Eve Thullen* and Joseph Gorfinkle

Claremont Graduate University, California, USA

*Corresponding Author: Eve Thullen, Claremont Graduate University, California, USA.

Received: January 08, 2022; Published: July 18, 2022

Abstract

This paper introduces basic fundamentals of bitcoin and how Bitcoin transactions are performed over the Peer to Peer distributed network. Comparisons between the Bitcoin Proof of Transaction system and the traditional banking Trust model are outlined along with the advantages and disadvantages of each. In this paper, we explore several security risks of Bitcoin implementations, such as replay attacks, forking, private key security breaches, along with IP address tracking and linking to deanonymize transactions. Lastly, the paper provides proper security measures and risk management for Bitcoin users with the goal to raise awareness of potential pitfalls as this technology proliferates from an alternative payment system into mainstream business process applications and beyond.

Keywords: IP Address; Bitcoin; Security