An Analysis of Anonymity in the Bitcoin System

Fergal Reid
Martin Harrigan
Anonymity in Bitcoin, a peer-to-peer electronic currency system, is a complicated issue. Within the system, users are identified by public-keys only. An attacker wishing to de-anonymize its users will attempt to construct the one-to-many mapping between users and public-keys and associate information external to the system with the users. Bitcoin tries to prevent this attack by storing the mapping of a user to his or her public-keys on that user's node only and by allowing each user to generate as many public-keys as required. In this chapter we consider the topological structure of two networks derived from Bitcoin's public transaction history. We show that the two networks have a non-trivial topological structure, provide complementary views of the Bitcoin system and have implications for anonymity. We combine these structures with external information and techniques such as context discovery and flow analysis to investigate an alleged theft of Bitcoins, which, at the time of the theft, had a market value of approximately half a million U.S. dollars.

Metadata

Year 2012
Peer Reviewed done
Venue PASSAT/SocialCom 2011, Privacy, Security, Risk and Trust (PASSAT), 2011 {IEEE} Third International Conference on and 2011 {IEEE} Third International Conference on Social Computing (SocialCom), Boston, MA
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