P2PK (Pay-to-Public-Key)

The original Bitcoin output script that pays directly to a public key; most of it dates from 2009-2010 and has never moved.

Pay-to-public-key was the first output type in Bitcoin: the locking script contains the full public key followed by OP_CHECKSIG. Early mining rewards, including the blocks attributed to Satoshi, were paid this way. Because the key is in the script, a P2PK output is key-exposed from the moment it is created, and because most of these coins have been dormant for over a decade, they are the set the quantum debate keeps returning to. ByKaranteli keeps a watch set of dormant P2PK outpoints and diffs it against every new UTXO snapshot; a spend from that set triggers an alert, not a conclusion. Dormant coins moving is the one event worth checking first, and it is also the kind of event that has ordinary explanations.

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Other terms

Quantum-Exposed Bitcoin Supply
Bitcoin held in outputs whose public key is already visible on-chain, so a large...
BIP-360 (P2MR)
A Bitcoin Improvement Proposal for a Merkle-root output type that never puts a p...
Q-Day
Shorthand for the day a quantum computer can break today's public-key cryptograp...
Post-Quantum Cryptography (PQC)
Signature and key-exchange schemes designed to resist quantum computers; NIST fi...
Funding Rate
Periodic payment between perpetual futures longs and shorts that keeps the contr...
Open Interest
Total notional value of all open futures positions at a given moment....

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