A Survey on Blockchain for Bitcoin and Its Future Perspectives

The term cryptocurrency refers to a digital currency based on cryptographic concepts that have become popular in recent years. Bitcoin is a decentralized cryptocurrency that uses the distributed append-only public database known as blockchain to record every transaction. The incentive-compatible Proof-of-Work (PoW)-centered decentralized consensus procedure, which is upheld by the network's nodes known as miners, is essential to the safety of bitcoin. Interest in Bitcoin appears to be growing as the market continues to rise. Bitcoins and Blockchains have identical fundamental ideas, which are briefly discussed in this paper. Various studies discuss blockchain as a revolutionary innovation that has various applications, spanning from bitcoins to smart contracts, and also about it being a solution to many issues. Furthermore, many papers are reviewed here that not only look at Bitcoin’s fundamental underpinning technologies, such as Mixing and the Bitcoin Wallets but also at the flaws in it.