An Analysis of Transaction Handling in Bitcoin
Befekadu G. Gebraselase, Bjarne E. Helvik, Yuming Jiang

TL;DR
This paper analyzes Bitcoin's transaction handling to understand and predict transaction confirmation times, block attributes, and miner behaviors, revealing that some models predict block features well but struggle with transaction times and miner identities.
Contribution
It provides a detailed analysis of Bitcoin transaction handling and evaluates the predictability of key transaction and block attributes.
Findings
Models predict block attributes reasonably well
Prediction of transaction confirmation time is challenging
Miner identity prediction is less accurate
Abstract
Bitcoin has become the leading cryptocurrency system, but the limit on its transaction processing capacity has resulted in increased transaction fees and delayed transaction confirmation. As such, it is pertinent to understand and probably predict how transactions are handled by Bitcoin such that a user may adapt the transaction requests and a miner may adjust the block generation strategy and/or the mining pool to join. To this aim, the present paper introduces results from an analysis of transaction handling in Bitcoin. Specifically, the analysis consists of two-part. The first part is an exploratory data analysis revealing key characteristics in Bitcoin transaction handling. The second part is a predictability analysis intended to provide insights on transaction handling such as (i) transaction confirmation time, (ii) block attributes, and (iii) who has created the block. The…
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Taxonomy
TopicsBlockchain Technology Applications and Security · Data Stream Mining Techniques · Cloud Computing and Resource Management
