Bitcoin could be exposed to threats from quantum computing, but the community is already preparing countermeasures, an assessment said.

On Sept. 18, blockchain outlet Bitcoin Magazine reported that Matthew Sigel (매슈 시걸), head of digital assets research at asset manager VanEck, said in a CNBC interview that bitcoin's decentralised structure could slow the response but technical solutions to prepare for the quantum computing threat are being discussed.

Sigel acknowledged quantum computing is a risk factor for bitcoin, but stressed the community recognises the scale of the issue and is gathering people to push system upgrades.

The cryptocurrency industry is concerned that if quantum computers become far more powerful in the future, they could potentially break bitcoin's cryptographic system. For now, however, no quantum computer exists at a level that can undermine bitcoin's encryption.

Some industry participants, including bitcoin developers, are testing quantum-resistant signatures on an actual sidechain. Cryptocurrency exchange Coinbase and bitcoin infrastructure firm Blockstream are also developing related solutions.

Moves toward a coordinated industry response are also emerging. A Bitcoin security consortium involving BlackRock, Fidelity Digital Assets and Block launched in July. The consortium is supporting proposals such as BIP-360 by funding open-source development and deploying engineers. BIP-360 includes a plan to introduce a new transaction output type to reduce risks that could be exposed to quantum computing over a long period.

Sigel also pointed to bitcoin's decision-making structure as a factor that slows the response. "There is no chief executive officer directing developers," he said. "There is a governance process, so it is somewhat complex, but there is a technical path to quantum resistance." He added that such moves are likely to increase over the next few years.

As the bitcoin network operates without a centralised organisation, the shift to quantum resistance is expected to hinge on building consensus as well as solving technical problems. In this situation, attention is on how bitcoin's long-term security framework may change as developer experiments, exchange responses and consortium-level support for open-source development proceed in parallel.