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Charles Hoskinson: Implementing Bitcoin BIP-361 requires a hard fork, approximately 1.7 million early Bitcoins may be unable to be covered
ME News, on April 17 (UTC+8), Cardano founder Charles Hoskinson said that BIP-361, which Bitcoin proposes to address quantum computing risks, has been mistakenly referred to as a soft fork; in fact, implementing it would require a hard fork, which conflicts with Bitcoin’s long-standing development culture of opposing hard forks. He said the scheme relies on a zero-knowledge recovery mechanism based on BIP-39 mnemonic phrases, and cannot cover approximately 1.7 million early Bitcoin, including about 1 million believed to be held by Satoshi Nakamoto, because these assets were created before 2013 and lack corresponding mnemonic structures. He said that if the current scheme is carried out, the related assets could be permanently frozen. (Source: MLion)