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The Bitcoin P2P Network

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The Bitcoin virtual currency is built on the top of a decentralized peer-to-peer (P2P) network used to propagate system information such as transactions or blockchain updates. In this paper, we have performed a data collection process identifying more than 872000 different Bitcoin nodes. This data allows us to present information on the size of the Bitcoin P2P network, the node geographic distribution, the network stability in terms of interrupted availability of nodes, as well as some data regarding the propagation time of the transmitted information. Furthermore, although not every Bitcoin user can be identified as a P2P network node, measurements of the P2P network can be considered as a lower bound for Bitcoin usage, and they provide interesting results on the adoption of such virtual currency.
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... Bitcoin operates to distribute the ledger among all the participants in a flooding P2P network [7]. When a node tries to join the Bitcoin network, it uses a hardcoded seed to reach out to the nodes nearby. ...
... This is easy to do between a few nodes. Our setup mimics the actual Bitcoin network of 5670-7279 active full nodes [7] [16]. The Bitcoin documentation states that a node chooses a peer within shorter latency. ...
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