A Survey on Various Attacks in Bitcoin and Cryptocurrency

Abstract

Bitcoin is a popular cryptocurrency scheme which has decentralized electronic payment system. The transaction records of bitcoin are stored in public ledger which is connected to the blockchain. The reliability of bitcoin is based on the incentive with compatible proof-of-work that depends on the distributed concord protocol. For a specific state of problem, the attacker can maximize his\her revenue by understanding cryptographic scheme in order to utilize his\her computational power. It shows that a selfish miner earn huge amount of incentives for initiating a block withholding attack within a mining pool. In this work, we implemented various attacks to prevent the pools from rogue miners and rogue pool administrator.