A Survey on Security and Privacy Issues of Bitcoin

A Survey on Security and Privacy Issues of Bitcoin

25 Dec 2017 | Mauro Conti, Senior Member, IEEE, Sandeep Kumar E, Member, IEEE, Chhagan Lal, Member, IEEE, Sushmita Ruj, Senior Member, IEEE
This paper presents a comprehensive survey on the security and privacy issues of Bitcoin. Bitcoin is a decentralized digital currency that uses a peer-to-peer network and a distributed consensus protocol called proof-of-work (PoW) to ensure the security of transactions. The system relies on a public ledger called blockchain to record all transactions. Bitcoin has grown rapidly in value and is now worth over 170 billion dollars. However, its popularity has also attracted adversaries seeking to exploit weaknesses for profit, and researchers aiming to discover vulnerabilities and propose countermeasures. The paper discusses the security and privacy aspects of Bitcoin, including the existing vulnerabilities in its blockchain and PoW-based consensus protocol. It reviews the feasibility and robustness of current security solutions and presents current privacy and anonymity considerations in Bitcoin. The paper also discusses the privacy-related threats to Bitcoin users and the analysis of existing privacy-preserving solutions. It summarizes the critical open challenges and suggests directions for future research towards providing stringent security and privacy techniques for Bitcoin. Bitcoin's security is based on the assumption that honest participants control a majority of the computing resources. However, the system is vulnerable to various attacks, including double spending, sybil attacks, and 51% attacks. The paper also discusses the challenges of scalability, energy consumption, and the potential for criminal activity due to the anonymity of Bitcoin transactions. It highlights the importance of network infrastructure, consensus protocols, and the role of full nodes and thin clients in maintaining the security and integrity of the Bitcoin system. The paper concludes that Bitcoin's security and privacy issues are complex and require ongoing research and development to ensure the system's long-term viability and resilience against potential threats.This paper presents a comprehensive survey on the security and privacy issues of Bitcoin. Bitcoin is a decentralized digital currency that uses a peer-to-peer network and a distributed consensus protocol called proof-of-work (PoW) to ensure the security of transactions. The system relies on a public ledger called blockchain to record all transactions. Bitcoin has grown rapidly in value and is now worth over 170 billion dollars. However, its popularity has also attracted adversaries seeking to exploit weaknesses for profit, and researchers aiming to discover vulnerabilities and propose countermeasures. The paper discusses the security and privacy aspects of Bitcoin, including the existing vulnerabilities in its blockchain and PoW-based consensus protocol. It reviews the feasibility and robustness of current security solutions and presents current privacy and anonymity considerations in Bitcoin. The paper also discusses the privacy-related threats to Bitcoin users and the analysis of existing privacy-preserving solutions. It summarizes the critical open challenges and suggests directions for future research towards providing stringent security and privacy techniques for Bitcoin. Bitcoin's security is based on the assumption that honest participants control a majority of the computing resources. However, the system is vulnerable to various attacks, including double spending, sybil attacks, and 51% attacks. The paper also discusses the challenges of scalability, energy consumption, and the potential for criminal activity due to the anonymity of Bitcoin transactions. It highlights the importance of network infrastructure, consensus protocols, and the role of full nodes and thin clients in maintaining the security and integrity of the Bitcoin system. The paper concludes that Bitcoin's security and privacy issues are complex and require ongoing research and development to ensure the system's long-term viability and resilience against potential threats.
Reach us at info@study.space
[slides and audio] A Survey on Security and Privacy Issues of Bitcoin