  This study, to the best of our knowledge for the first time, delves into the
spatiotemporal dynamics of Bitcoin transactions, shedding light on the scaling
laws governing its geographic usage. Leveraging a dataset of IP addresses and
Bitcoin addresses spanning from October 2013 to December 2013, we explore the
geospatial patterns unique to Bitcoin. Motivated by the needs of cryptocurrency
businesses, regulatory clarity, and network science inquiries, we make several
contributions. Firstly, we empirically characterize Bitcoin transactions'
spatiotemporal scaling laws, providing insights into its spending behaviours.
Secondly, we introduce a Markovian model that effectively approximates
Bitcoin's observed spatiotemporal patterns, revealing economic connections
among user groups in the Bitcoin ecosystem. Our measurements and model shed
light on the inhomogeneous structure of the network: although Bitcoin is
designed to be decentralized, there are significant geographical differences in
the distribution of user activity, which has consequences for all participants
and possible (regulatory) control over the system.
