Open Access
American Research Journal of Computer Science and Information Technology
ISSN (Online): 2572-2921
DOI: 10.46568/arjcsit
Bitcoin Cryptocurrency: A Review
Abstract
Bitcoin, the term coined by a person or group pseudonymously called Satoshi Nakamoto, is considered
the world’s first decentralized digital currency. Since its release in 2009, there has been tremendous growth in
market value of Bitcoin, with anonymity and distributed nature removing the need for any central authority being
the driving force for its popularity. The technology is relatively new and complex for a layman to understand.
However, there has been enough hype about it which has drawn the attention of researchers and nemesis alike
to expose vulnerabilities in the system as well as explore the future perspectives of this new concept.
This paper analyses major components of Bitcoin and related concepts of Blockchain, highlighting a few security
concerns/ motivation to explore the future perspectives of this technology which is being considered analogous
to the Internet revolution.
