Cryptocurrency Security and Privacy Issues: A Research Perspective

Abstract

Cryptocurrency has developed as a new mode of money exchange since it has become easier, faster and safer. The first cryptocurrency was introduced in 2009 and since then, the growth rate of cryptocurrency has been increasing drastically. As of 2020, the cryptocurrency exchange all over the world has exceeded 300%. The researchers face many challenges during their research on the various cryptocurrencies. For example, most of the high-tech companies still do not support bitcoin on mobile platforms. High-tech companies like Google and Apple are also thinking into banning the bitcoin wallet from their app stores. The work provides a review of cryptocurrency and its types, scope on the investment plans and its advantages also discussed. The growth and comparison between bitcoins and gold is also discussed. The challenges researchers face and the security issues concerning it. This review provides an overview of how the different forms of cryptocurrency are increasing from over a decade. It explains the different types and the year in which they were invented. It also gives a brief comparison with respect to bitcoin, which is one of the most used cryptocurrency. Furthermore, it gives a brief explanation on investments, and schemes for those who are new in the cryptomarket. Later emphasizes on the security issues faced by this technology. It talks about proof of work and the different data attacks the software faced and how the issues were overcome. In the end, it talks about the challenges researchers face while researching cryptocurrency.