Bitcoin: Security and Privacy Analysis

Abstract

Blockchain technology is one of the most emerging technology nowadays in the field of cryptography. In order to get full advantage of Blockchain technology, we must come up with solutions of problems associated with it in general and security and privacy issues in particular. A new dimension of electronic transactions has come up in the form of Bitcoin cryptocurrency. It is now considered as alternative choice of making payment by many financial institutions because of its decentralized nature and free from any need of trusted third party. Like any other technology, the Bitcoin cryptocurrency also has their security and privacy issues. This paper deals with various protection and security issues of the Bitcoin. The limitations and proposed solution are also presented in the paper.