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This study, to the best of our knowledge for the first time, delves into thespatiotemporal dynamics of Bitcoin transactions, shedding light on the scalinglaws governing its geographic usage. Leveraging a dataset of IP addresses andBitcoin addresses spanning from October 2013 to December 2013, we explore thegeospatial patterns unique to Bitcoin. Motivated by the needs of cryptocurrencybusinesses, regulatory clarity, and network science inquiries, we make severalcontributions. Firstly, we empirically characterize Bitcoin transactions'spatiotemporal scaling laws, providing insights into its spending behaviours.Secondly, we introduce a Markovian model that effectively approximatesBitcoin's observed spatiotemporal patterns, revealing economic connectionsamong user groups in the Bitcoin ecosystem. Our measurements and model shedlight on the inhomogeneous structure of the network: although Bitcoin isdesigned to be decentralized, there are significant geographical differences inthe distribution of user activity, which has consequences for all participantsand possible (regulatory) control over the system.

The Spatiotemporal Scaling Laws of Bitcoin Transactions