A Survey of Security Concerns regarding Various Attacks on Bitcoin and Cryptocurrencies
Year: 2024
Type: article
Abstract: The security and privacy of Bitcoin, and other cryptocurrency, are still emergent concerns as blockchain technology is increasingly adopted. This article examines the general security threats, privacy issues, and possible mitigations in the Bitcoin network. It describes powerful attack vectors such as double-spending, Sybil attacks, 51% attacks, and wallet vulnerabilities. It also examines privacy issues in terms of transaction traceability, linking attacks, and users' identity exposure. The research also mentions cryptographic methods, consensus mechanisms, and privacy mechanisms like zero-knowledge proofs and mixing services. The impact of compliance systems and regulatory protocols on improving security and privacy is also considered. This article emphasizes that constant improvements to blockchain protocols and security systems need to be achieved to provide efficient protection against growing cyber threats. This study is beneficial in developing a clearer vision on the future of cryptocurrency practice and security.
Author: Prashant Awasthi
Language: English
Subfield: Information Systems
Field: Computer Science
Domain: Physical Sciences
Open Access status: green
OpenAlex ID: W6893098114
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