A Review on Bitcoin and Currency Encryption

Abstract

In today's world, security has become a major issue in our lives, and in this era, one cannot trust the government for handling their lifetime savings. That's where the bitcoin comes to our lives. In this chapter, the authors try to understand one of the famous innovative payment methods (Bitcoin), how it is used and the data structure (Merkle tree) that is used in it. Also, they discuss one of the most recent attacks that involved the use of bitcoin (Wanacry). Further, they try to understand how this hack succeeded in stealing 10,800 euros that is 8,74,290 rs from the hospital with the help of bitcoin. They also discuss the various bitcoin companies now emerging with their own security measures against such hacks.