| Περίληψη : | Bitcoin is a decentralized payment system and a digital asset that is based on the principle Proof-of-Work. It was invented by Satoshi Nakamoto in 2008 and it was released as an open source software. It relies on peer-to-peer networking and strong cryptography algorithms to maintain its integrity.The Bitcoin system is private, has no middlemen and no traditional financial institutions involved in transactions.In the first chapter it is essential to present the fundamentals of Bitcoin in order to develop a thorough understanding of the basic concepts being presented such as Bitcoin Cryptography primitives, Bitcoin infrastructure and Bitcoin ecosystem.In the second chapter, a short but not so brief analysis of the security requirements of Bitcoin. In other words,the vital components needed to maintain the necessary security controls for effective defense and countermeasures against malicious attackers of the Bitcoin infrastructure.The third chapter, is an elaborate network security analysis of utmost importance in order to facilitate a secure network. Moreover, common security issues and concerns are presented such as the notorious “Double-Spend” attack and many more.The fourth chapter describes the key cryptographic features that Bitcoin uses such as SHA-256, a well-known cryptographic function designed by the National Security Agency, which is used for verifying transactions as well as the calculation of Proof-of-Work or Proof-of-Stake. In addition, ECDSA, short for Elliptic Curve Digital Signature Algorithm, is a process that uses a curve and a finite field in pursuance of data verification and authentication of the signature by third parties while the signer retains the ability to create thesignature.ECDSA is used by Bitcoin to ensure that funds can only be spent by their rightful owners.In the fifth chapter a conclusion analysis is introduced and lastly the sixth chapter presents the viability of Bitcoin Cryptocurrency as well as the necessary steps needed in order for Bitcoin to evolve to its full potential .Furthermore, summaries of previous relevant work show that Bitcoin might not be the perfect solution to all world’s monetary problems but its benefits far outweigh the challenges this cryptocurrency has to overcome.
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