Visible to the public Evolution of bitcoin and security risk in bitcoin wallets

TitleEvolution of bitcoin and security risk in bitcoin wallets
Publication TypeConference Paper
Year of Publication2017
AuthorsKaushal, P. K., Bagga, A., Sobti, R.
Conference Name2017 International Conference on Computer, Communications and Electronics (Comptelix)
ISBN Number978-1-5090-4708-6
Keywordsbitcoin, bitcoin evolution, bitcoin management, bitcoin security, Bitcoin system, bitcoin wallet, bitcoin wallets, block-chain rewriting, distributed consensus in bitcoin, electronic money, Human Behavior, human factor, human factors, Peer-to-peer computing, Protocols, pubcrawl, Scalability, security risk, Software, threats on bitcoin network, trust factor, Trusted Computing
Abstract

This paper identifies trust factor and rewarding nature of bitcoin system, and analyzes bitcoin features which may facilitate bitcoin to emerge as a universal currency. Paper presents the gap between proposed theoretical-architecture and current practical-implementation of bitcoin system in terms of achieving decentralization, anonymity of users, and consensus. Paper presents three different ways in which a user can manage bitcoins. We attempt to identify the security risk and feasible attacks on these configurations of bitcoin management. We have shown that not all bitcoin wallets are safe against all possible types of attacks. Bitcoin core is only safest mode of operating bitcoin till date as it is secure against all feasible attacks, and is vulnerable only against block-chain rewriting.

URLhttps://ieeexplore.ieee.org/document/8003959
DOI10.1109/COMPTELIX.2017.8003959
Citation Keykaushal_evolution_2017