RESEARCH PAPERS

bitcoin research papers




Bitcoin: A peer-to-peer electronic cash system
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Abstract A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party

The economics of Bitcoin mining, or Bitcoin in the presence of adversaries
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Abstract The Bitcoin digital currency depends for its correctness and stability on a combination of cryptography, distributed algorithms, and incentivedriven behavior. We examine Bitcoin as a consensus game and determine that it relies on separate consensus

Two Bitcoins at the Price of One Double-Spending Attacks on Fast Payments in Bitcoin.
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Bitcoin is a decentralized payment system that is based on Proof-of-Work. Bitcoin is currently gaining popularity as a digital currency; several businesses are starting to accept Bitcoin transactions. An example case of the growing use of Bitcoin was recently reported in the

Anonymity of Bitcoin Transactions
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ABSTRACT Bitcoin, a distributed, cryptographic, digital currency, gained a lot of media attention for being an anonymous e-cash system. But as all transactions in the network are stored publicly in the blockchain, allowing anyone to inspect and analyze them, the

Bitcoin: A Bit Too Far
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Abstract Bitcoin is a free open source peer-to-peer electronic cash system that is completely decentralised, without the need for a central server or trusted parties. This article focuses briefly on some legal issues related to financial regulatory aspects about emoney and

Internet protocol adoption: learning from Bitcoin
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Abstract This position paper discusses two related questions: 1. Using the framework of network economics, what

Bitcoin: How to regulate a virtual currency
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Bitcoin has surged in popularity this year, benefitting from concern about the safety of bank deposits following the bail-in of Cypriot depositors; But, with New York's top banking watchdog last week issuing subpoenas to 22 Bitcoin companies, the regulatory net seems

The Face Behind Bitcoin
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I'd come here to try to find out more about Nakamoto and his humble life. It seemed ludicrous that the man credited with inventing Bitcoin-the world's most wildly successful digital currency, with transactions of nearly $500 million a day at its peak-would retreat to Los

Anonymous byzantine consensus from moderately-hard puzzles: A model for bitcoin
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ABSTRACT We present a formal model of synchronous processes without distinct identifiers (ie, anonymous processes) that communicate using one-way public broadcasts. Our main contribution is a proof that the Bitcoin protocol achieves consensus in this model, except

Re: Bitcoin P2P e-cash paper
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James A. Donald wrote: It is not sufficient that everyone knows X. We also; need everyone to know that everyone knows X, and that everyone knows that everyone knows that everyone knows X which, as in the Byzantine Generals problem, is the lassic hard

The issue of competing currencies. Case study–Bitcoin
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Abstract. The complexity and interdependence of the economies of various geographical and political entities have one generic binder-money. The economic history of the last century, replicated in the first decade of our century, can be written with money. Indeed,

Bitcoin: a first assessment
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It has been reported that Bitcoin may help users avoid high taxes, capital controls, and confiscation. The correlation between CNY's share of volume of all Bitcoin exchanges and price of Bitcoin is high and rising (Chart 1). That said, the fact that all Bitcoin transactions

Bitcoin: questions, answers, and analysis of legal issues
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Summary Bitcoin first appeared in January 2009, the creation of a computer programmer using the pseudonym Satoshi Nakamoto. His invention is an open source (its controlling computer code is open to public view), peer to peer (transactions do not require a third-

Bitcoin clients
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The current choice of Bitcoin clients and their feature set is much richer than that one year ago. New versions with more features are released very often. One of the future enhancements, multi-signature transactions, significantly increases security as it protects

An Analysis of the Bitcoin Electronic Cash System
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Abstract In a world that relies heavily on technology, privacy is sought by many. Privacy, among other things, is especially desired when making an online payment. This motivates the use of electronic cash, a form of electronic payment system based on the paper cash

Is Bitcoin a decentralized currency
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Abstract Bitcoin has achieved large-scale acceptance and popularity by promising its users a fully decentralized and low-cost virtual currency system. However, recent incidents and observations are revealing the true limits of decentralization in the Bitcoin system. In this

Bitcoin: A Search-Theoretic Approach
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Abstract This paper considers whether or not the Bitcoin stably stay in the market as a method of payment using a dual'currency money'search model. In the model, there are traditional money and Bitcoin. The two currencies are classified by the storage cost and

Bitcoin Exchange Mt. Gox Goes Dark in Blow to Virtual Currency
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Hours later, Mt. Gox CEO Mark Karpeles told Reuters in an email:" We should have an official announcement ready soon-ish. We are currently at a turning point for the business. I can't tell much more for now as this also involves other parties." He did not elaborate on

Bitcoin Transaction Graph Analysis
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Bitcoins have recently become an increasingly popular cryptocurrency through which users trade electronically and more anonymously than via traditional electronic transfers. Bitcoin's design keeps all transactions in a public ledger. The sender and receiver for each

Blind signatures for bitcoin transaction anonymity
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Abstract. Bitcoin is [6] a peer-to-peer distributed currency system. Bitcoin attempts to provide anonymity to users by cycling keys [6] however such protection is of limited value.[8] In this paper I present a new means of forming transactions that prevents a sender of bitcoins

Bitcoin Issues
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Everyone at this meeting will know of the existence of an extremely interesting recent development in the area of monetary institutions, namely, the appearance of the Bitcoin system, which offers a radically new type of asset that is intended to be used not only as

Bitcoin Exchange Mt. Gox Goes Dark in Blow to Virtual Currency
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Hours later, Mt. Gox CEO Mark Karpeles told Reuters in an email:" We should have an official announcement ready soon-ish. We are currently at a turning point for the business. I can't tell much more for now as this also involves other parties." He did not elaborate on

Evidence for Bitcoin/Altcoin Price Efficiency: Miners' Arbitrage in Cryptocurrency Markets
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Abstract Bitcoin has become the de facto'gold'standard among cryptocurrencies as it is the most widely accepted in commerce and greatest transaction volume. Because of this, miners of other SHA-256 cryptocurrencies most likely will convert those altcoins to Bitcoin to

On the privacy provisions of Bloom filters in lightweight bitcoin clients
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ABSTRACT Lightweight Bitcoin clients are gaining increasing adoption among Bitcoin users, owing to their reduced resource and bandwidth consumption. These clients support a simplified payment verification (SPV) mode as they are only required to download and

Securing Bitcoin wallets via threshold signatures
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ABSTRACT The Bitcoin ecosystem has suffered frequent thefts and losses affecting both businesses and individuals. The insider threat faced by a business is particularly serious. Due to the irreversibility, automation, and pseudonymity of transactions, Bitcoin currently

A Denial of Service Attack against Fair Computations using Bitcoin Deposits
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Abstract Bitcoin supports complex transactions where the recipient of a transaction can be programmatically determined. Using these transactions, multiparty computation protocols that aim to ensure fairness among participants have been designed. We present a Denial

A First Look at the Usability of Bitcoin Key Management
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ABSTRACT Bitcoin users are directly or indirectly forced to deal with public key cryptography, which has a number of security and usability challenges that differ from the password-based authentication underlying most online banking services. Users must ensure that keys are

Bitcoin as Payment in Small Law Firms: Part One
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If you work in the banking or legal world, you've probably heard of Bitcoin. Bitcoin is a virtual currency and exists only online on the Internet as a collection of digital keys and codes (random sets of numbers). It takes no physical form but can be used to pay for goods and

Anonymous byzantine consensus from moderately-hard puzzles: A model for bitcoin
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ABSTRACT We present a formal model of synchronous processes without distinct identifiers (ie, anonymous processes) that communicate using one-way public broadcasts. Our main contribution is a proof that the Bitcoin protocol achieves consensus in this model, except Abstract. We propose Mixcoin, a protocol to facilitate anonymous payments in Bitcoin and similar cryptocurrencies. We build on the emergent phenomenon of currency mixes, adding an accountability mechanism to expose theft. We demonstrate that incentives of mixes and

The Face Behind Bitcoin
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I'd come here to try to find out more about Nakamoto and his humble life. It seemed ludicrous that the man credited with inventing Bitcoin-the world's most wildly successful digital currency, with transactions of nearly $500 million a day at its peak-would retreat to Los

Alderney: gambling, Bitcoin and the art of unorthodoxy
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ABSTRACT Small islands are disadvantaged by conventional development strategies and have sought unusual means of achieving economic development and raising their global profiles. The small Channel Island of Alderney, with a largely non-existent physical

The Stateless Currency and the State: An Examination of the Feasibility of a State Attack onBitcoin
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This paper explores the feasibility of a state-led attack on Bitcoin and other similar electronic currencies, or cryptocurrencies. After a brief overview of how Bitcoin works, this paper discusses the unique characteristic of the state and its ability to attack Bitcoin exogenously

Realizing two-factor authentication for the Bitcoin protocol
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Abstract. We show how to realize two-factor authentication for a Bitcoin wallet employing the two-party ECDSA signature protocol adapted from MacKenzie Reiter (2004). We also present a prototypic implementation of a Bitcoin wallet that offers both: two-factor

Two-factor authentication for the Bitcoin protocol
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Abstract. We show how to realize two-factor authentication for a Bitcoin wallet employing the two-party ECDSA signature protocol adapted from MacKenzie Reiter (2004). We also present a prototypic implementation of a Bitcoin wallet that offers both: two-factor

Solving Byzantine Problems in Synchronized Systems using Bitcoin
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Abstract We apply principles from the bitcoin online currency to the Byzantine consensus problem. Previous work used the bitcoin block mining algorithm to solve Byzantine consensus for up to n/2 failures with high probability. We fix a fault in the proof of this

Bitcoin Transaction Graph Analysis
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Bitcoins have recently become an increasingly popular cryptocurrency through which users trade electronically and more anonymously than via traditional electronic transfers. Bitcoin's design keeps all transactions in a public ledger. The sender and receiver for each

The issue of competing currencies. Case study–Bitcoin
free download

Abstract. The complexity and interdependence of the economies of various geographical and political entities have one generic binder-money. The economic history of the last century, replicated in the first decade of our century, can be written with money. Indeed,

The bitcoin backbone protocol: Analysis and applications
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Abstract Bitcoin is the first and most popular decentralized cryptocurrency to date. In this work, we extract and analyze the core of the Bitcoin protocol, which we term the Bitcoin backbone, and prove two of its fundamental properties which we call common prefix and

BITCOIN AND INTERNATIONAL FRANCHISING.
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As Bitcoin continues to gain traction, franchisors need to consider how best their documentation can facilitate the use of Bitcoin both in their franchisee's consumer facing transactions and as a method of paying franchise fees. This article considers how this new


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