Paper 2020/186

Bitcoin Crypto–Bounties for Quantum Capable Adversaries

Dragos Ioan Ilie, Kostis Karantias, and William J. Knottenbelt


With the advances in quantum computing taking place over the last few years, researchers have started considering the implications on cryptocurrencies. As most digital signature schemes would be impacted, it is somewhat reassuring that transition schemes to quantum resistant signatures are already being considered for Bitcoin. In this work, we stress the danger of public key reuse, as it prevents users from recovering their funds in the presence of a quantum enabled adversary despite any transition scheme the developers decide to implement. We emphasise this threat by quantifying the damage a functional quantum computer could inflict on Bitcoin (and Bitcoin Cash) by breaking exposed public keys.

Available format(s)
Publication info
public key cryptographyblockchainBitcoinpublic key revealingaddress reusequantum computingShor's quantum algorithmanalysisvulnerable UTXOs
Contact author(s)
dii14 @ ic ac uk
2020-02-18: received
Short URL
Creative Commons Attribution


      author = {Dragos Ioan Ilie and Kostis Karantias and William J.  Knottenbelt},
      title = {Bitcoin Crypto–Bounties for Quantum Capable Adversaries},
      howpublished = {Cryptology ePrint Archive, Paper 2020/186},
      year = {2020},
      note = {\url{}},
      url = {}
Note: In order to protect the privacy of readers, does not use cookies or embedded third party content.