The graph structure of bitcoin

Abstract

In this paper we study the structure of the Bitcoin users graph derived from the transactions data stored in the Bitcoin blockchain. This work analyzes the macroscopic structure of the connectivity components of such graph. As our graph represents an economic community, we give an economical interpretation of the different components. To do so we analyze the flow of value between the different components and study the entities contained in each of them. We also perform a temporal analysis of the components evolution to support our economical characterization.