I was wondering if there is any in depth (with formal theorems) analysis of the security of the Bitcoin system.

The analysis in the original paper by Nakamoto is quite empirical and not that formal. I would love to see a detailed statement of what the actual assumptions for Bitcoin security are and what these assumptions imply about the security related to the "corruption" of the block chain and double spending problems.

I can deduce the respective theorems from Nakamoto's security analysis but I am not an expert in this area and there could be some hidden assumptions/implications I could overlook.

So I am wondering if someone else already tried to do a formal and detailed analysis of the security aspects of Bitcoin perhaps in the same manner as some textbook treat other cryptographic applications?

2 Answers 2


Currently I'm in the process of finishing my master thesis on the topic of Bitcoin security, and I know there is one more person making a similar master thesis. While it might not be as in-depth of an analysis as a professional cryptography expert might perform, it should be fairly extensive.

Over the course of working on the subject I haven't found any article more comprehensive than the Bitcoin wiki page on Weaknesses of Bitcoin. A lot of problems have been covered in depth on this Stackexchange, as well as some topics on the Bitcoin forum.


My master thesis is available to read in this thread on the Bitcoin forum. It covers a wide analysis of many aspects of Bitcoin, from its cryptography algorithms, through the protocol, the standard client, Bitcoin-related applications, and even users' behaviours. I hope that answers your question better.


I found those really reasonable papers, wish it will help:


Reid, F., & Harrigan, M. (2011). An Analysis of Anonymity in the Bitcoin System. Network, 1318-1326.

Laurie, B. (2011). Decentralised Currencies Are Probably Impossible But Let ’ s At Least Make Them Efficient, 0100.

I am also doing my master degree to adapt Bitcoin in CO2 trading,security and privacy are my main focus in that perspective

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