Temporal and Geographical Analysis of Real Economic Activities in the Bitcoin Blockchain

Rafael Ramos Tubino, Remy Cazabet, Natkamon Tovanich and Celine Robardet

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Abstract: We study the real economic activity in the Bitcoin blockchain that involves transactions from/to retail users rather than between organizations such as marketplaces, exchanges, or other services. We first introduce a heuristic method to classify Bitcoin players into three main categories: Frequent Receivers (FR), Neighbors of FR, and Others. We show that most real transactions involve Frequent Receivers, representing a small fraction of the total value exchanged according to the blockchain, but a significant fraction of all payments, raising concerns about the centralization of the Bitcoin ecosystem. We also conduct a weekly pattern analysis of activity, providing insights into the geographical location of Bitcoin users and allowing us to quantify the bias of a well-known dataset for actor identification.

Date: 2023-07
New Economics Papers: this item is included in nep-fdg and nep-pay
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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:2307.08616

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