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Structure and Anonymity of the Bitcoin Transaction Graph

Author

Listed:
  • Micha Ober

    (Department of Computer Science, TU Darmstadt, Hochschulstr. 10, D-64289 Darmstadt, Germany
    Department of Physics, TU Darmstadt, Pankratiusstr. 2, 64289 Darmstadt, Germany)

  • Stefan Katzenbeisser

    (Department of Computer Science, TU Darmstadt, Hochschulstr. 10, D-64289 Darmstadt, Germany)

  • Kay Hamacher

    (Department of Computer Science, TU Darmstadt, Hochschulstr. 10, D-64289 Darmstadt, Germany
    Department of Physics, TU Darmstadt, Pankratiusstr. 2, 64289 Darmstadt, Germany
    Department of Biology, TU Darmstadt, Schnittspahnstr. 10, 64287 Darmstadt, Germany)

Abstract

The Bitcoin network of decentralized payment transactions has attracted a lot of attention from both Internet users and researchers in recent years. Bitcoin utilizes a peer-to-peer network to issue anonymous payment transactions between different users. In the currently used Bitcoin clients, the full transaction history is available at each node of the network to prevent double spending without the need for a central authority, forming a valuable source for empirical research on network structure, network dynamics, and the implied anonymity challenges, as well as guidance on the future evolution of complex payment systems. We found dynamical effects of which some increase anonymity while others decrease it. Most importantly, several parameters of the Bitcoin transaction graph seem to have become stationary over the last 12–18 months. We discuss the implications.

Suggested Citation

  • Micha Ober & Stefan Katzenbeisser & Kay Hamacher, 2013. "Structure and Anonymity of the Bitcoin Transaction Graph," Future Internet, MDPI, vol. 5(2), pages 1-14, May.
    • Handle: RePEc:gam:jftint:v:5:y:2013:i:2:p:237-250:d:25524
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    Citations

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    Cited by:

    1. Ali, Fahad & Khurram, Muhammad Usman & Sensoy, Ahmet & Vo, Xuan Vinh, 2024. "Green cryptocurrencies and portfolio diversification in the era of greener paths," Renewable and Sustainable Energy Reviews, Elsevier, vol. 191(C).
    2. Z. K. Mohammed & A. A. Zaidan & H. B. Aris & Hassan A. Alsattar & Sarah Qahtan & Muhammet Deveci & Dursun Delen, 2024. "Bitcoin network-based anonymity and privacy model for metaverse implementation in Industry 5.0 using linear Diophantine fuzzy sets," Annals of Operations Research, Springer, vol. 342(2), pages 1193-1233, November.
    3. Valentina Gatteschi & Fabrizio Lamberti & Claudio Demartini & Chiara Pranteda & Víctor Santamaría, 2018. "Blockchain and Smart Contracts for Insurance: Is the Technology Mature Enough?," Future Internet, MDPI, vol. 10(2), pages 1-16, February.
    4. Muhammad MOHSIN & Sobia NASEEM & Larisa IVAȘCU & Lucian-Ionel CIOCA & Muddassar SARFRAZ & Nicolae Cristian STĂNICĂ, 2021. "Gauging the Effect of Investor Sentiment on Cryptocurrency Market: An Analysis of Bitcoin Currency," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 87-102, December.
    5. Gkillas, Konstantinos & Bouri, Elie & Gupta, Rangan & Roubaud, David, 2022. "Spillovers in Higher-Order Moments of Crude Oil, Gold, and Bitcoin," The Quarterly Review of Economics and Finance, Elsevier, vol. 84(C), pages 398-406.
    6. Moussa, Wajdi & Mgadmi, Nidhal & Béjaoui, Azza & Regaieg, Rym, 2021. "Exploring the dynamic relationship between Bitcoin and commodities: New insights through STECM model," Resources Policy, Elsevier, vol. 74(C).
    7. Nadia Pocher & Mirko Zichichi & Fabio Merizzi & Muhammad Zohaib Shafiq & Stefano Ferretti, 2023. "Detecting anomalous cryptocurrency transactions: An AML/CFT application of machine learning-based forensics," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-17, December.
    8. Seyed Alireza Athari & Ngo Thai Hung, 2022. "Time–frequency return co-movement among asset classes around the COVID-19 outbreak: portfolio implications," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 46(4), pages 736-756, October.
    9. Karau, Sören, 2021. "Monetary policy and Bitcoin," Discussion Papers 41/2021, Deutsche Bundesbank.
    10. Valeriia Dyntu & Oleg Dykyj, 2021. "Cryptocurrency As An Instrument Of Terrorist Financing," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 7(5).
    11. Rico-Peña, Juan Jesús & Arguedas-Sanz, Raquel & López-Martin, Carmen, 2023. "Models used to characterise blockchain features. A systematic literature review and bibliometric analysis," Technovation, Elsevier, vol. 123(C).
    12. Wang Guizhou & Zhang Si & Yu Tao & Ning Yu, 2021. "A Systematic Overview of Blockchain Research," Journal of Systems Science and Information, De Gruyter, vol. 9(3), pages 205-238, June.
    13. Karau, Sören, 2023. "Monetary policy and Bitcoin," Journal of International Money and Finance, Elsevier, vol. 137(C).
    14. Matthias Lischke & Benjamin Fabian, 2016. "Analyzing the Bitcoin Network: The First Four Years," Future Internet, MDPI, vol. 8(1), pages 1-40, March.
    15. Baş Tuğba & Özaydın Orhan & Dura Yahya Can, 2023. "Does Bitcoin Affect Term Deposits? Evidence from MINT Countries," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 17(1), pages 1-13.
    16. Francisco Javier García-Corral & José Antonio Cordero-García & Jaime de Pablo-Valenciano & Juan Uribe-Toril, 2022. "A bibliometric review of cryptocurrencies: how have they grown?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-31, December.

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