Bitcoin security with a twisted Edwards curve

Abstract

The security of the Bitcoin cryptocurrency system depends on the Koblitz curve secp256k1 combined with the digital signature ECDSA and the hash function SHA-256. In this paper, we show that the security of Bitcoin with ECDSA and secp256k1 is not optimal and present a detailed study of the efficiency of Bitcoin with the digital signature algorithm Ed25519 combined with the twisted Edwards curve CurveEd25519 and the hash function SHA-512. We show that Bitcoin is more secure and more efficient with the digital signature algorithm Ed25519 and the twisted Edwards curve CurveEd25519.