Complex Network Analysis of the Bitcoin Transaction Network
Abstract
In this brief, we conduct a complex-network analysis of the Bitcoin transaction network. In particular, we design a new sampling method, namely random walk with flying-back (RWFB), to conduct effective data sampling. We then conduct a comprehensive analysis of the Bitcoin network in terms of the degree distribution, clustering coefficient, the shortest-path length, connected component, centrality, assortativity, and the rich-club coefficient. We obtain several important observations including the small-world phenomenon, multi-center status, preferential attachment, and non-rich-club effect of the current network. This work brings up an in-depth understanding of the current Bitcoin blockchain network and offers implications for future directions in malicious activity and fraud detection in cryptocurrency blockchain networks.
Cite
@article{arxiv.2203.09026,
title = {Complex Network Analysis of the Bitcoin Transaction Network},
author = {Bishenghui Tao and Hong-Ning Dai and Jiajing Wu and Ivan Wang-Hei Ho and Zibin Zheng and Chak Fong Cheang},
journal= {arXiv preprint arXiv:2203.09026},
year = {2022}
}
Comments
6 pages, 4 figures