Performance and Analysis of Propagation Delay in the Bitcoin Network

Bitcoin denotes virtual money that relies on a P2P network to spread and validate transactions. Because it is decentralized, Bitcoin is different from conventional currencies. In this study, we provide an event-based simulated model of the Bitcoin P2P network. To allow accurate parameterization of the provided simulation model, extensive evaluation of the actual Bitcoin network is made. Additionally, validation findings show that the simulation model performs very identically to the actual Bitcoin network. Here the suggested Bitcoin Clustering Based Super Node (BCBSN) protocol is evaluated using the built simulation model as a means of accelerating information transmission in the Bitcoin network. The results of the evaluation demonstrate that the proposed clustering methodology may minimize the transaction propagation latency by a respectable amount.