Abstract:

In this brief, we conduct a complex-network analysis of the Bitcoin transaction network. In particular, we design a new sampling method, namely random walk with flying-back (RWFB), to conduct effective data sampling. We then conduct a comprehensive analysis of the Bitcoin network in terms of the degree distribution, clustering coefficient, the shortest-path length, connected component, centrality, assortativity, and the rich-club coefficient. We obtain several important observations including the small-world phenomenon, multi-center status, preferential attachment, and non-rich-club effect of the current network. This work brings up an in-depth understanding of the current Bitcoin blockchain network and offers implications for future directions in malicious activity and fraud detection in cryptocurrency blockchain networks.

Bibtex

@ARTICLE{9614336,
  author={Tao, Bishenghui and Dai, Hong-Ning and Wu, Jiajing and Ho, Ivan Wang-Hei and Zheng, Zibin and Cheang, Chak Fong},
  journal={IEEE Transactions on Circuits and Systems II: Express Briefs}, 
  title={Complex Network Analysis of the Bitcoin Transaction Network}, 
  year={2022},
  volume={69},
  number={3},
  pages={1009-1013},
  doi={10.1109/TCSII.2021.3127952}
}