Quantitative Analysis of the Full Bitcoin Transaction Graph

  • Dorit Ron
  • Adi Shamir
Conference paper
Part of the Lecture Notes in Computer Science book series (LNCS, volume 7859)


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). We downloaded the full history of this scheme, and analyzed many statistical properties of its associated transaction graph. In this paper we 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. In addition, we isolated all the large transactions in the system, and discovered that almost all of them are closely related to a single large transaction that took place in November 2010, even though the associated users apparently tried to hide this fact with many strange looking long chains and fork-merge structures in the transaction graph.


bitcoin digital coins electronic cash payment systems transaction graphs quantitative analysis 


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Copyright information

© Springer-Verlag Berlin Heidelberg 2013

Authors and Affiliations

  • Dorit Ron
    • 1
  • Adi Shamir
    • 1
  1. 1.Department of Computer Science and Applied MathematicsThe Weizmann Institute of ScienceIsrael

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