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Temporal and Geographical Analysis of Real Economic Activities in the Bitcoin Blockchain

Abstract

We study the real economic activity in the Bitcoin blockchain that involves transactions from/to retail users rather than between organizations such as marketplaces, exchanges, or other services. We first introduce a heuristic method to classify Bitcoin players into three main categories: Frequent Receivers (FR), Neighbors of FR, and Others. We show that most real transactions involve Frequent Receivers, representing a small fraction of the total value exchanged according to the blockchain, but a significant fraction of all payments, raising concerns about the centralization of the Bitcoin ecosystem. We also conduct a weekly pattern analysis of activity, providing insights into the geographical location of Bitcoin users and allowing us to quantify the bias of a well-known dataset for actor identification.
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Dates and versions

hal-04188062 , version 1 (25-08-2023)

Identifiers

  • HAL Id : hal-04188062 , version 1

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Rafael Ramos Tubino, Rémy Cazabet, Natkamon Tovanich, Céline Robardet. Temporal and Geographical Analysis of Real Economic Activities in the Bitcoin Blockchain. LIMBO@ECML/PKDD 2023: International workshop on LearnIng and Mining for BlOckchains, Sep 2023, Turin, Italy. ⟨hal-04188062⟩
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