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A Survey on Security and Privacy Issues of Bitcoin
Open accessAbstract
Bitcoin is a popular cryptocurrency that records all transactions in a distributed append-only public ledger called blockchain. The security of Bitcoin heavily relies on the incentive-compatible proof-of-work (PoW) based distributed consensus protocol, which is run by the network nodes called miners. In exchange for the incentive, the miners are expected to maintain the blockchain honestly. Since its launch in 2009, Bitcoin economy has grown at an enormous rate, and it is now worth about 150 billions of dollars. This exponential growth in the market value of bitcoins motivate adversaries to exploit weaknesses for profit, and researchers to discover new vulnerabilities in the system, propose countermeasures, and predict upcoming trends. In this paper, we present a systematic survey that covers the security and privacy aspects of Bitcoin. We start by giving an overview of the Bitcoin system and its major components along with their functionality and interactions within the system. We review the existing vulnerabilities in Bitcoin and its major underlying technologies such as blockchain and PoW-based consensus protocol. These vulnerabilities lead to the execution of various security threats to the standard functionality of Bitcoin. We then investigate the feasibility and robustness of the state-of-the-art security solutions. Additionally, we discuss the current anonymity considerations in Bitcoin and the privacy-related threats to Bitcoin users along with the analysis of the existing privacy-preserving solutions. Finally, we summarize the critical open challenges, and we suggest directions for future research towards provisioning stringent security and privacy solutions for Bitcoin.
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“Besides, there are some other review papers on security and privacy in distributed ledgers such as [29], but they are mainly focused on bitcoin [30] or cryptocurrencies.”
From Privacy-Preserving Solutions for Blockchain: Review and Challenges (2019) · cites this paper as [29]
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“If a mining pool owns more than 50% of the network's computing power, then it is likely that those miners would be able to prevent the validation of proposed transactions, and consequently stop the transactions between users [73].”
From A Review of Blockchain Architecture and Consensus Protocols: Use Cases, Challenges, and Solutions (2019) · cites this paper as [73]
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“Due to this reason, such a kind of IIoT nodes commonly route their data through gateways by using non-P2P protocols like MQTT [30] or by making use of a fog [31] or edge computing infrastructure [32].”
From A Review on the Application of Blockchain to the Next Generation of Cybersecure Industry 4.0 Smart Factories (2019) · cites this paper as [32]
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Uncovering the Bitcoin Blockchain: An Analysis of the Full Users Graph
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Publish or Perish: A Backward-Compatible Defense Against Selfish Mining in Bitcoin
Zhang, R., & Preneel, B. (2017) · Lecture notes in computer science · doi:10.1007/978-3-319-52153-4_16 · Cited by 95
When Bitcoin Mining Pools Run Dry
Lászka, Á., Johnson, B., & Großklags, J. (2015) · Lecture notes in computer science · doi:10.1007/978-3-662-48051-9_5 · Cited by 94
Privacy in Bitcoin Transactions: New Challenges from Blockchain Scalability Solutions
Herrera-Joancomartí, J., & Pérez-Solà, C. (2016) · Lecture Notes in Computer Science · doi:10.1007/978-3-319-45656-0_3 · Cited by 85
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Heilman, E. (2014) · Lecture notes in computer science · doi:10.1007/978-3-662-44774-1_12 · Cited by 83
On the Malleability of Bitcoin Transactions
Andrychowicz, M., Dziembowski, S., Malinowski, D., & Mazurek, Ł. (2015) · Lecture notes in computer science · doi:10.1007/978-3-662-48051-9_1 · Cited by 81
BlueWallet: The Secure Bitcoin Wallet
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Proofs of Proofs of Work with Sublinear Complexity
Kiayias, A., Lamprou, N., & Stouka, A.-P. (2016) · Lecture notes in computer science · doi:10.1007/978-3-662-53357-4_5 · Cited by 79
Towards Bitcoin Payment Networks
McCorry, P., Möser, M., Shahandasti, S. F., & Hao, F. (2016) · Lecture notes in computer science · doi:10.1007/978-3-319-40253-6_4 · Cited by 74
The Balance Attack Against Proof-Of-Work Blockchains: The R3 Testbed as an ExamplePreprint
Natoli, C., & Gramoli, V. (2016) · arXiv (Cornell University) · doi:10.48550/arxiv.1612.09426 · Cited by 74
ValueShuffle: Mixing Confidential Transactions for Comprehensive Transaction Privacy in Bitcoin
Ruffing, T., & Moreno-Sanchez, P. (2017) · Lecture Notes in Computer Science · doi:10.1007/978-3-319-70278-0_8 · Cited by 73
Scalable funding of Bitcoin micropayment channel networks
Burchert, C., Decker, C., & Wattenhofer, R. P. (2018) · Royal Society Open Science · doi:10.1098/rsos.180089 · Cited by 71
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Theoretical Bitcoin Attacks with less than Half of the Computational Power (draft)Preprint
Bahack, L. (2013) · arXiv (Cornell University) · doi:10.4230/lipics.stacs.2020.54 · Cited by 69
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Unlinkable Coin Mixing Scheme for Transaction Privacy Enhancement of Bitcoin
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On Bitcoin Security in the Presence of Broken Cryptographic Primitives
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A Permissioned Blockchain Framework for Supporting Instant Transaction and Dynamic Block Size
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A simulation model for analysis of attacks on the Bitcoin peer-to-peer network
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Near Zero Bitcoin Transaction Fees Cannot Last Forever
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Shadow-Bitcoin: Scalable Simulation via Direct Execution of Multi-threaded Applications.
Miller, A. E., & Jansen, R. (2015) · Cited by 53
Proximity Awareness Approach to Enhance Propagation Delay on the Bitcoin Peer-to-Peer Network
Sallal, M., Owenson, G., & Adda, M. (2017) · IEEE International Conference on Distributed Computing Systems (ICDCS) · doi:10.1109/icdcs.2017.53 · Cited by 50
One Weird Trick to Stop Selfish Miners: Fresh Bitcoins, A Solution for the Honest Miner.
Heilman, E. (2014) · Cited by 46
What Motivates People to Use Bitcoin?
Bashir, M. N., Bloch, B. S., & Bohr, J. (2016) · Lecture notes in computer science · doi:10.1007/978-3-319-47874-6_25 · Cited by 45
Anonymity for Bitcoin From Secure Escrow Address
Wang, Q., Li, X., & Yu, Y. (2017) · IEEE Access · doi:10.1109/access.2017.2787563 · Cited by 42
TrustZone-backed bitcoin wallet
Gentilal, M., Martins, P., & Sousa, L. A. (2017) · doi:10.1145/3031836.3031841 · Cited by 41
Brief Announcement: ZeroBlock: Timestamp-Free Prevention of Block-Withholding Attack in Bitcoin
Solat, S., & Potop-Butucaru, M. (2017) · Lecture notes in computer science · doi:10.1007/978-3-319-69084-1_25 · Cited by 39
Sengupta, B., Bag, S., Ruj, S., & Sakurai, K. (2016) · International Conference on Distributed Computing and Networking (ICDCN) · doi:10.1145/2833312.2833317 · Cited by 38
Conti, M., Kaliyar, P., & Lal, C. (2017) · International Conference on Availability, Reliability and Security (ARES) · doi:10.1145/3098954.3106070 · Cited by 38
On the Strength of the Concatenated Hash Combiner When All the Hash Functions Are Weak
Hoch, J. J., & Shamir, A. (2008) · Lecture notes in computer science · doi:10.1007/978-3-540-70583-3_50 · Cited by 37
TwinsCoin: A Cryptocurrency via Proof-of-Work and Proof-of-Stake.Preprint
Chepurnoy, A., Duong, T., Fan, L., & Zhou, H.-S. (2017) · IACR Cryptology ePrint Archive · Cited by 37
Refund Attacks on Bitcoin’s Payment Protocol
McCorry, P., Shahandashti, S. F., & Hao, F. (2017) · Lecture notes in computer science · doi:10.1007/978-3-662-54970-4_34 · Cited by 33
When the cookie meets the blockchain: Privacy risks of web payments via cryptocurrencies
Goldfeder, S., Kalodner, H., Reisman, D., & Narayanan, A. (2018) · Proceedings on Privacy Enhancing Technologies · doi:10.1515/popets-2018-0038 · Cited by 29
The Unreasonable Fundamental Incertitudes Behind Bitcoin Mining
Courtois, N. T., Grajek, M., & Naik, R. (2013) · arXiv · doi:10.48550/arxiv.1310.7935 · Cited by 29 · cited 1×
“cryptographic math puzzle [16], and it imposes a high level of computational cost on the transaction verification process, thus the verification will be dependent on the computing power of a miner, instead of the number of (possibly virtual) identities.”
BackgroundCould Bitcoin transactions be 100x faster?
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Notice of Violation of IEEE Publication Principles: Bitcoin for smart trading in smart grid
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SecureCoin: A Robust Secure and Efficient Protocol for Anonymous Bitcoin Ecosystem
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Scalable Funding of Bitcoin Micropayment Channel Networks
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Dandelion: Redesigning the Bitcoin Network for AnonymityPreprint
Venkatakrishnan, S. B., Fanti, G., & Viswanath, P. (2017) · arXiv (Cornell University) · doi:10.48550/arxiv.1701.04439 · Cited by 22
Theoretical Bitcoin Attacks with less than Half of the Computational Power (draft)Preprint
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Fair deposits against double-spending for Bitcoin transactions
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Retricoin: Bitcoin based on compact proofs of retrievability
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Hijacking Bitcoin: Routing Attacks on CryptocurrenciesPreprint
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Smart Trading in Smart Grid Using Bitcoin
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TumbleBit: An Untrusted Bitcoin-Compatible Anonymous Payment HubPreprint
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Metadata
- Authors
- Conti, M., Sandeep Kumar, E., Lal, C., & Ruj, S.
- Affiliations
- University of Padua (IT)
- Manipal University Jaipur (IN)
- Indian Statistical Institute (IN)
- Venue
- IEEE Communications Surveys & Tutorials
- Published
- 2018
- Volume
- 20
- Issue
- 4
- Pages
- 3416-3452
- ISSN
- 1553-877X (ISSN-L)
- 2373-745X
- OpenAlex
- W2624307925
- Cited by
- 1,116
- References
- 173
- Citations by year
- 2026: 84 · 2025: 125 · 2024: 94 · 2023: 135 · 2022: 145 · 2021: 164 · 2020: 160 · 2019: 137 · 2018: 67
- FWCI
- 213.02
- Type
- journal article
- Language
- en
- Open access
- green
- arxiv.org
- Locations
- IEEE Communications Surveys & Tutorials (publishedVersion)
- arXiv (Cornell University) (submittedVersion)
- Padua Research Archive (University of Padova) (submittedVersion)
- arXiv (Cornell University)
- Topics
- Physical Sciences › Computer Science › Information Systems › Blockchain Technology Applications and Security
- Physical Sciences › Computer Science › Computer Networks and Communications › Cryptography and Data Security
- Physical Sciences › Computer Science › Information Systems › Blockchain Technology in Education and Learning
- Keywords
- Bitcoin, cryptocurrency security, blockchain, proof-of-work, distributed consensus, mining, vulnerability (computer security), anonymity, privacy risks, security countermeasures
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
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