Protecting Bitcoins Frequency Count Against Double-Spend Attacks

Abstract

Bitcoin is a distributed cryptocurrency that verifies transactions using the Proof-of-Work system. It is now being accepted as payment by an increasing number of establishments, particularly quick-service restaurants and vending that must quickly satisfy orders. Unfortunately, given the correct circumstances, such as quick payments, a Bitcoin double expenditure scam may occur. Finding scalable and simple to-install defenses against such assaults is essential since consumers shouldn't be responsible for paying the price for cyberattacks. In an earlier study, some potential countermeasures were published without enough thought. In this study, they use the Shadow framework to predict the outcomes of deploying these security measures in a sizable Bitcoin P2P network. Our model shows that if an upgraded observer combines these countermeasures, a vendor may be informed of a double-spend assault in much less than 28 milliseconds on average.