28 IEEE ENGINEERING MANAGEMENT REVIEW, VOL. 47, NO.

1, FIRST QUARTER, MARCH 2019

A Literature Review on Bitcoin:

Transformation of Crypto Currency
Into a Global Phenomenon
—ARUNMOZHI MANIMUTHU Abstract—Bitcoin is a crypto-currency-based open-source technology that
Singapore University of Technology and operates in the peer-to-peer grid as a private payment mechanism. Bitcoin
Design, Singapore 487372 works on sophisticated cryptography supported by a local community in a
peer-to-peer network. This study reviews scholarly articles to understand how
—RAJA SREEDHARAN V. bitcoin is addressed in the literature. The study reports on the attributes of
Department of Management, Amrita Vishwa bitcoin through a systematic literature review. The paper is based on primary
Vidyapeetham, Kochi, 682041, India
data from existing literature and secondary data from relevant case studies in
the public domain. Unlike other currencies, Bitcoin seems to have faced many
—REJIKUMAR G.
hurdles and with many applications in day-to-day life, created unique
Department of Management, Amrita Vishwa
challenges for the end user community. When Bitcoin came into existence, it
Vidyapeetham, Kochi, 682041, India
seemed to signal hope for a better future, but the growth of bitcoin is hard to
—DRISHTI MARWAHA predict. Bitcoin opens up an entirely new world for both practitioners and
Department of Management, Amrita Vishwa
academicians. Further, this study presents an idea about the “potential” of
Vidyapeetham, Kochi, 682041, India bitcoin, highlights the prerequisites, needs, implications, and challenges faced
by bitcoin in processing business transactions.

(Corresponding author: Raja Sreedharan V.) Key words: Bitcoin, wallet, transaction, block chain

I. INTRODUCTION need for an innovative electronic

IEEE DOI 10.1109/EMR.2019.2901431 payment system based on
THE biggest thing that hit the global cryptographic proof instead of trust.
Bitcoin is a decentralized peer to peer
market since the invention of
currency is the concept of “Bitcoin”. (P2P) network-based virtual currency
Bitcoin is an information technology note that is not issued by a
breakthrough that facilitates both a government or any organization
secure, decentralized payment ([Kaminski, 2003]; [Hurlburt and
system and a tool for the storage, Bojanova, 2014]). Bitcoin relies on
verification and auditing of cryptographic protocol and a
information, including digital distributed network of users, allowing
representations of value. [Simser, users to mint, store and transact. It
2015] A bitcoin is also the intangible was invented by a group of
unit of account that facilitates the programmer or an unknown
decentralized computer network of programmer under the name Satoshi
Bitcoin users. Bitcoin is not a Nakamoto and released as open
company or a company product. source software in 2009. Since then,
Contrary to many news reports, it is Bitcoin has emerged as the most
not anonymous and was not built for trusted and widely used
bad actors, though bad actors have, cryptocurrency (Ron & Shamir, 2012).
at times, brought Bitcoin into the According to the research produced
headlines. It is a platform that allows by Cambridge University in 2017,
two individuals to transact money there are 2.8 to 5.8 million unique
without involving a third-party and Bitcoin users (William, 2017). Bitcoin
without mediation costs involved in is currently accepted as a payment
commerce through the internet method among many legitimate
[Nakamoto, 2009]. There arose the retailers. However, this also attracts

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A LITERATURE REVIEW ON BITCOIN: TRANSFORMATION OF CRYPTO CURRENCY INTO A GLOBAL PHENOMENON 29

criminals to use this unique which is also a predecessor of bitcoin. into two derivatives - classic bitcoin
decentralized P2P network-based In the early days, bitcoin founder (BTC) and hard fork bitcoin cash
virtual currency, since there is no Nakamoto was estimated to have (BCH) ([Maurer et al. 2013]; [Eyal,
centralized authority to monitor mined 1 million Bitcoin in 2010 within and Sirer, 2014]).
suspicious activity, allowing user to one year [Valfells and Egilsson,
transfer funds anonymously ([Carrick, 2016]. During the first Bitcoin
2016]; [Dallyn, 2017]). transaction, the value of the Bitcoin
III. METHODOLOGY
was discussed on the Bitcoin talk The study focuses on exploring the
forums. One of the most notable impact of bitcoin in our day to day life.
II. BACKGROUND
transactions was that of 10,000 BTC To understand the role of bitcoin in
A digital currency, Bitcoin evolved used to purchase two pizzas daily life, the researchers conducted
from the concept of cryptocurrency. delivered by papa Jones indirectly a literature review of scholar articles.
Bitcoin is also a type of virtual (Bonneau, et al., 2015; Peterson, The literature review methodology
currency. [Metz, 2013] Virtual 2014; [Popper, 2016]). was based on the Tranfield approach
currency is unregulated digital money [Tranfield et al. 2003]. The review
which is issued by the central Bitcoin soon became immensely consists of three phases, where in
authorities and also controlled by the popular among the public, press, and phase one, the articles were chosen
developers. It is used by the other media. The unique features of from databases such as IEEE,
members of virtual community. Digital bitcoin such as its ease of handling, Springer, Science Direct, and Taylor
currency is a form of virtual currency, and as a decentralized virtual cash and Francis. Next, an article search
but unlike virtual currency it is system, and privacy attracted more was carried out using multiple
electronically created and stored. users. The main threat that users face keywords like Bitcoin,
[Gilpin, 2014]. Cryptocurrency is a with regard to this famous Cryptocurrency, Digital coin, Digital
subset of a digital currency designed cryptographic cash is cybersecurity Currency, Cyber currency, and Block
to work as a medium of exchange, [Carrick, 2016]. On August 2010, a Chain in combination, dating from
and uses cryptography to secure the major issue came to light, that is, the January 2009 till July 2018.
transaction and control the additional vulnerability in the Bitcoin protocol
creation of cryptocurrency. was spotted. Transactions were not In the second phase, the articles were
verified properly and entered in the meticulously reviewed by the
Satoshi Nakamoto proposed the idea transaction log blockchain, which led researchers to understand the
Bitcoin on 31 October 2008 in a paper a uses to bypass the restrictions and principles of bitcoin. Due to the
called “Bitcoin: A Peer to Peer create an infinite number of Bitcoin myriad articles found in the article
Electronic cash system”. Later in [Eyal and Sirer, 2014]. On 15th search, the author filtered the search
2009, Nakamoto implemented Bitcoin August 15, 2010, over 184 billion content through inclusion criteria such
as open source code to become with bitcoins were generated in a as ‘articles published in English
one decentralized peer-to-peer transaction and sent to two language only’, followed by review of
cryptocurrency (Antonopoulos, 2015). addresses on the network. The the title and abstract. Further, the
In January 2009, the Bitcoin network transactions of generated Bitcoin articles were evaluated by the
came into existence with the first were stopped and erased from the concepts reported in the pieces of
Bitcoin clients and the first issuance transaction log within hours. The bug literature to avoid duplication.
of Bitcoin was witnessed with Satoshi was fixed and Bitcoin came up with
Nakamoto mining the first block of an updated version of protocol. The The third phase involved finalizing the
Bitcoin known as the genesis block, number of users using Bitcoin articles for review. The researchers
and receiving 50 Bitcoin reward. Hal increased in 2017 and the number of proposed the following research
Finney, a programmer is one of the businesses accepting Bitcoin also question (RQ):
first supporters, adopters, increased. The transactions rate grew
contributors and receivers of the first three times more than that of the A. What is Bitcoin and How It Has
Bitcoin transaction; he received 10 previous year 2016, and the usage of Been Reported in the
Bitcoin from Nakamoto [Nakamoto, Bitcoin extended to P2P supply chain Literature? Keeping the RQ in
2009]. In the beginning, there were payments. According to [Heston, mind, the researchers focused on
only a few supporters for bitcoin. (2018)] bitcoin transactions worth 2 referring to the seminal articles to
Early supporters included Wei Dai billion USD happen every day and ensure the validity of information. The
who then created b-money, a approximately over 300 million review yielded a bundle of information
predecessor of bitcoin, and Nick transactions have occurred till 2017. on bitcoin in the form of technology,
Szabo who created bit gold later Starting August 1, 2017, bitcoin split utility, banking policy, etc. However,

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30 IEEE ENGINEERING MANAGEMENT REVIEW, VOL. 47, NO. 1, FIRST QUARTER, MARCH 2019

the researchers were motivated to (users of bitcoin are called as a between payment and settlements,
report the normative perspective of clients), but their identity will not be as payment itself is the settlement
bitcoin. Therefore, they focused on available [Grinberg, 2012]. when it comes to blockchain
addressing the common attributes of technology (Karame et al. [2012];
bitcoin such as need, working Clients using bitcoin should first [Androulaki et al. 2013])
concept, prerequisites, and day to acquire a bitcoin wallet and one or
day implications. A detailed analysis more bitcoin addresses. A bitcoin Blockchain was first conceptualized
of these attributes was made and this address is like an email address and in 2008 after the 2007-08 financial
is discussed in the following sections. required to send or receive bitcoin. crisis. Satoshi Nakamoto, an
Any client, regardless of nation, anonymous author in his paper
region, and location can transfer Bitcoin, devised it: A Peer-to-Peer
IV. NEED FOR BITCOINS
bitcoin. It is claimed that bitcoin is the Electronic Cash System, Blockchain
The Internet has become a widely first global currency which does not has been kept alive since then and
used platform for all business-related discriminate against users based on grew to 130 Gigabytes of data as of
work, leading to the emergence of citizenship or region. It is easy to use October 2017. How does Blockchain
commerce on the internet or and secure. However, the low usage works and why is it secure? For any
e-commerce. -Ecommerce relies fees of bitcoin have been misused to transaction to take place, the
exclusively on financial institutions buy illegal items. Moreover, it is easy transaction requests need to be
serving as third parties to process to steal bitcoins from a user’s wallet. validated and approved by checking
payments via the internet [Simser, A person can own an unbounded with previous transactions in the
2015]. This system works well for number of addresses for the blockchain. Once approved the
almost all the transactions, but it still transaction (these addresses are transaction takes place. Every 10
follows the trust-based model for the characterized by a public/private key). minutes, transaction data is created in
transaction, which is a weakness of The transaction in a bitcoin network is the form of a data block and added to
traditional electronic payment and a generalized transaction process the blockchain. Each block has a
non-reversible transactions are not that happens in the bank. It allows hash pointer that links it to the
possible. Since financial institutions multiple sending addresses and previous block which is again linked
cannot avoid mediating disputes, this multiple receiving addresses in the to a chain of blocks, thus making up
increases the service charge for all the same transaction. It will specifically an infinite ledger with the entire
financial transactions ([Folkinshteyn note down how many bitcoins are history of transactions (Nakamoto,
and Lennon, 2016]; [Dallyn, 2017]). taken from the sending address and 2008). Therefore, hacking into
The disadvantages of the traditional how many are credited to the blockchain to duplicate currency
banking system such as lack of receiving address, regardless of the would require anyone to hack a
transparency, high costs due to bank identity of the sender or receiver. All particular block and all preceding
fee, and high risk of manipulation. the records will be available in the blocks linked to it, all heavily
Thus, there arose the need for more blockchain; Blockchain is a major part encrypted and spread across millions
efficient and transparent system of Bitcoin (Ron & Shamir, 2012). of computers worldwide. Currently,
[Nakamoto, 2009]. this is considered a challenge.
A. Block Chain The blockchain is However as the technology evolves,
a publicly distributed and the future of things may change
V. HOW BITCOIN WORKS
decentralized form of the ledger that [Valfells and Egilsson, 2016].
Bitcoin is more than like a mobile app keeps track of all transaction data
for common users in that it provides securely using cryptography. Each Although blockchain is deemed one
users with a personal wallet called the block in the chain is time-stamped of the most secure technologies to
bitcoin wallet. People use bitcoin for and synchronized, thus creating a handle new age currency. The
political and philosophical reasons. non-redundant ledger constantly possibility of a powerful decryption
Payments are done through the updated and hoisted across millions tool with the capability to hack into
bitcoin network using the bitcoins of computers. Blockchain, the millions of computers cannot be
issued by the network [Grinberg, underlying technology of overlooked. The fluctuating value of
2012]. The data of all transactions are cryptocurrencies, eliminates any bitcoin, along with its questionable
validated with a proof of work system ambiguity regarding transactions. security, can explain why it is not the
and then updated in a public ledger Every transaction will be updated in most popular currency yet.
called blockchain, which is the blockchain database along with
maintained by the bitcoin network. the information regarding the payer B. Double Spending One of the
This blockchain is visible to all clients and the payee. There is no delay benefits of bitcoin is that peers can

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A LITERATURE REVIEW ON BITCOIN: TRANSFORMATION OF CRYPTO CURRENCY INTO A GLOBAL PHENOMENON 31

double spend the bitcoin. Tricking hosted services of the firm [Mcmillian, donations in many cases. The
blockchain is possible and also 2013]. payment can be sent with a click and
spending the same bitcoin twice, an received through a QR code
action known as double spending. VII. BENEFITS OF BITCOIN [Grinberg, 2012]. Further, the
Double spending can be done in a donations can be visible to the public,
number of ways. If the merchant does Bitcoin protocol is not about sending creating transparency for non-profit
not wait for the confirmation of the money from point A to B. It has many organizations. In the event of crises
transaction, bitcoins can be double features and possibilities, opening up such as natural calamities, Bitcoin
spent by attackers. (Karame et al. a new field of research. The most could contribute to allowing donations
[2012]; [Heston, 2018]). exciting use of bitcoin is still being to be made in a faster manner across
explored. However, it has transformed the globe [Walch, 2015].
into actual products and services.
C. Bitcoin Wallets A Bitcoin wallet
E. Crowdfunding Bitcoin can be a
is a software program that allows A. Control Against Fraud Bitcoin kickstarter in crowdfunding
each user to store bitcoins. A user now comes with an unprecedented campaigns, where the money that
must have his own bitcoin wallet to level of security. The network individuals intend to donate for a
take part in any transaction. Wallets provides consumers protection project taken from them only if
do not actually store bitcoins, but are against the most prevalent frauds, adequate pledges are received to
instead only their formats generally; such as a chargeback or unwanted reach the target [Simser, 2015]. Such
wallets will contain a public key that is fee, and makes duplicating bitcoin contracts can be monitored through
used to receive funds (Barber et al. difficult [Androulaki et al. 2013]. Users Bitcoin protocol, which restricts a
[2012]; [Hurlburt, and Bojanova, can backup and encrypt their wallet, transaction from happening until all
2014]). preventing money loss. Moreover, the requirements have been met
Bitcoin is designed to enable user’s [Yeoh, 2017].
full control over their money.
VI. STORING BITCOIN OFFLINE
F. Micropayments Imagine
Usually, bitcoins wallets are stored B. Global Reach All payments in listening to Internet radio paid by the
digitally or online, and there are many the business can be completely second and viewing web pages
secure ways to store the bitcoin. One interoperable. Bitcoin allows any without ads for a small fee. Besides,
way is to store bitcoin as a paper bank, firm or individual to securely buying internet bandwidth from the
wallet. A paper wallet is a piece of transfer and receive payments Wi-Fi hotspot as per requirement.
paper in which both public key and anywhere at any time, with or without Bitcoin can make all these ideas
the private key are printed and can be a bank account ([Grinberg, 2012]; possible [Vergne and Swain, 2017].
stored as paper. The other way to [Vergne and Swain, 2017]). Moreover,
store bitcoin is using a hardware Bitcoin can be used in countries were G. Multi-Signature
wallet. Here, the key information is conventional banks remain out of Accounts Multiple signatures
stored in offline hardware. The reach. Bitcoin increases global permit a transaction to be allowed by
hardware wallet is more secure as the access, and can help international the network only if a specific and fixed
key data is stored in the protected trade to grow. group of people authorize the
area of microcontroller; it is also business transaction [Yeoh, 2017].
immune to viruses and software that C. Cost Efficiency Cryptography Further, the board of directors could
can steal the wallet information. enables secure payments and avoids use bitcoin to prevent members from
Unlike the paper wallet, the bitcoin slow and costly intermediaries. In overspending the funds from their
stored in the hardware wallet can be addition, Bitcoin transactions are treasury without other members'
used directly, while in the case of the cheaper and faster than the approval. Moreover, banks theft could
paper wallet, the information needs to conventional alternatives [Walch, be avoided by blocking payments
be keyed in or imported to software 2015]. Therefore, Bitcoin holds the above the threshold value [Simser,
[Yeoh, 2017]. One of the main potential to become a standard for 2015].
challenges faced by bitcoin is currency transfer in the future.
security. In October 2013, online Further, Bitcoin could reduce the H. Trust and Integrity Bitcoin
bitcoin wallet services were hacked transaction and service fees on provides a solution to the trust
twice and 4100 bitcoins worth $1.2 payments for the working class. problems that affect the banks.
billion was stolen from a firm via Bitcoin paves the way for selective
social engineering. The hackers D. Tips and Donations Bitcoin can accounting transparency, irreversible
gained access through the cloud- be a practical solution for tips and transactions, and digital contracts

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32 IEEE ENGINEERING MANAGEMENT REVIEW, VOL. 47, NO. 1, FIRST QUARTER, MARCH 2019

(Barber et al. 2012; [Vergne and with less protection. With no central operating costs. Imagine a store
Swain, 2017]). Further, Bitcoin can be point of access to a data center, where your basket allows you to pay
used as a platform to restore trust and attacking the network is a difficult for your purchases without waiting in
agreement in banking operations. task. Bitcoin could secure the local the queue [Vergne and Swain, 2017].
and global financial system [Simser,
I. Resilience and 2015].
VIII. MANAGERIAL IMPLICATIONS
Decentralization The high
degree of decentralization in bitcoin J. Automated Solutions Usually, OF BITCOIN
creates a different form of payment automated services have to deal with A. Transaction Secrecy Currency
system with an increased level of cost limitations in cash and credit that gets into the transaction is the
flexibility and redundancy. Bitcoin can card payments. Bitcoin can be used sole redemption of engaging persons
manage millions of dollars in trading in electronic services for cutting in the chain. The sender and the
receiver in the chain do not have to
reveal their identity to anyone in the
link. Only the private key is used to
transfer amounts in the network
chain. Any authorized person may
have the access to the sender and
the receiver, but without the access
key it is virtually impossible for any
third party to oversee the transaction
parties in the chained network.
Moreover, in case of any suspicious
transaction activities can be traced
and flagged as shown in Fig. 1.

B. High Alert Once the authorized

loop chain for the bitcoin transaction
is linked with the larger hubs, the
private key which is unique for each
transaction is generated from the
sender side. The key generated is
used for all the transactions until the
chain reaches its receiver. The
private key on the receiver end must
release the access to the sender
transaction or else the sender will
immediately halt the process with his
authorized key. Once the double
chain process stops or is halted due
to any miscellaneous action by both
the parties or by any other third party,
the system chain and the encrypted
key generated will be replaced with a
new key. Thus the sender and
receiver can always keep a watch
over their online transaction.

C. Smart Key Authentication In

addition to the private key for
transaction, the sender or any party
conducting bulk transactions can get
a smart key which is available on a
Fig. 1. Bitcoin Transactions among peers. conditional usage basis. The

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A LITERATURE REVIEW ON BITCOIN: TRANSFORMATION OF CRYPTO CURRENCY INTO A GLOBAL PHENOMENON 33

particular authenticated transaction is a novel one, and its learning is now X. CONCLUSION
will have to go through two limited due to different usages in the
The study conducted a review of
authentications and keying by the day-to-day life. Bitcoin is just one of
scholarly articles to report the impact
receiver as well. To monitor the the cryptocurrencies in the world, but
of bitcoin and to understand its role in
process of transaction at any given the most familiar one around. [Simser,
our day to day life. Based on the
time, the sender needs to verify the 2015]. Many identify it as a digital
review, this article attempted to
smart key. At the same time, the currency, but its functionality is
provide a normative perspective of
receiver might get notified with an undefined to the majority of people.
the bitcoin. The study discussed how
alert security check from the chain To make it practical to use Bitcoin,
the need for bitcoin arose, and the
network hub data centre. this is the first challenge that needs to
requirements for the functioning of
be overcome. In the 1990s, studying
bitcoin as well as its implications and
D. Bank-Customer the simple computer programming
challenges. To answer the RQ,
Integrity Managing customer languages was so classed that it was
various attributes of bitcoin have
transactions would be a tedious task entirely apart from the curriculum.
been reported from the literature.
for banks unless they get the private Now, students start learning the
Further, the study focused on
key data from the customer. However, programming language right from
providing a normative perspective of
no third party banking unit has the high school, and they are familiar with
bitcoin. Therefore the author may not
rights to check the customer secret the matter. Likewise, an age would
have reviewed some scholarly
key without proper authentication come, where cryptocurrencies would
articles. The main limitation of bitcoin
from the stack holder. The encryption be determined (mining and other
is that it is vulnerable to quantum
during the transaction is mandatorily functionalities) so that their
computing. However, quantum
done in the banking systems which application is globalized.
computers and graphene processors
are highly confidential and requires
are not yet available and will probably
customer authentications. The traditional banking system is the
take a while to develop. However,
biggest challenge the Bitcoin has to
once quantum computing is
E. End-End Money overcome. The conventional banking
developed, cryptocurrencies would
Transfer Since every system, as we know, works by
be under imminent threat ([Walch,
transaction in the system is purely imparting services and charges a
2015]; [Valfells and Egilsson, 2016]).
open window and point-point (P-P), service fee for that. Bitcoin does not
Therefore, the developers and Bitcoin
there is no third party in the chain. do that, and this could destroy the
users have to review bitcoin adoption
Once the key is loaded in the Banking sector. But it would create a
for business practices. Conservative
prescribed database, the sender new mode of handling currency. This
economists are already opposing
leaves the shelf to the chained is evident in the latest ban on Bitcoin
cryptocurrencies, arguing that
network system and the chain leads in China. The Bank of China had
terrorist organizations and criminal
directly to the receiver. At the receiver banned Bitcoin in September 2017
groups [Reynolds and Irwin, 2017]
end, the key for authenticated access which had a significant impact on the
mine and misuse the mode. From the
makes the wallet available for cryptocurrency. The value of Bitcoin
study, it is evident that bitcoin offers a
delivery. which was more than $5000 came
host of opportunities and researcher
down to $1000 due to this even
can focus on exploring these and
though the banning it in one nation
IX. CHALLENGES OF BITCOIN developing a policy for bitcoin usage
does not affect the overall working of
in operations such as healthcare,
Though every educated/corporate the cryptocurrency. Nevertheless,
educational institutions, worldwide
individual is familiar with the term there is a need to understand the
travel and tourism, and global
Bitcoin, many do not clearly concept and recognize the potential
logistics.
understand the concept and its upsides of bitcoin over the traditional
functions. The idea of cryptocurrency banking sector [Greebel et al., 2015].

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Arunmozhi Manimuthu is currently a Visiting Research Fellow with Singapore University of

Technology and Design, Singapore. His research interests include wireless sensor network,
robotics, communication system, smart grid and their control systems, distributed embedded
computing, and renewable energy.

Raja Sreedharan V. is currently an Assistant Professor with the Department of Management

Studies, Amrita School of Business, Kochi, India. He is currently an Active Consultant to the
public and private sectors. His research interests include Lean Six Sigma for services, quality
management in healthcare, circular economy, and industrial 4.0.

Rejikumar G. has 20 years of experience in Revenue Service as Superintendent of Customs

and 4 years in academics. He is currently a Research Advisor who has already conducted more
than a dozen workshops for Ph.D. scholars on topics related to research methodology, structural
equation modeling, data analysis using statistical software and article writing.

Drishti Marwaha received the Bachelor’s degree in Economics with honours. She is currently a
business student graduating in March 2019. Her research interests include health economics,
managerial implications of trends and poetry.

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