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Bitcoin | Computer Security

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Bitcoin is a digital cryptocurrency, which means it should have all the same properties as physical currency (e.g. the United States dollar). In our simplified model, a functioning currency should have the following properties: Each person has a bank account, in which they can store units of currency they own. Alice cannot impersonate Bob and perform actions as Bob. Any two people can engage in a transaction. Alice can send Bob n 𝑛 units of currency. This will cause Alice’s bank account balance to decrease by n 𝑛 units, and Bob’s bank account to increase by n 𝑛 units. If Alice has n 𝑛 units of currency in her account, she cannot spend any more than n 𝑛 units in any transaction. In traditional physical currency, these properties are enforced by a trusted, centralized party such as a bank. Everyone trusts the bank to keep an accurate list of account holders with their appropriate account balances, and ensure that the identity of each user is correct before proceeding with

Bitcoin | Computer Security Skip to main content Menu Expand (external link) Document Search Copy Copied Computer Security 16. Bitcoin 16.1. Problem Statement Bitcoin is a digital cryptocurrency, which means it should have all the same properties as physical currency (e.g. the United States dollar). In our simplified model, a functioning currency should have the following properties: Each person has a bank account, in which they can store units of currency they own. Alice cannot impersonate Bob and perform actions as Bob. Any two people can engage in a transaction . Alice can send Bob \(n\) un

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