Empirical Analysis of Bitcoin network (2016-2020)

Ajay Kumar, Abhishek Kumar, Pranav Nerurkar, Muhammad Rukunuddin Ghalib, Achyut Shankar, Zheng Wen, Xin Qi

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

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.

Original languageEnglish
Title of host publication2020 IEEE/CIC International Conference on Communications in China, ICCC Workshops 2020
PublisherInstitute of Electrical and Electronics Engineers Inc.
Pages96-101
Number of pages6
ISBN (Electronic)9781728187556
DOIs
Publication statusPublished - 2020 Aug
Event2020 IEEE/CIC International Conference on Communications in China, ICCC Workshops 2020 - Chongqing, China
Duration: 2020 Aug 92020 Aug 11

Publication series

Name2020 IEEE/CIC International Conference on Communications in China, ICCC Workshops 2020

Conference

Conference2020 IEEE/CIC International Conference on Communications in China, ICCC Workshops 2020
CountryChina
CityChongqing
Period20/8/920/8/11

Keywords

  • Bitcoin
  • Exploratory Data Analysis
  • Graph Algorithms
  • Network Science

ASJC Scopus subject areas

  • Computer Networks and Communications
  • Signal Processing
  • Health Informatics
  • Instrumentation

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