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Securing bitcoin is challenging because bitcoin is not an abstract reference to value, like a balance in a bank account. Bitcoin is very much like digital cash or gold. You’ve prob‐ ably heard the expression “Possession is nine tenths of the law”. Well, in bitcoin, pos‐ session is ten tenths of the law. Possession of the keys to unlock the bitcoin, is equivalent to possession of cash or a chunk of precious metal. You can lose it, misplace it, have it stolen or accidentally give the wrong amount to someone. In every one of those cases, the end-user would have no recourse, just as if they dropped cash on a public sidewalk. However, bitcoin has capabilities that cash, gold and bank accounts do not. A bitcoin wallet, containing your keys, can be backed up like any file. It can be stored in multiple copies, even printed on paper for hard-copy backup. You can’t “backup” cash, gold or bank accounts. Bitcoin is different enough from anything that has come before that we need to think about bitcoin security in a novel way too. Security principles The core principle in bitcoin is de-centralization and it has important implications for security. A centralized model, such as a traditional bank or payment network, depends on access control and vetting to keep bad actors out of the system. By comparison, a de-centralized system like bitcoin pushes the responsibility and control to the end-users. Since security of the network is based on Proof-of-Work, not access control, the network can be open and no encryption is required for bitcoin traffic. On a traditional payment network, such a credit card system, the “payment” is really open-ended because it contains the user’s private identifier (the credit card number). After the initial charge, anyone with access to the identifier can “pull” funds and charge the owner again and again. Thus, the payment network has to be secured end-to-end with encryption and must ensure that no eavesdroppers or intermediaries can com‐ promise the payment traffic, in transit or when it is stored (at rest). If a bad actor gains CHAPTER 10 Bitcoin Security 235PDF Image | Mastering Bitcoin
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