Quantitative Analysis of the Full Bitcoin Transaction Graph

The Bitcoin scheme is a rare example of a large scale global payment system in which all the transactions are publicly accessible (but in an anonymous way). The authors downloaded the full history of this scheme, and analyzed many statistical properties of its associated transaction graph. In this paper, they answer for the first time a variety of interesting questions about the typical behavior of users, how they acquire and how they spend their bitcoins, the balance of bitcoins they keep in their accounts, and how they move bitcoins between their various accounts in order to better protect their privacy.

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