One of the stated strengths of Bitcoin has, from the beginning, been its ability to provide anonymity and a sense of security on the same level that cash transactions do. When one spends and is paid in cash, the only real record of the transaction which ties the spender to the cash spent is in the spender’s possession and recording of a receipt. Bitcoin works in much the same way although a verifiable ledger called the Blockchain exists to keep the system in working order. That is, the Blockchain can be used to verify that X coins were received by Y address, and thus Y has the ability/right to spend X with Z.All of this could be about to change thanks to some Cryptographic researchers in the tiny country of Luxembourg. In a recent paper entitled “Deanonymisation of Clients in Bitcoin P2P Network,” University of Luxembourg researchers Alex Biryukov, Dmitry Khovratovich, and Ivan Pustogarov outline a proven method of revoking the anonymous nature of Bitcoin activity.All vulnerabilities described in this paper were reported to Bitcoin core developers. When possible we carried out experiments in the Bitcoin test network. To protect user privacy, we restricted from performing a full-scale deanonymization in the real network. However, gathering some statistics required us conducting experiments on the main network, which did not cause disruption or exposure of the main network.