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arXiv · 1711.11499

Google matrix of Bitcoin network

Leonardo Ermann·Klaus M. Frahm·Dima L. Shepelyansky
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Abstract

We construct and study the Google matrix of Bitcoin transactions during the time period from the very beginning in 2009 till April 2013. The Bitcoin network has up to a few millions of bitcoin users and we present its main characteristics including the PageRank and CheiRank probability distributions, the spectrum of eigenvalues of Google matrix and related eigenvectors. We find that the spectrum has an unusual circle-type structure which we attribute to existing hidden communities of nodes linked between their members. We show that the Gini coefficient of the transactions for the whole period is close to unity showing that the main part of wealth of the network is captured by a small fraction of users.

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Leonardo Ermann, Klaus M. Frahm, Dima L. Shepelyansky. 2017-11-30. Google matrix of Bitcoin network. https://doi.org/10.1140/epjb%2Fe2018-80674-y

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