Bitter to Better- How to Make Bitcoin a Better Currency
Simon Barber, Xavier Boyen, Elaine Shi, and Ersin Uzun
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Bitcoin is a distributed digital currency which has attracted a substantial number of users.We do an in-depth investigation to understand what makes Bitcoin so successful, while decades of research on cryptographic e-cash has not led to a large-scale deployment. We ask also how Bitcoin could become a good candidate for all-lived stable currency. In doing so, we identify several issues and attacks of Bitcoin, and propose suitable techniques to address them.
Bitcoin is a digital currency that has attracted many users. We conducted an in-depth investigation to understand what made Bitcoin so successful, while for decades, research on e-cash cryptography has not yet led to large-scale deployment. We also ask how Bitcoin can be a stable currency candidate throughout life. To do so, we identify some issues and attacks on bitcoins, as well as search for the right techniques to deal with such attacks.