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Improving transaction throughput is an important challenge for Bitcoin. However, shortening the block generation interval or increasing the block size to improve throughput makes it sharing blocks within the network slower and increases the number of orphan blocks. Consequently, the security of the blockchain is sacrificed. To mitigate this, it is necessary to reduce the block propagation delay. Because of the contribution of new Bitcoin protocols and the improvements of the Internet, the block propagation delay in the Bitcoin network has been shortened in recent years. In this study, we identify impacts of compact block relay---an up-to-date Bitcoin protocol---and Internet improvement on the block propagation delay and fork rate in the Bitcoin network from 2015 to 2019. Existing measurement studies could not identify them but our simulation enables it. The experimental results reveal that compact block relay contributes to shortening the block propagation delay more than Internet improvements. The block propagation delay is reduced by 64.5% for the 50th percentile and 63.7% for the 90th percentile due to Internet improvements, and by 90.1% for the 50th percentile and by 87.6% for the 90th percentile due to compact block relay.
Due to the pseudo-anonymity of the Bitcoin network, users can hide behind their bitcoin addresses that can be generated in unlimited quantity, on the fly, without any formal links between them. Thus, it is being used for payment transfer by the actor
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Bitcoin is the first fully decentralized permissionless blockchain protocol and achieves a high level of security: the ledger it maintains has guaranteed liveness and consistency properties as long as the adversary has less compute power than the hon