Bitcoin is a peer-to-peer cryptographic currency system. Since its introduction in 2008, Bitcoin has gained noticeable popularity, mostly due to its following properties: (1) the transaction fees are very low, and (2) it is not controlled by any central authority, which in particular means that nobody can “print” the money to generate inflation. Moreover, the transaction syntax allows to create...

Bitcoin is a decentralized cryptocurrency for e-payments.Bitcoin exchanges stand for the trading of customers’ bitcoins against major paramount currencies.The users’ bitcoins can be stored in a digital wallet offered by the Bitcoin exchange.Precisely, Bitcoin exchanges are equivalent to banks,providing security for the customer’s bitcoins in their absence.An exchange always need to be solvent i...

Bitcoin, a decentralized P2P currency in recent years has gained a tremendous attention due to its ability to create anonymous financial transactions. This leads to bitcoins being the choice of currency for users having privacy as a important issue. Bitcoin mining, a process resulting in the generation of new bitcoins, is performed by miner operators for reception of incentives in the form of B...

Bitcoin has established itself as the most successful cryptocurrency with adoption seen in many commercial scenarios. While most stakeholders have jointly benefited from the growing importance of Bitcoin, conflicting interests continue to negatively impact the ecosystem. In particular, incentives to derive short-term profits from attacks on mining pools threaten the long-term viability of Bitco...

Over recent years, the innovative decentralized payment system Bitcoin has received much attention in practice and academia. Despite a growth of transaction volume and an increasing attention in the area of e-commerce, there is little academic research examining the factors influencing adoption. To fill this research gap, this paper documents an exploratory study of the key determinants and inh...

The Bitcoin network of decentralized payment transactions has attracted a lot of attention from both Internet users and researchers in recent years. Bitcoin utilizes a peer-to-peer network to issue anonymous payment transactions between different users. In the currently used Bitcoin clients, the full transaction history is available at each node of the network to prevent double spending without...

In Bitcoin system, transactions are prioritized according to attributes such as the remittance amount and transaction fees, and transactions with low priority are likely to wait for confirmation. Because the demand of micro payment in Bitcoin is expected to increase due to low remittance cost, it is important to quantitatively investigate how the priority mechanism of Bitcoin affects the transa...

Bitcoin is a electronic payment system where payment transactions are verified and stored in a data structure called the blockchain. Bitcoin miners work individually to solve a computationally intensive problem, and with each solution a Bitcoin block is generated, resulting in a new arrival to the blockchain. The difficulty of the computational problem is updated every 2,016 blocks in order to ...

The spectacular rise late last year in the price of bitcoin, the dominant virtual currency, has attracted much public attention as well as scholarly interest. This policy brief discusses how some features of bitcoin, as designed and executed to date, have hampered its ability to perform the functions required of a fiat money––as a medium of exchange, unit of account, and store of value. Further...

An exciting recent line of work has focused on formally investigating the core cryptographic assumptions underlying the security of Bitcoin. In a nutshell, these works conclude that Bitcoin is secure if and only if the majority of the mining power is honest. Despite their great impact, however, these works do not address an incisive question asked by positivists and Bitcoin critics, which is fu...