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Bitcoin is the first decentralized peer-to-peer (P2P) electronic currency. It was created in November 2008 by Satoshi Nakamoto. Nakamoto released the first implementation of the protocol in an open source client software and the genesis of…

Computers and Society · Computer Science 2016-04-20 Ricardo Perez-Marco

Research in the field of blockchain technology and applications is increasing at a fast pace. Although the Bitcoin whitepaper by Nakamoto is already ten years old, the field can still be seen as immature and at an early stage. Current…

Distributed, Parallel, and Cluster Computing · Computer Science 2019-07-23 Christopher Ehmke , Florian Blum , Volker Gruhn

Bitcoin is a popular alternative to fiat money, widely used for its perceived anonymity properties. However, recent attacks on Bitcoin's peer-to-peer (P2P) network demonstrated that its gossip-based flooding protocols, which are used to…

Cryptography and Security · Computer Science 2017-03-28 Giulia Fanti , Pramod Viswanath

Bitcoin is a cryptocurrency attracting a lot of interest both from the general public and researchers. There is an ongoing debate on the question of users' anonymity: while the Bitcoin protocol has been designed to ensure that the activity…

Cryptography and Security · Computer Science 2019-06-14 Remy Cazabet , Baccour Rym , Latapy Matthieu , Cazabet Remy

In traditional banking, repeated deposit-and-lend cycles let a single dollar of reserves support multiple dollars of claims. Decentralized finance produces an analogous structure with tokens. Constructing a Token Graph of 10,200 tokens…

General Economics · Economics 2026-03-31 Wenbin Wu

A key challenge for Bitcoin cryptocurrency holders, such as startups using ICOs to raise funding, is managing their FX risk. Specifically, a misinformed decision to convert Bitcoin to fiat currency could, by itself, cost USD millions. In…

Risk Management · Quantitative Finance 2018-05-15 Cuneyt Akcora , Matthew Dixon , Yulia Gel , Murat Kantarcioglu

The open availability of the entire history of the Bitcoin transactions opens up the possibility to study this system at an unprecedented level of detail. This contribution is devoted to the analysis of the mesoscale structural properties…

Statistical Finance · Quantitative Finance 2025-12-01 Nicolò Vallarano , Tiziano Squartini , Claudio J. Tessone

We construct and study the Google matrix of Bitcoin transactions during the time period from the very beginning in 2009 till April 2013. The Bitcoin network has up to a few millions of bitcoin users and we present its main characteristics…

Social and Information Networks · Computer Science 2018-06-29 Leonardo Ermann , Klaus M. Frahm , Dima L. Shepelyansky

Decentralization has been widely acknowledged as a core virtue of blockchains. However, in the past, there have been few measurement studies on measuring and comparing the actual level of decentralization between existing blockchains using…

Cryptography and Security · Computer Science 2021-02-03 Qinwei Lin , Chao Li , Xifeng Zhao , Xianhai Chen

Bitcoin is the first and the most extensive decentralized electronic cryptocurrency system that uses blockchain technology. It uses a peer-to-peer (P2P) network to operate without a central authority and propagate system information such as…

Distributed, Parallel, and Cluster Computing · Computer Science 2022-05-03 Befekadu G. Gebraselase , Bjarne E. Helvik , Yuming Jiang

Proof of work cryptocurrencies began with the promise of a more egalitarian future with a decentralized monetary system with no powerful entities in charge. While this vision is far from realized, these cryptocurrencies are still touted to…

Cryptography and Security · Computer Science 2022-03-31 Sishan Long , Soumya Basu , Emin Gün Sirer

Privacy protection mechanisms are a fundamental aspect of security in cryptocurrency systems, particularly in decentralized networks such as Bitcoin. Although Bitcoin addresses are not directly associated with real-world identities, this…

Cryptography and Security · Computer Science 2026-03-19 Shihan Zhang , Bing Han , Chuanyong Tian , Ruisheng Shi , Lina Lan , Qin Wang

Sensor networks and Wireless Sensor Networks (WSN) are key components for the development of the Internet of Things. These networks are subject of two kinds of constraints. Adaptability by the mean of mutability and evolutivity, and…

Cryptography and Security · Computer Science 2017-06-07 Axel Moinet , Benoît Darties , Jean-Luc Baril

Bitcoin is a digital currency and electronic payment system operating over a peer-to-peer network on the Internet. One of its most important properties is the high level of anonymity it provides for its users. The users are identified by…

Applications · Statistics 2019-04-12 Péter L. Juhász , József Stéger , Dániel Kondor , Gábor Vattay

Bitcoin is the world's first decentralized digital currency. Its main technical innovation is the use of a blockchain and hash-based proof of work to synchronize transactions and prevent double-spending the currency. While the qualitative…

Cryptography and Security · Computer Science 2014-02-12 Meni Rosenfeld

Blockchain (BC) systems are highly distributed peer-to-peer networks that offer an alternative to centralized services and promise robustness to coordinated attacks. However, the resilience and overall security of a BC system rests heavily…

Networking and Internet Architecture · Computer Science 2021-07-06 Aristodemos Paphitis , Nicolas Kourtellis , Michael Sirivianos

The aim of this paper is to analyse the Bitcoin in order to shed some light on its nature and behaviour. We select 9 cryptocurrencies that account for almost 75\% of total market capitalisation and compare their evolution with that of a…

Statistical Finance · Quantitative Finance 2023-09-08 Esther Cabezas-Rivas , Felipe Sánchez-Coll , Isaac Tormo-Xaixo

Bitcoin is a decentralized, pseudonymous cryptocurrency that is one of the most used digital assets to date. Its unregulated nature and inherent anonymity of users have led to a dramatic increase in its use for illicit activities. This…

Cryptography and Security · Computer Science 2019-10-16 Francesco Zola , Maria Eguimendia , Jan Lukas Bruse , Raul Orduna Urrutia

Cryptocurrencies aim to replicate physical cash in the digital realm while removing centralized and trusted intermediaries. Decentralization is achieved by the blockchain, a permanent public ledger that contains a record of every…

Cryptography and Security · Computer Science 2024-06-04 Domokos Miklós Kelen , István András Seres

A cryptocurrency is a decentralized digital currency that is designed for secure and private asset transfer and storage. As a currency, it should be difficult to counterfeit and double-spend. In this paper, we review and analyze the major…

Cryptography and Security · Computer Science 2019-04-26 Ehab Zaghloul , Tongtong Li , Matt Mutka , Jian Ren