Bitcoin and Blockchain: Security and Privacy

This article delves into the role of blockchain in enhancing digital currency security and broadening its application across various sectors. Blockchain has surpassed its original purpose, proving instrumental in the Internet of Things, healthcare, and digital voting sectors through its ability to securely trace and manage data. This review examines the security and privacy challenges inherent in Bitcoin, including the risks of double-spending attacks and the security of Bitcoin wallets. They compare three types of Bitcoin wallets in security, types of services, and their tradeoffs.  It highlights how blockchain’s decentralized nature helps mitigate issues prevalent in traditional financial systems, such as high transaction fees and vulnerabilities to fraud. Additionally, the article discusses the evolution of cryptocurrencies, the impact of mining pools, and the role of consensus mechanisms in network security and addresses the ongoing challenges and potential for future research in this dynamic field.