TY - JOUR
T1 - On the Vital Aspects and Characteristics of Cryptocurrency - A Survey
AU - Shahen Shah, A. F.M.
AU - Karabulut, Muhammet Ali
AU - Akhter, A. F.M.Suaib
AU - Mustari, Nazifa
AU - Pathan, Al Sakib Khan
AU - Rabie, Khaled M.
AU - Shongwe, Thokozani
N1 - Publisher Copyright:
© 2013 IEEE.
PY - 2023
Y1 - 2023
N2 - Cryptocurrencies acquire user confidence by making the whole creation and transaction history transparent to the public. In exchange, the transaction history accurately captures the complete range of user activities related to cryptocurrencies. It is thought to be one of the safest and simplest payment methods that may be employed in the future. The trend of banks and other financial institutions investing in cryptocurrencies has increased rapidly in recent years. Therefore, it is necessary to synthesize the findings of previous studies on cryptocurrencies. In this paper, the use of data mining methods in Bitcoin transactions is analyzed and summarized. Cryptocurrencies, similar to the well-known Bitcoin, were targeted to ensure transaction security and privacy and overcome the drawbacks of traditional banking systems as well as other centralized systems. In addition, a comprehensive analysis of the literature on the challenges and applications of electronic currencies is conducted. The evolution of digital currency from electronic cash to cryptocurrencies is summarized and the methods used to increase user privacy are highlighted. The security threats in existing cryptocurrency systems (that compromise the privacy of Bitcoin users) are also highlighted. Finally, several research gaps and trends are identified that need to be further explored.
AB - Cryptocurrencies acquire user confidence by making the whole creation and transaction history transparent to the public. In exchange, the transaction history accurately captures the complete range of user activities related to cryptocurrencies. It is thought to be one of the safest and simplest payment methods that may be employed in the future. The trend of banks and other financial institutions investing in cryptocurrencies has increased rapidly in recent years. Therefore, it is necessary to synthesize the findings of previous studies on cryptocurrencies. In this paper, the use of data mining methods in Bitcoin transactions is analyzed and summarized. Cryptocurrencies, similar to the well-known Bitcoin, were targeted to ensure transaction security and privacy and overcome the drawbacks of traditional banking systems as well as other centralized systems. In addition, a comprehensive analysis of the literature on the challenges and applications of electronic currencies is conducted. The evolution of digital currency from electronic cash to cryptocurrencies is summarized and the methods used to increase user privacy are highlighted. The security threats in existing cryptocurrency systems (that compromise the privacy of Bitcoin users) are also highlighted. Finally, several research gaps and trends are identified that need to be further explored.
KW - Cryptocurrencies
KW - electronic cash
KW - privacy
KW - security threats
UR - http://www.scopus.com/inward/record.url?scp=85147307785&partnerID=8YFLogxK
U2 - 10.1109/ACCESS.2023.3240103
DO - 10.1109/ACCESS.2023.3240103
M3 - Article
AN - SCOPUS:85147307785
SN - 2169-3536
VL - 11
SP - 9451
EP - 9468
JO - IEEE Access
JF - IEEE Access
ER -