TY - GEN
T1 - Empirical Analysis of Bitcoin network (2016-2020)
AU - Kumar, Ajay
AU - Kumar, Abhishek
AU - Nerurkar, Pranav
AU - Ghalib, Muhammad Rukunuddin
AU - Shankar, Achyut
AU - Wen, Zheng
AU - Qi, Xin
N1 - Publisher Copyright:
© 2020 IEEE.
PY - 2020/8
Y1 - 2020/8
N2 - Bitcoin system (or Bitcoin) is a peer-to-peer and decentralized payment system that uses cryptocurrency named bitcoins (BTCs) and was released as open-source software in 2009. Bitcoin platform has attracted both social and anti-social elements. On the one hand, it is social as it ensures the exchange of value, maintaining trust in a cooperative, community-driven manner without the need for a trusted third party. At the same time, it is anti-social as it creates hurdles for law enforcement to trace suspicious transactions due to anonymity and privacy. To understand how the social and anti-social tendencies in the user base of Bitcoin affect its evolution, there is a need to analyze the Bitcoin system as a network. The current paper aims to explore the local topology and geometry of the Bitcoin network during its first decade of existence. Bitcoin transaction data from 01 Jan 2016 00:00:00 GMT to 08 May 2020 13:21:33 GMT was processed for this purpose to build a Bitcoin user graph.
AB - Bitcoin system (or Bitcoin) is a peer-to-peer and decentralized payment system that uses cryptocurrency named bitcoins (BTCs) and was released as open-source software in 2009. Bitcoin platform has attracted both social and anti-social elements. On the one hand, it is social as it ensures the exchange of value, maintaining trust in a cooperative, community-driven manner without the need for a trusted third party. At the same time, it is anti-social as it creates hurdles for law enforcement to trace suspicious transactions due to anonymity and privacy. To understand how the social and anti-social tendencies in the user base of Bitcoin affect its evolution, there is a need to analyze the Bitcoin system as a network. The current paper aims to explore the local topology and geometry of the Bitcoin network during its first decade of existence. Bitcoin transaction data from 01 Jan 2016 00:00:00 GMT to 08 May 2020 13:21:33 GMT was processed for this purpose to build a Bitcoin user graph.
KW - Bitcoin
KW - Exploratory Data Analysis
KW - Graph Algorithms
KW - Network Science
UR - http://www.scopus.com/inward/record.url?scp=85093977869&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=85093977869&partnerID=8YFLogxK
U2 - 10.1109/ICCCWorkshops49972.2020.9209945
DO - 10.1109/ICCCWorkshops49972.2020.9209945
M3 - Conference contribution
AN - SCOPUS:85093977869
T3 - 2020 IEEE/CIC International Conference on Communications in China, ICCC Workshops 2020
SP - 96
EP - 101
BT - 2020 IEEE/CIC International Conference on Communications in China, ICCC Workshops 2020
PB - Institute of Electrical and Electronics Engineers Inc.
T2 - 2020 IEEE/CIC International Conference on Communications in China, ICCC Workshops 2020
Y2 - 9 August 2020 through 11 August 2020
ER -