Abstract

A digital money built on cryptographic principles that has gained popularity recently is referred to as a cryptocurrency. Bitcoin is a decentralised cryptocurrency that records all transactions on a distributed, append-only public ledger called a blockchain. The incentive-compatible Proof-of-Work (PoW)-based decentralized consensus procedure, which is upheld by nodes in the network known as miners, is essential to the security of bitcoin. As the market continues to rise, interest in Bitcoin appears to be increasing. The underlying concepts of Bitcoins and Blockchains are the same, as is briefly addressed in this review. Blockchain is a breakthrough technology that has multiple implementations, ranging from smart contracts to cryptocurrencies, and is discussed in several studies as a potential solution to a number of problems.

Keywords: Blockchain; Bitcoin; Blockchain security; Bitcoin security; Bitcoin attacks; Security threats; User privacy