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arXiv · 1502.01657

Bitcoin Transaction Graph Analysis

Michael Fleder·Michael S. Kester·Sudeep Pillai
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Abstract

Bitcoins have recently become an increasingly popular cryptocurrency through which users trade electronically and more anonymously than via traditional electronic transfers. Bitcoin's design keeps all transactions in a public ledger. The sender and receiver for each transaction are identified only by cryptographic public-key ids. This leads to a common misconception that it inherently provides anonymous use. While Bitcoin's presumed anonymity offers new avenues for commerce, several recent studies raise user-privacy concerns. We explore the level of anonymity in the Bitcoin system. Our approach is two-fold: (i) We annotate the public transaction graph by linking bitcoin public keys to "real" people - either definitively or statistically. (ii) We run the annotated graph through our graph-analysis framework to find and summarize activity of both known and unknown users.

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Michael Fleder, Michael S. Kester, Sudeep Pillai. 2015-02-05. Bitcoin Transaction Graph Analysis. https://arxiv.org/abs/1502.01657

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