Evolution analysis of community members for dynamic bitcoin transaction network

Ting-Ting Liu, Min Liu, Qiang Guo and Jian-Guo Liu
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Ting-Ting Liu: Research Center of Complex Systems Science, University of Shanghai for Science and Technology, Shanghai 200093, P. R. China
Min Liu: Research Center of Complex Systems Science, University of Shanghai for Science and Technology, Shanghai 200093, P. R. China
Qiang Guo: Research Center of Complex Systems Science, University of Shanghai for Science and Technology, Shanghai 200093, P. R. China
Jian-Guo Liu: Institute of Accounting and Finance, Shanghai University of Finance and Economics, Shanghai 200433, P. R. China

International Journal of Modern Physics C (IJMPC), 2023, vol. 34, issue 08, 1-11

Abstract: The collective behaviors of community members in dynamic bitcoin transaction network are significant to understand the evolutionary characteristics of communities for bitcoin transaction network. In this paper, we empirically investigate the behavior evolution of new nodes forming communities for the bitcoin transaction network. First, we divide the bitcoin transaction network into multiple time segments, and detect community on each time segment. Then, according to the set similarity method, we mark the community with maximal similarity σ<0.001 at adjacent timestamps as the new community. Finally, we propose an evolution index to illustrate the evolution trend of new nodes forming communities, and introduce the reshuffle model to compare with it. The results show that there are obvious differences in the early stage, and new traders tend to join new communities. However, after August 2011, the trends of before and after reorganization are very similar, which indicates that in bitcoin trading, the behaviors of new traders forming communities become random. Our work may be helpful for the understanding of user behavior characteristics in bitcoin trading, and provide a new perspective for the research of bitcoin transaction network.

Keywords: Community structure; bitcoin transaction network; community evolution; reshuffle model (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1142/S0129183123501036

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