Bitter to Better — How to Make Bitcoin a Better Currency
- Cite this paper as:
- Barber S., Boyen X., Shi E., Uzun E. (2012) Bitter to Better — How to Make Bitcoin a Better Currency. In: Keromytis A.D. (eds) Financial Cryptography and Data Security. FC 2012. Lecture Notes in Computer Science, vol 7397. Springer, Berlin, Heidelberg
Bitcoin is a distributed digital currency which has attracted a substantial number of users. We perform an in-depth investigation to understand what made Bitcoin so successful, while decades of research on cryptographic e-cash has not lead to a large-scale deployment. We ask also how Bitcoin could become a good candidate for a long-lived stable currency. In doing so, we identify several issues and attacks of Bitcoin, and propose suitable techniques to address them.
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