Review on the Advantages and Disadvantages of Cryptocurrency Attacks

Review on the Advantages and Disadvantages of Cryptocurrency Attacks

Authors

  • Najihah Rusli School of Computing, Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia
  • Mohamad Fadli Zolkipli School of Computing, Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia

DOI:

https://doi.org/10.24191/jcrinn.v6i2.204

Keywords:

cryptocurrency, blockchain, hackers, security

Abstract

The advantages and disadvantages of blockchain technology in cryptocurrency attacks will be explained in this article. Digital currency has been widely used around the world. The soaring value of digital currencies has also led to an increase in the use of cryptocurrency. Cryptocurrency is a form of payment that can be exchanged online for goods and services. The increasingly popular use of cryptocurrency around the world is causing criminals, and hackers are starting to attack cryptocurrency on an ongoing basis. With the advent of blockchain technology, it managed to save the digital currency system with the availability of a decentralized database. Each block has many transactions, and for new transactions will be recorded and added to a decentralized database with a cryptographic signature that does not change making it difficult for abuse and theft. The authors have examined the strengths and weaknesses of the blockchain in cryptocurrency attacks. As a result, the authors support that this blockchain technology can help deal with cryptocurrency attacks that occur.

Downloads

Download data is not yet available.

References

Blockchains. (2021). Ultimate Guide to Pros and Cons of Blockchain Retrieved February 02, 2021, 2021, from https://101blockchains.com/disadvantages-of-blockchain/

Arnason, S. L. (2015). Cryptocurrency and Bitcoin: A Possible Foundation of Future Currency why it has Value, what is its History and its Future Outlook, 2015.

Azret A., Sergey D., & Rasul A. (2020). Analysis of DDoS Attacks on Bitcoin Cryptocurrency Payment System. Revista Espcios, 2020.

Binance Academy. (2020). Blockchain Advantages and Disadvantages. Retrieved October 09, 2020, 2020, from https://academy.binance.com/en/articles/positives-and-negatives-of-blockchain

Dragomiretskiy, S. (2018). The Influence of DDoS Attacks on Cryptocurrency Exchamges. International Journal of Network Security & Its Applications (IJNSA), 2018.

Guglielmo Maria Caporale, Woo-Young Kang, Fabio Spagnolo, & Nicola Spagnolo. (2020). Cyber-Attacks, Cryptocurriences, & Cyber Security. Munich Society for the Promotion of Economic Research, 2020.

Investpedia. (2020). Blockchain Explained Retrieved from November 17, 2020, 2020, from https://www.investopedia.com/terms/b/blockchain.asp

Judmayer, A., Tsabary, I., Stifter, N., Eyat, I., Zamyatin, A., Gazi, P., Meiklejohn, S. & Weippl E. (2021). Pay-To-Win: Incentive Attacks on Proof-of-Work Cryptocurrencies. 2021.

Kiktenko, E.O, Kudinov, M.A. & Fedorow, A.K. (2019).Detecting Brute-Force Attacks on Cryptocurrency Wallets. International Conference on Business Information Systems, 2019.

Lite Forex. (2018). Cryptocurrency Attacks: Types of Vulnerabilities, Risks and Results. Retrieved January 15, 2018, 2018, from https://www.liteforex.com/blog/for-investors/eight-fears-of-a-beginner-investor-and-how-to-overcome-them/

Redbytes. (2020). Advantages and Disadvantages of Blockchain Technology. Retrieved November 05, 2020, 2020, from https://www.redbytes.in/advantages-and-disadvantages-of-blockchain-technology/

Rocket It. (2021). Protecting Your Pot of Gold | Tips for Securing Cryptocurrency. Retrieved March 16, 2021, 2021, from https://rocketit.com/cryptocurrency-security-cryptojacking/

Sarmah, S.S. (2018). Understanding Blockchain Technology. Computer Science and Engineering, 2018, 23-29.

Strebko, J. & Romanos, A. (2018). The Advantages and Disadvantages of the Blockchain Technology. IEEE 6th Workshop on Advances in Information, Electronic and Electrical Engineering (AIEEE), 2018.

Downloads

Published

2021-04-01

How to Cite

Rusli, N., & Zolkipli , M. F. . (2021). Review on the Advantages and Disadvantages of Cryptocurrency Attacks . Journal of Computing Research and Innovation, 6(2), 168–175. https://doi.org/10.24191/jcrinn.v6i2.204

Issue

Section

General Computing
Loading...