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It explains the trustless “trust architecture” enabled by decentralized ledgers and smart contracts, then outlines how blockchain data supports systematic market analysis. The work proposes a novel Bitcoin database and methodology to identify key participants, including network structure, ownership concentration, and miner concentration.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":11,"@type":70,"position":76},"https://docshare.wps.com/template/presentations/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/blockchain-analysis-of-the-bitcoin-market-antoinette-schoar-motivation/560481/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/blockchain-analysis-of-the-bitcoin-market-antoinette-schoar-motivation/560481.png","ImageObject",442,249,{"name":88,"@type":89},"Stanley","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-22","2026-10-12",true,{"@type":98,"interactionType":99,"userInteractionCount":79},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"Why study Bitcoin using blockchain data?","Question",{"text":108,"@type":109},"The material argues that cryptocurrencies are no longer niche and that broad Bitcoin adoption raises open questions about how Bitcoin is used, who the major players are, what risks exist, and how effects may spill over to the real economy.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What is meant by “trustless trust architecture”?",{"text":113,"@type":109},"It refers to a financial architecture where record keeping is decentralized and access is anonymous and unrestricted, enabled by permissionless blockchains and self-executing smart contracts.",{"name":115,"@type":106,"acceptedAnswer":116},"How does the analysis identify main Bitcoin market participants?",{"text":117,"@type":109},"It uses blockchain data converted into a database and links addresses to real-life entities via public and proprietary sources, then analyzes network structure, ownership concentration, and miner concentration.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},560481,1792428577,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":8,"category_name":11,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":79,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":141},2336477405376,"https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0","BLOCKCHAIN ANALYSIS OF THE BITCOIN MARKET  \nAntoinette Schoar  \nBLOCKCHAIN ANALYSIS OF THE BITCOIN MARKET  \nAntoinette Schoar  \nMIT Sloan, NBER, Ideas42  \nMOTIVATION  \n• Cryptocurrencies are no longer a niche market  \n• Many calls for even wider Bitcoin adoption  \n• But many open questions about the utilization of Bitcoin, its major players, potential risks, and spillover effects on the real economy  \nMakarov and Schoar, Blockchain Analysis of the Bitcoin Market  \n“TRUSTLESS TRUST ARCHITECTURE”  \n• Blockchain technology offers the possibility of a different financial architecture where record keeping is decentralized and access to the system is anonymous and unrestricted  \n• Key building blocks  \n• Blockchain: Open-source and permissionless ledger that provides decentralized record keeping  \n• Smart contracts: Self-executing algorithms embedded in the blockchain  \nMakarov and Schoar, Blockchain Analysis of the Bitcoin Market  \nWHAT CAN WE LEARN FROM BLOCKCHAIN DATA?  \n• Systematic analysis of the Bitcoin market using blockchain data  \n• Makarov and Schoar (2021)  \n• A novel Bitcoin database and methodology to identify information about main market participants  \n• Three major pieces of analysis:  \n• Network structure: Analyze transaction volume and network structure of main market participants  \n• Exchanges are central entities; 75% of volume is linked to exchanges  \n• Ownership concentration: Document the ownership concentration of the largest bitcoin investors  \n• High concentration: top 1K investors control 3M BTC, top 10K-5M BTC  \n• Miners: Study the concentration of miners who ensure the integrity of the Bitcoin blockchain  \n• High concentration: 25 miners often control 50% of the total market  \nMakarov and Schoar, Blockchain Analysis of the Bitcoin Market  \nDIGITAL FOOTPRINT OF BITCOIN TRANSACTIONS  \n• Bitcoins are stored in Bitcoin addresses  \n• Bitcoin transactions record how bitcoins move between Bitcoin addresses  \n• Two main challenges:  \n• Bitcoin addresses are easy to generate → potentially many addresses belong to the same entity  \n• Link anonymous Bitcoin addresses to real-life entities  \nMakarov and Schoar, Blockchain Analysis of the Bitcoin Market  \nDATA  \n• Obtain blockchain data using the open-source software of Bitcoin Core and use the BlockSci program to convert raw data into a database  \n• As of June 28, 2021, there are about 650 million Bitcoin transactions and 850 million unique addresses  \n• Link addresses to real-life entities using public and proprietary sources  \n• Scrape cryptocurrency blogs and websites, such as Reddit, [Blockchain.info](Blockchain.info), [bitcointalk.org](bitcointalk.org), [walletexplorer.com](walletexplorer.com), [and Matbea.com](and Matbea.com)  \n• State-of-the-art database of crypto entities from Bitfury Crystal Blockchain, one of the leading providers of anti-money-laundering tools  \nMakarov and Schoar, Blockchain Analysis of the Bitcoin Market  \nDATA, CONTINUED  \n• Most complete information about crypto entities that have been used in academic research  \n• We cover 1,043 of the largest entities  \n• 393 exchanges, 86 gambling sites, 39 on-line wallets, 33 payment processors, 63 mining pools, 35 scammers, 227 ransomware attackers, 151 dark net marketplaces and illegal services  \nMakarov and Schoar, Blockchain Analysis of the Bitcoin Market  \nTRANSACTION VOLUME AND NETWORK STRUCTURE  \nREAL VOLUME DECOMPOSITION  \n• Majority of volume on the Blockchain is for trading activity  \nMakarov and Schoar, Blockchain Analysis of the Bitcoin Market","cbCaimyg9EqboeRY","https://ap.wps.com/l/cbCaimyg9EqboeRY","pdf",12739394,26,"English","# Motivation\n## Trustless trust architecture\n## What can we learn from blockchain data?\n## Digital footprint of bitcoin transactions\n## Data\n## Transaction volume and network structure","[{\"question\":\"Why study Bitcoin using blockchain data?\",\"answer\":\"The material argues that cryptocurrencies are no longer niche and that broad Bitcoin adoption raises open questions about how Bitcoin is used, who the major players are, what risks exist, and how effects may spill over to the real economy.\"},{\"question\":\"What is meant by “trustless trust architecture”?\",\"answer\":\"It refers to a financial architecture where record keeping is decentralized and access is anonymous and unrestricted, enabled by permissionless blockchains and self-executing smart contracts.\"},{\"question\":\"How does the analysis identify main Bitcoin market participants?\",\"answer\":\"It uses blockchain data converted into a database and links addresses to real-life entities via public and proprietary sources, then analyzes network structure, ownership concentration, and miner concentration.\"}]","BLOCKCHAIN ANALYSIS OF THE BITCOIN MARKET - Antoinette Schoar - Motivation | PDF",1791803216,9]