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3.2 Security of Bitcoin: Being the most popular cryptocurrency, Bitcoin has got several security threats since its inception, and several countermeasures have been applied. The most common problem that occurred at the beginning was a double spending attack. Mauro Conti and his team [10] has analyzed the security issue of Bitcoin introducing several attacks and their preventive measures. A paper published in 2014, [31] gave some insights on Sybil resistant attack on Bitcoin. After the inception of pool mining, the security aspect of Bitcoin mining has been a problem. There security analysis of pool mining has been done by [10] [31] on their papers. Some of the major attacks on Bitcoin are mentioned below. Double Spending attack In conventional terms, double spending is the result of successfully spending some money more than once. Double spending is a situation where the person sends two different transactions simultaneously within a concise period and is able to spend the same Bitcoin in two different transactions [10]. The primary targets in this problem are sellers. This is because the Bitcoin can never be double spent, but due to the rapid succession, it seems like Bitcoin was not spent previously. Bitcoin Handles the double spending problem by implementing a confirmation mechanism and maintaining universal ledger called the blockchain. Since the transactions are made in rapid succession for the same Bitcoin, when a miner verifies the first transaction and publishes it in the blockchain, the second transaction will be invalid. There may be a case that both transactions are verified and published by a miner at the same time [32]. In order to prevent this issue, the Bitcoin system looks up at least six confirmed transactions so that there may not be a possibility that all six confirmations are verified and published at the same time. The block with the largest valid transaction will be added in the blockchain. 36PDF Image | Analysis of Bitcoin Cryptocurrency and Its Mining Techniques
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