What Is Double-Spending In Blockchain?

What Is Double-Spending In Blockchain

Table of contents

  • What exactly is double-spending?
  • What are the concerns of blockchain with double-spending?
  • How Bitcoin handles the Double Spending Problem?
  • Closing Thoughts

What exactly is double-spending?

In double-spending, a single currency unit gets spent two times simultaneously. Due to this, the transaction record and amount of currency available in the wallet become unclear.

What are the concerns of blockchain with double-spending?

There are mainly two tactics that attackers use to trouble the Bitcoin verification process, they are:

  • Out-computing the security system of blockchain.
  • Double-spending bitcoins by sending an invalid transaction log to a party and a different log to other members of the network.

How Bitcoin handles the Double Spending Problem?

Typically, Bitcoin handles the issue of double-spending by using a confirmation mechanism. In addition to this, it maintains a universal blockchain ledger.

Closing Thoughts

The lack of a central governing entity makes double-spending a concern for Bitcoin. This passes on some to scrutinize the network’s security and authenticity of Bitcoin’s network, validators, and money-related stock. Nonetheless, the network’s disseminated record of exchanges, the blockchain, independently records and checks every exchange’s genuineness and forestalls double counting.

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Rashmeet Kaur

Rashmeet Kaur

Result-oriented Technology expert with good experience in education & technology roles.