One of the most in-depth studies conducted into the security of Bitcoin has concluded the cryptocurrency is safe from a feared “51% attack”. Zebpay, the cryptocurrency service provider, commissioned Associate Professor Saravanan Vijayakumaran of the Indian Institute of Technology (IIT) Bombay to deep dive into the functioning of the Bitcoin blockchain after a decade in existence.
It goes on to look at the security of the Bitcoin protocol by first comparing it to the existing banking system, then looking at preventing theft and transaction tampering, and finally investigating its security against protocol disruption.
It focused on three questions relating to Bitcoin security. These are:
– How difficult is it for an adversary to steal another user’s Bitcoins?
– How difficult is it for an adversary to modify Bitcoin transactions, both transactions already recorded on the blockchain and transactions waiting to be added to the blockchain?
– How difficult is it for an adversary to disrupt the operation of the Bitcoin network?