling unspent transaction outputs (UTXOs) — commonly known as bitcoins (BTC) — on the Bitcoin blockchain. This proposal includes initial code and guidelines for eliminating UTXOs that are susceptible to quantum threats.
Cruz’s draft suggests a hard fork that would enforce the migration of vulnerable UTXOs to quantum-resistant addresses. The reason for this move lies in the cryptographic foundations of Bitcoin, which currently rely on the Elliptic Curve Digital Signature Algorithm (ECDSA). While ECDSA is secure against traditional computing threats, it may fall short against the advanced capabilities of quantum machines. Although no such computer has yet compromised UTXOs, the risk could become real as technology progresses.
If QRAMP gains sufficient support and is implemented in Bitcoin Core, users would face a deadline to transfer their coins to quantum-resistant wallets. Failure to do so would mean that Bitcoin Core would automatically reject any transaction from a legacy wallet, effectively rendering those funds unusable.
Cruz argues that the proposed protocol offers users a clear and unavoidable chance to secure their assets. He believes the proposal is both practical and essential for the network’s future. However, the potential for QRAMP to decrease the overall supply of BTC makes it controversial. Once the deadline passes, any remaining legacy UTXOs would be effectively “burned,” as the network would no longer recognize transactions involving them.
This proposal has sparked debate within the Bitcoin community, as some fear that unforeseen circumstances might prevent users from moving their funds on time. While Cruz’s draft remains unofficial and has not yet been assigned a BIP number, it has certainly ignited discussions about the best way to make Bitcoin resilient to quantum threats.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
