Many enthusiasts follow its progress by visiting a Block Explorer to view address history, daily transactions, or the daily price movements but few dig deeper to interpret the flow of information that the Blockchain provides.By analyzing the activity, we can learn about trends in the Bitcoin ecosystem outside of the usual hype and conjecture.Looking under the Blockchain’s hood requires complex analysis.John Ratcliff, who is an accomplished programmer, has recently brought attention to the space by posting an in-depth piece analyzing data from the blockchain in 2014.For his research, Ratcliff created a script that can analyze blockchain data and create actionable insights from it.By looking at these insights, several conclusions can be drawn about many ways Bitcoin has been used since it's creation, with highlight on 2014 as adoption increased and usage matured.In 2014, there were 42,145 multi-signature transactions recorded on the blockchain out of the 3.5 million total transactions.Multi-signature addresses have unique functionality that can be used for escrow, joint accounts and personal security but have still alluded mainstream adoption in terms of Bitcoin volume and number of accounts.

Mult-signature functionality is just one incantation of P2SH addresses.Multi-signature adds a step that many casual users may not be interested in.Requiring individual users to manage private keys and is a large barrier when most users want the ease of use they get with a simple mobile or web wallet and two-factor-authentication.However, since we’ve seen a rise in adoption over 2014, in terms of the volume of Bitcoins with P2SH and multi-signature technology it shows positive indicators to the security of moving money through the blockchain: Stealth transactions allow a user to send Bitcoins with an output that is recoverable by another user’s public key with heightened difficulty of being tracked.While the security benefits are there, only about 1,000 transactions have taken place in 2014.This is likely because it is not widely adopted in wallets and is not understood by users.However, anonymity features like coin-join, ring signatures, and stealth addresses have gotten a lot of media attention.

It may be a few more years before privacy features become widely adopted and easy enough for the average user to use, but stealth transactions appear to only be used by a handful of developers and security enthusiasts.has been regarded as a widely exploited issue plaguing Bitcoin.bitcoin gambling iphoneDuring the period of the Mt.best linux bitcoin mining softwareGox scandal and other exchange hacks, it was repeatedly claimed that transaction malleability led to the issues they faced and the theft that followed.bitcoin litecoin online walletHowever, Ratcliff’s Blockchain analysis showed that the use of this exploit, or edge-case, was virtually non-existent, and the claim that exchanges lost funds do to this reason was likely false and used as a mask for the other issues that were affecting their systems.beli bitcoin online

Of the 35.2 million transactions in 2014, roughly 750,000 were dust transactions, or transactions of miniscule amounts.These transactions were likely due to gaming, tipping, and microtransactions.In addition, it has become increasingly more standard to generate new public keys for each transaction, a trend that continued to increase through 2014.bitcoin flashbackWith Bitcoin in existence for over six years now, we’ve seen stagnant accounts (also called zombie addresses) still holding value.ethereum miner for saleThese account have held huge amounts of Bitcoins, and yet remain unmoved.bitcoin exchange script for saleIn 2014, 78,000 coins arose from 3 years silence or more and were at least moved from one address to another.bitcoin baby jet

While we don’t have direct evidence of the destination of these coins, one wonders if it could be the mysterious bear whale or someone investing in a project like Ethereum.Regardless, it appears some early adopters are moving their coins.bitcoin mining ipad 2In the overall distribution, the most coins are held in the two-year-old account period, meaning they remained unmoved even during the Bitcoin price rise in early 2014.One could infer they were generally unconcerned about the short-term monetary gains of their holdings and some are possibly due to lost private keys.In the end, from this great data that Ratcliff has provided, we’ve learned a number of things.Primarily, the large consolidation of coins moved via P2SH and multi-signature shows that these new features are becoming trusted and proven reliable, which may give investors more confidence in holding and moving large funds in 2015.We’ve seen a growth in Bitcoin addresses and transactions, but it’s difficult to correlate that to user adoption since most wallets generate fresh addresses; it could just be the existing users becoming more active users.

We also can still tell that a large number of coins are consolidated in old accounts, some possibly lost or abandoned, or dormant and held by users not swayed by monetary fluctuations or other market factors.Finally, for a fun read, Ratcliff has collected all ASCII information submitted in transactions to the blockchain including Satoshi Nakamoto’s original quote: here.All ASCII Text messages in blockchain Best summarized in the chart above 'Bitcoin Value Distribution % by Age' Pie-Chart & this chart here: This above chart shows that 25% of all bitcoins change hands every few months, indicating a healthy level of liquidity and velocity of money.It is important to note that traditional stocks, bonds & commodities do not changes hands this often!Thanks again to John Ratcliff for doing the data mining to bring us this Intel.The data is rich and we are sure there are many more findings: What does the community think of this data?Let us know in the comments below.Bitcoin Price Charts for Technical Analysis High quality bitcoin price charts can be hard to find and if you’re investing in or trading bitcoin you’ll want the best charting tools available.

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