Statistical Analysis to Bitcoin Transactions Network

Argyrios Kalampakas and Georgios C. Makris

International Journal of Statistics and Probability, 2020, vol. 9, issue 5, 85

Abstract: There is abundantly documented scientific evidence that the financial transactions that have grown rapidly recently, in conjuction with the interest of the public, were due to the sharp rise in the price of Bitcoin in December 2017. As a consequence, a freshly emerging dataset in the research community has emerged. Therefore, the aim of the present investigation was to examine the analyses of data in this newly emerging dataset in the research community. In order to achieve the extraction of data, their conversion to network and finally their fragmentation, the studied variables were analyzed by using two parts of analysis, namely, statistical network analyses and economic activity analyses. Network statistical analyses was employed aiming to analyze, in a holistic approach, the complex systems of modern times which are represented as networks, as it is impossible to analyze them partially, in order to avoid incorrect conclusions. Additionally, the analyses of economic activity, which is related to indicators from the stock market and the economics of science, was used, after it had been transferred and matched with the economic model represented by Bitcoin. The results distinguished the extent of the data generated by the statistical analyses of the networks and the analyses of economic activity. With respect to data presented, we established that the daily transaction networks were scale free networks which were not evolving like ER random networks and they were not defined as the small world. Also, it was demonstrated that daily transaction networks cannot be reproduced in a random way like ER random networks. Furthermore, the opportunities and problems encountered in conducting the present research were briefly presented.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:ibn:ijspjl:v:9:y:2020:i:5:p:85

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