Bitcoin Double Spend
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Truth and facts
- In short, double spending is a situation where a person spend the same digital money twice.
- Double spending is the key technical problem for digital currency system to run flawlessly, and Satoshi Nakamoto has successfully solved the double spending problem with Bitcoin.
How Bitcoin shields you from Double Spending
What is double spending?
What is Double Spending
Frequently asked questions
- What is Double Spending?
- Double spending is a situation where a person has a digital asset or an amount of digital currency but spend the same money twice. In other words, a person give a digital asset to two different people at the same time.
- What is the problem with Double Spend?
- The main problem with digital currencies is that how can you prevent a person from giving a digital asset to two people at the same time, since digital assets are very vulnerable to copy. If a system cannot solve this Double Spend problem, then the digital system will crash and won't be a success, which is similar to many digital currency system before Bitcoin.
- How does Bitcoin solve the Double Spending problem?
- The actual mathematical system used to solve Double Spending problem is quite complex. To make sure that all Bitcoin transactions are valid and without double spends, the rewards for doing the work of processing transactions is tied to the system, which is called Bitcoin mining. In other words, you will be rewarded new bitcoins for making sure there are no double spending happens in transactions, through a process called proof-of-work in Bitcoin mining.
- A detail review and explanation on Bitcoin Double Spending.