Evolution of bitcoin and security risk in bitcoin wallets
Title | Evolution of bitcoin and security risk in bitcoin wallets |
Publication Type | Conference Paper |
Year of Publication | 2017 |
Authors | Kaushal, P. K., Bagga, A., Sobti, R. |
Conference Name | 2017 International Conference on Computer, Communications and Electronics (Comptelix) |
ISBN Number | 978-1-5090-4708-6 |
Keywords | bitcoin, 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. |
URL | https://ieeexplore.ieee.org/document/8003959 |
DOI | 10.1109/COMPTELIX.2017.8003959 |
Citation Key | kaushal_evolution_2017 |
- human factor
- Trusted Computing
- trust factor
- threats on bitcoin network
- Software
- security risk
- Scalability
- pubcrawl
- Protocols
- Peer-to-peer computing
- Human Factors
- bitcoin
- Human behavior
- electronic money
- distributed consensus in bitcoin
- block-chain rewriting
- bitcoin wallets
- bitcoin wallet
- Bitcoin system
- bitcoin security
- bitcoin management
- bitcoin evolution