The Evolution of the Bitcoin Economy: Extracting and Analyzing the Network of Payment Relationships

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In this paper, we gather together the minimum units of Bitcoin identity (the individual addresses), and group them into approximations of business entities, what we call “super clusters”. While these clusters can remain largely anonymous, we are able to ascribe many of them to particular business categories by analyzing some of their specific transaction patterns, as observed during the period from 2009-2015. We are then able to extract and create a map of the network of payment relationships among them, and analyze transaction behavior found in each business category. [from the source]

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