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Mapping network structures and dynamics of decentralised cryptocurrencies: The evolution of Bitcoin (2009-2023).
Marco Venturini1,2, Daniel García-Costa3, Elena Álvarez-García3
1Department of Social and Political Sciences, University of Milan, Milan, Italy.
Plos One
|August 18, 2025
Summary
Bitcoin
Area of Science:
- Network Science
- Financial Technology
- Cryptocurrency Analysis
Background:
- Cryptocurrencies are increasingly integrated into global financial systems.
- Monitoring cryptocurrency evolution is vital for assessing long-term financial sustainability.
- Bitcoin's market capitalization and value have seen significant growth.
Purpose of the Study:
- To reconstruct Bitcoin's network structures and dynamics from inception to December 2023.
- To identify key evolutionary phases of the Bitcoin network.
- To evaluate Bitcoin's long-term sustainability as a financial exchange system.
Main Methods:
- Network reconstruction and dynamic analysis of Bitcoin data from January 2009 to December 2023.
- Identification of distinct evolutionary phases within the Bitcoin network.
- Analysis of network centralization and wealth concentration trends.
Main Results:
- Bitcoin's network structure and dynamics exhibit three distinct evolutionary phases: Exploration, Adaptation, and Maturity.
- Network centralization and wealth concentration have increased since Bitcoin's early years.
- These trends are endogenous to the system, driven by a 'richer-get-richer' mechanism.
Conclusions:
- Bitcoin exhibits a highly centralized structure with significant wealth inequality.
- Internally crystallized power dynamics are evident within the Bitcoin network.
- These characteristics raise concerns about Bitcoin's long-term sustainability as a financial exchange system.
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