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Bitcoin is the first and the most extensive decentralized electroniccryptocurrency system that uses blockchain technology. It uses a peer-to-peer(P2P) network to operate without a central authority and propagate systeminformation such as transactions or blockchain updates. The communicationbetween participating nodes is highly relying on the underlying networkinfrastructure to facilitate a platform. Understanding the impact of peerformation strategies, peer list, and delay are vital on understanding node tonode communication. To this aim, we performed an extensive study on thetransaction characteristic of Bitcoin through a Testbed. The analysis showsthat peer selection strategies affect the transactions propagation andconfirmation time. Moreover, the default distance-based peer selection strategyin Bitcoin performs less when there is high arrival intensity and creates highnumber forks.

Bitcoin P2P Network Measurements: A testbed study of the effect of peer selection on transaction propagation and confirmation times