# Analyzing the Bitcoin Network: The First Four Years
## 6 Analysis and Results
### Statistics
#### 6.1.2 Bitcoin Business Statistics
\begin{table}
\begin{tabular}{c c c c c} \hline \hline
**Category** & **Content** & **Examples** & **\# Transactions** & **in \%** \\ \hline Gambling & Dice \& Casino Games & SatoshiDice, Betcoins & 7,615,051 & 47.90\% \\ Mining & Mining Pools \& Services & Deepbit, ASICMiner & 689,231 & 4.34\% \\ Exchanges & Exchange Platforms & Mt.Gox, Bitcoin-24 & 293,969 & 1.85\% \\ Wallets & Web Wallets and Clients & Instawallet, Strongcoin & 17,748 & 0.11\% \\ IT & Programming \& Hardware Services & Free Software Foundation & 4515 & 0.03\% \\ Media News & Blogs, Media Channels, News & Wikileaks, Archive.org & 7563 & 0.05\% \\ Vendors & Selling Goods & Room77, Silk Road & 2233 & 0.01\% \\ Donation & Charity \& other Donations & Faucet Donation & 30,612 & 0.19\% \\ Bitcoin Services & Sites offering Information \& Services & Blockexplorer, Bitcoinmonitor & 1420 & 0.01\% \\ Bitcoin OTC & Over the Counter (OTC) Trader & DPP\_, Eleuthria & 5054 & 0.03\% \\ Bitcoin Talk & Bitcoin Forum Users & Quip, Nikkos & 3534 & 0.02\% \\ Misc. & Free BTC Sites \& Advertising & CoinAd, Hashlock & 4123 & 0.03\% \\ Unknown & Not Classified Transactions & n.a. & 7,223,572 & 45.44\% \\
**Total** & - & - & **15,898,625** & 100\% \\ \hline \hline \end{tabular}
\end{table} 
Table 3: Business Tags. This relationship can be seen when computing the ratio of the number of executed transactions divided by their respective value (T/V ratio). Figure 9 shows the ratio, aggregated for every business category. As indicated in the top 25 statistics above, the T/V ratio for the entire dataset confirms the previous result. With a ratio of 25.4, the gambling services carry by far the smallest amount of Bitcoins per transaction; around four Bitcoins are transferred in one transaction on average. The exchanges and vendor business have the smallest ratio with 0.5 and 0.1, respectively. Hence, even on a much larger scale of classified data (~54.56%, exclude n.a.) in comparison to the top 25 businesses (~1.5%), the relationship between the number of transactions and the value stays quiet stable among the business categories. Figure 8: Top 25 Businesses (Value in BTC). Figure 7: Top 25 Businesses (# Transactions). To analyze the transaction value distribution more thoroughly, the transacted value in BTC is arranged in several bins from the lowest transacted value (0.00000001 BTC) to the largest transacted value (500,000 BTC). The business activity in each range is measured by the number of transactions (relationships). A transaction can incorporate several output relationships with different values; hence, the number of relationships was taken to cover the entire spectrum of transacted values. The business categories were ranked according to their portion of relationships within the range, and the top three businesses are presented in Table 4. The first eight bins, which include the transaction values from 0.00000001 to 1.0 BTC, cover around 63% of all relationships. As indicated above, the gambling businesses encompass most of the transactions (relationships) in the network, but with a decreasing trend in higher value regions. In ranges with transacted values above 50 BTC, the major business switches to mining and above 100 BTC to exchanges. An interesting fact is that gambling is the second major business in the range from 50 to 10,000 BTC. The vendors appear at the very end of the range as second major business, which is not surprising when considering the large volumes traded on Silkroad. Other business categories such as gambling, mining, and exchanges are driven by SatoshiDICE, Deepbit, and Mt.Gox, respectively. One needs to be aware of the n.a. column in the table that states what percentage of transactions (relationships) within a range