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

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  • Rafael Ramos Tubino
  • Remy Cazabet
  • Natkamon Tovanich
  • Celine Robardet

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.

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  • Rafael Ramos Tubino & Remy Cazabet & Natkamon Tovanich & Celine Robardet, 2023. "Temporal and Geographical Analysis of Real Economic Activities in the Bitcoin Blockchain," Papers 2307.08616, arXiv.org.
    • Handle: RePEc:arx:papers:2307.08616
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    File URL: http://arxiv.org/pdf/2307.08616
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    References listed on IDEAS

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    1. Fabian Nemeczek & Daniel Weiss, 2023. "Insights on Crypto Investors from a German Personal Finance Management App," JRFM, MDPI, vol. 16(4), pages 1-38, April.
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    1. Rafael Ramos Tubino & Rémy Cazabet & Natkamon Tovanich & Céline Robardet, 2023. "Temporal and Geographical Analysis of Real Economic Activities in the Bitcoin Blockchain," Post-Print hal-04188062, HAL.

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