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Bitcoin Security

Understanding Cryptographic Currency
by

Ryan Wilson-Perkin

on 21 March 2013

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Transcript of Bitcoin Security

Secure Transactions Proof Of Work Bitcoin Problems With Credit Cards Digital Signatures And Transfers Bitcoin Understanding Cryptographic Currency Minimal anonymity

Expensive transfer fees

Fraud and scams Why Bitcoin? Anonymous Transfers Secure Transaction No Banks! Bitcoin Solutions Transfers happen directly between two users

User identities are concealed Every transaction is secured with private key

Peer to peer network verifies transactions No more exorbitant transfer fees

No central location storing your information

No minimum balance or prerequisites Bob generates a public and private key Bob and Alice exchange public keys Bob creates a message... Anyone in the network can decode the message using Bob's public key How does Bob send Bitcoins to Alice? Alice generates a public and private key From: <Bob's Public Key>
I am sending 20BTC to <Alice's Public Key> And signs it with his private key Then he sends it to the network Cost Function Economy As Blocks A function that is computationally expensive
Either costs time or energy History of the economy is encoded in blocks
The economy is advanced by "mining" github.com/bitcoin
weusecoins.com
bitcoin.org Attack! Forced Double Spending Cancer Nodes Wallet Theft What Is Bitcoin? Cryptographic Currency Storage, transmission, and generation of currency is mathematically and cryptographically secure Peer 2 Peer Financial network is maintained by clients
Transactions happen directly between users Old fashioned made new: steal a wallet An attacker tries to get their Bitcoins back A network user is configured to be hostile by Corey Alexander
and Ryan Wilson-Perkin
Full transcript