• Spending Attacks On Fast Payments In Bitcoin

    Bitcoin is a decentralized payment system that is based on Proof-of-Work. Bitcoin is.

    at the Price of One? Double-Spending Attacks on Fast Payments in Bitcoin.

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    As we show, this incompatibility with prior client versions can potentially lead to a double-spending attack in a fast payment setting in Bitcoin. The attack can only work when merchants operate on any client version prior to 0.8.2. Our aim is therefore to raise the awareness of merchants to adopt version 0.8.2 (or 0.8.3) if they are willing to accept fast payments.

    We show that unless new detection techniques are integrated in the Bitcoin implementation, double-spending attacks on fast payments succeed with considerable probability and can be mounted at low cost. We propose a new and lightweight countermeasure that enables the detection of double-spending attacks in fast transactions. In light of such misbehavior,

    using double-spending attacks and show that, employing our concept, the success of such attacks diminishes to less than 0.09%. Moreover, we present a real world application: We modified a snack vending machine to accept Bitcoin payments and make use of fast transaction confirmations. I. INTRODUCTION Today, we are witnessing that an increasing.

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    Two Bitcoins at the Price of One? Double-Spending Attacks on Fast Payments in Bitcoin. G. Karame, E. Androulaki, and S. Capkun. IACR Cryptology ePrint Archive (2012

    16 Oct 2012.

    We show that, unless appropriate detection techniques are integrated in the current Bitcoin implementation, double-spending attacks on fast.

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    22 Dec 2016.

    spending attacks in fast transactions. 1 Introduction. First introduced in 2009, Bitcoin [21] is an emerging. digital currency that has, as of.

    Double-spending Attacks on Fast Payments in Bitcoin. Bitcoin is a decentralized payment system that is based on Proof-of-Work. Bitcoin is currently gaining popularity as a digital currency; several businesses are starting to accept Bitcoin transactions. An example case of the growing use of Bitcoin was recently reported in the media; here, Bitcoins were used as a form of fast payment.

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    In this research paper, discover all about Bitcoin transactions, double-spending attacks on fast payments and how to mount them.

    We show that, unless appropriate detection techniques are integrated in the current Bitcoin implementation, doublespending attacks on fast payments succeed.

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