Bitcoin – a way to reach consensus in a completely decentralized manner

Bitcoin is a digital currency currently being legalized throughout the European Union [2], whose operating rinciples were published publicly [5], but not in scientific or mathematical sources. The goal of this report is to encourage discussions about decentralization and security of the Bitcoin system, as well as about reasonableness of the Bitcoin network fees. Bitcoin is a fully decentralized peer-to-peer electronic currency system, which lets its users to send transactions directly from one user to another, without any thirdparties. Electronic signature ensures that transaction is sent by the person who owns the money, but the main problem of such a system is to ensure, without any third-parties, that the same money could not be spent twice. This problem in the Bitcoin system is solved using a peer-to-peer network. The Bitcoin network timestamps all transactions, by grouping them to an ongoing chain of transaction blocks, where each block must have a hash (SHA256) result which would meet certain conditions, thus ensuring that in order to cancel or modify a past transaction, one would need to find more hashes which meet the required conditions than the whole Bitcoin network combined since the time of transaction. This allows users to leave and rejoin the network at will, and always be sure which transaction history is the correct one.

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The Evolution Of Digital Currencies: Bitcoin, A Cryptocurrency Causing A Monetary Revolution

International Business & Economics Research Journal (IBER) ◽

10.19030/iber.v14i4.9353 ◽

2015 ◽

Vol 14 (4) ◽

pp. 617 ◽

Cited By ~ 7

Author(s):

Chris Rose

Keyword(s):

Peer To Peer ◽

Digital Currency ◽

Peer Network ◽

Cryptographic Algorithms ◽

Money Transfer ◽

Entire World ◽

Peer To Peer Network

Bitcoin was not the first attempt at a digital currency, but it has been the most successful and it is now being accepted by a number of major retailers. Bitcoin is a cryptocurrency and operates as a peer-to-peer network. Its security is guaranteed by cryptographic algorithms instead of governments and has the potential to become a major means of payment for e-commerce and may even materialize as a viable challenge to traditional money-transfer providers. Instead of serving one country or some countries, Bitcoin serves the entire world.

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Cryptocurrencies, Blockchain Technology and Sustainability

International Conference on Eurasian Economies 2020 ◽

10.36880/c12.02375 ◽

2020 ◽

Author(s):

Burcu Sakız ◽

E. Ayşen Hiç Gencer

Keyword(s):

Decentralized Control ◽

White Paper ◽

Central Banking ◽

Peer To Peer ◽

Digital Currency ◽

Blockchain Technology ◽

Distributed Ledger ◽

Peer Network ◽

Peer To Peer Network ◽

Made In

Satoshi Nakamoto is the name used by the presumed pseudonymous person or persons believed to be the inventor of cryptocurrency Bitcoin, came up with the concept of blockchain as a core component of it when published a white paper on “BitCoin: A peer to peer electronic cash system” in 2008, blockchain technology made its public debut. Bitcoin is generally considered the first decentralized cryptocurrency and since the release of it, over 6,000 altcoins have been created. Cryptocurrencies use decentralized control as opposed to well-known, traditional centralized digital currency and also central banking systems. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain. Blockchain is a system that in which a record of transactions made in cryptocurrencies are maintained across several computers/servers that are linked in a peer-to-peer network. Blockchain based applications provides many opportunities to create a more sustainable world. This paper contribute to the discussion on future avenues for sustainability especially in terms of cryptocurrencies and blockchain based platforms and services.

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Discovering the Bitcoin Double Spend using Lost Agreement Amount

International Journal of Recent Technology and Engineering - 2 ◽

10.35940/ijrte.c5351.098319 ◽

2019 ◽

Vol 8 (3) ◽

pp. 3764-3770

Keyword(s):

Research Work ◽

Peer To Peer ◽

Third Parties ◽

Network Nodes ◽

Digital World ◽

Peer Network ◽

Crypto Currency ◽

Clear Identification ◽

Digital Competency ◽

Peer To Peer Network

In the modernized world like digital world, traditional way of payments through banks and other third parties are out of sphere. To meet the digital competency digital token like bitcoin based crypto currency payment is required. Lots of business persons are moving towards the digital way of secure payment. Intruders like hackers hamper the digital token and make immortality in the transaction which in turn create the double spend. Double spend is a serious threat in the Bitcoin network. Our research work focuses on double spend detection of transaction before it gets confirmed and added to the block by the miners. The proposed new architecture for detecting double spend using Dual Payout based on Lost Agreement Amount (DPL2A) will identify one of the ways that double spend attack occur before it is added to the blockchain. This architecture gives the clear identification of double spend attack and their full details of transaction occurrence so that when it is broadcasted into the peer-to-peer network, the network nodes will use this architecture to detect double spend, its occurrence is fully prevented and only the genuine transaction will be added to the blockchain.

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CRYPTOCURRENCY AND DIGITAL MONEY IN ISLAMIC LAW: Is it Legal?

JURISDICTIE ◽

10.18860/j.v11i2.8687 ◽

2021 ◽

Vol 11 (2) ◽

pp. 237-261

Author(s):

Husnul Fatarib ◽

Meirison Alizar Sali

Keyword(s):

Islamic Law ◽

Peer To Peer ◽

Legal Research ◽

Digital Currency ◽

Peer Network ◽

The World ◽

Digital Money ◽

The Government ◽

Peer To Peer Network ◽

Conceptual Research

Cryptocurrency is a digital currency spread in peer-to-peer network all over the world. This network has a big accounting book called Blockchain which can be accessed by public. This article is doctrinal legal research with conceptual research. This article reviews digital money based on Jalbu Masalah wa Dar al-Mafasid accompanied by the implication of Saddu az-Zari’ah. The results show that Islamic law acknowledges the currency issued by the government. The existence of a country is a form of protection to the money owners from the acts of fraud in finance. Bitcoin and digital money are not included in the criteria mentioned in Islamic economy law because of it contains obscurity (jahalah), high speculation element, and can harm individual as well as the country. Bitcoin has no clear source, authentic balance, and it only has moral assurance.Mata uang kripto adalah mata uang digital yang tersebar dalam jaringan peer-to-peer di seluruh dunia. Jaringan ini memiliki sebuah buku akuntansi besar bernama Blockchain yang dapat diakses oleh publik. Artikel ini merupakan penelitian hukum doctrinal dengan pendekatan konseptual. Artikel ini melakukan kajian terhadap uang digital berdasarkan Jalbu Masalah wa Dar al-Mafasid sertai implikasi Saddu az-Zari’ah. Hasil penelitian ini menunjukkan bahwa hukum Islam mengakui keberadaan mata uang yang dicetak oleh pemerintah. Keberadaan negara merupakan wujud perlindungan kepada pemilik uang dari tindakan penipuan dan kecurangan dalam bidang finansial. Bitcoin dan uang digital tidak termasuk dalam kriteria yang disebutkan dalam hukum ekonomi Islam. Karena mengandung ketidakjelasan (jahalah), unsur spekulasi yang tinggi serta dapat merugikan individu dan negara. Bitcoin ini tidak mempunyai sumber yang jelas, saldo yang hakiki, dan hanya ada jaminan secara moril.

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Application of Bitcoin in Blockchain - A Systematic Literature Review

International Journal of Scientific Research in Computer Science Engineering and Information Technology ◽

10.32628/cseit1953130 ◽

2019 ◽

pp. 441-451

Author(s):

Abhishek Jha ◽

B. Indira Reddy

Keyword(s):

Literature Review ◽

Systematic Literature Review ◽

Peer To Peer ◽

Digital Currency ◽

Digital World ◽

Blockchain Technology ◽

Peer Network ◽

Peer To Peer Network

Bitcoin is a Cryptocurrency which is evolving in digital world and gaining a larger market related to digital currency and stands on all the user expectation of decentralize mechanism of system by providing proof of work in peer-to-peer network with the help of Blockchain. In this paper I have done a literature review on Blockchain technology and its application in Bitcoin.

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