Exploring the Bitcoin Network

Annika Baumann, Benjamin Fabian, Matthias Lischke

2014

Abstract

This explorative paper focuses on descriptive statistics and network analysis of the Bitcoin transaction graph based on recent data using graph mining algorithms. The analysis is carried out on different aggregations and subgraphs of the network. One important result concerns the relationship of network usage and exchange rate, where a strong connection could be confirmed. Moreover, there are indicators that the Bitcoin system is a “small world” network and follows a scale-free degree distribution. Furthermore, an example of how important network entities could be deanonymized is presented. Our study can serve as a starting point in investigating anonymity and economic relationships in Bitcoin on a new structural level.

Paper Citation

in Harvard Style

Baumann A., Fabian B. and Lischke M. (2014). Exploring the Bitcoin Network . In Proceedings of the 10th International Conference on Web Information Systems and Technologies - Volume 1: WEBIST, ISBN 978-989-758-023-9, pages 369-374. DOI: 10.5220/0004937303690374

in Bibtex Style

@conference{webist14,
author={Annika Baumann and Benjamin Fabian and Matthias Lischke},
title={Exploring the Bitcoin Network},
booktitle={Proceedings of the 10th International Conference on Web Information Systems and Technologies - Volume 1: WEBIST,},
year={2014},
pages={369-374},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0004937303690374},
isbn={978-989-758-023-9},
}

in EndNote Style

TY - CONF
JO - Proceedings of the 10th International Conference on Web Information Systems and Technologies - Volume 1: WEBIST,
TI - Exploring the Bitcoin Network
SN - 978-989-758-023-9
AU - Baumann A.
AU - Fabian B.
AU - Lischke M.
PY - 2014
SP - 369
EP - 374
DO - 10.5220/0004937303690374