Bitcoin as an Electronic Payment Tool

Towards Bitcoin Payment Networks

Bitcoin as deployed today does not scale. Scalability research has focused on two directions: 1) redesigning the Blockchain protocol, and 2) facilitating ‘off-chain transactions’ and only consulting the Blockchain if an adjudicator is required. In this paper we focus on the latter and provide an overview of Bitcoin payment networks. These consist of two components: payment channels to facilitat...

The Future of Bitcoin as a Tool for Financial Development

The purpose of research is focused on the insight into the future of Bitcoin on the financial situation, its implications and challenges. The problem of study is to investigate how to deal with a new type of digital currencies (such Bitcoin) that does not have a physical presence and there is no specific body to issue. Thus, this study aims to identify the nature of Bitcoin currency and what ar...

TumbleBit: An Untrusted Bitcoin-Compatible Anonymous Payment Hub

This paper presents TumbleBit, a new unidirectional unlinkable payment hub that is fully compatible with today’s Bitcoin protocol. TumbleBit allows parties to make fast, anonymous, off-blockchain payments through an untrusted intermediary called the Tumbler. TumbleBit’s anonymity properties are similar to classic Chaumian eCash: no one, not even the Tumbler, can link a payment from its payer to...

An Efficient Electronic Payment System Protecting Privacy

Previously proposed anonymous electronic payment systems have the drawback that the bank has to maintain large databases, which is a handicap for the realization of such systems. In this paper, we present a practical anonymous payment system that signiicantly reduces the size of such databases. It uses the concept of anonymous accounts and ooers anonymity as an add-on feature to existing EFTPOS...

Tourism as an Economic Develpment Tool