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how to double spend bitcoin 2017

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People also ask

  • What is double spending of Bitcoin and how does it work?

  • Double spending of Bitcoin, as the name implies, means a situation where the same amount of Bitcoin is spent twice, and no record of such transaction could be found on the blockchain. There鈥檚 no proof that such thing has ever occurred. As you know, Bitcoin, the pioneer of cryptocurrency, is entirely digital and decentralized.

  • Is bitcoin a double-spending problem?

  • In theory, if someone could copy a Bitcoin and use the copy for the second transaction, it will be a double-spending problem without a doubt. Here鈥檚 the catch, though: Bitcoin has fixed the double-spending problem in the very beginning.

  • Can a bitcoin transaction be spent twice?

  • But Bitcoin is digital money, not physical cash. Hence, Bitcoin transactions have a possibility of being copied and rebroadcasted. This opens up the possibility that the same BTC could be spent twice by its owner. How? In our Starbucks example, you paid cash, so the payment was confirmed and verified instantly by another human.

  • Why can鈥檛 you double spend a coin?

  • Because to be able to double spend that coin, the sender has to go back and reverse all transactions in the 6 blocks that have been added after their transaction, which is computationally impossible. If somehow an attacker captures 51% of the hash power of the network, double spending can happen.