Open Access

ARTICLE

A Survey on Security Threats and Solutions of Bitcoin

by Le Lai, Tongqing Zhou, Zhiping Cai, Zhiyao Liang, Hao Bai

1 National University of Defense Technology, Changsha, 410073, China
2 Macau University of Science and Technology, 999078, Macau

* Corresponding Author: Le Lai. Email:

Journal of Cyber Security 2021, 3(1), 29-44. https://doi.org/10.32604/jcs.2021.016349

Received 30 December 2020; Accepted 11 January 2021; Issue published 30 April 2021

Abstract

Bitcoin is known as the first decentralized digital currency around the world. It uses blockchain technology to store transaction data in a distributed public ledger, is a distributed ledger that removes third-party trust institutions. Since its invention, bitcoin has achieved great success, has a market value of about $200 billion. However, while bitcoin has brought a wide and far-reaching impact in the financial field, it has also exposed some security problems, such as selfish mining attacks, Sybil attack, eclipse attacks, routing attacks, EREBUS attacks, and so on. This paper gives a comprehensive overview of various attack scenarios that the bitcoin network may be subjected to, and the methods used to implement the attacks, and reviews the solutions and countermeasures proposed against these attacks. Finally, we summarized other security challenges and proposed further optimizations for the security of the bitcoin network.

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Keywords

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