On the vital aspects and characteristics of cryptocurrency - a survey

Shahen Shah, AFM, Karabulut, Muhammet Ali, Akhter, AFM Suaib, Mustari, Nazifa, Pathan, Al-Sakib Khan, Rabie, Khaled M ORCID: https://orcid.org/0000-0002-9784-3703 and Shongwe, Thokozani (2023) On the vital aspects and characteristics of cryptocurrency - a survey. IEEE Access, 11. pp. 9451-9468. ISSN 2169-3536

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Abstract

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.