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What is Bitcoin double spending

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Written by   268
2 years ago

Bitcoin double spending is a very common problem. You may also be a victim of double spending. So before you fall into the trap of bitcoin double spending, know what is double spending?

What is double spending?

The general meaning of double spending is to spend twice. So, what is double spending, knowing its general meaning, it is understood that bitcoin can be double spending.

It will be much easier if we try to understand what double spending is with small examples.

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Suppose, I want to buy a car and its price is 5 lakh rupees. Now to buy a car, I can also order online and go to the "sleep" room. Assuming I go to the "sleep" room to buy a car.

Originally I went to the "sleep" room to buy a car at 1 o'clock. I went to the "So" room and liked my two cars. The price of the second car I like is also 5 lakh rupees. In other words, if I want to buy two cars now, I need 10 lakh rupees. But I have only 5 lakh rupees. Now I can't pay for two cars with this 5 lakh. So helpless, I bought a car with 5 lakh rupees in cash to pay the price of any one car.

Now the 5 lakh rupees that I paid the seller to buy the car, can I spend the second time? Certainly not.

This means that there is no opportunity for double spending offline or in our regular transaction method.

However, in the case of bitcoin transactions, there is a problem of double spending.

Let's go back to the previous example.

To understand the matter, I took 1 bitcoin equal to 5 lakh rupees. Suppose now I want to buy a car. I liked two cars in two "sleep" rooms through various online ghataghati. And I have 1 bitcoin. But I liked my car at 2 o'clock. Both cost 5 lakh rupees or 1 bitcoin. That means I need 2 bitcoins if I want to buy two cars. But my capital is 1 bitcoin. Now I thought I would double spending this 1 bitcoin.

Suppose the name of the first "so" room is Honda Motors

And the name of the second "so" room is Toyota Motors

Now I sent 1 bitcoin to two "So" rooms at the same time as Honda Motors and Toyota Motors as car payments in two "So rooms". In other words, I sent 1 bitcoin in a double transaction (wallet address) at the same time.

Now after I send Bitcoin that transaction will be deposited in a pool. Where thousands of unconfirmed transactions are lying. In other words, the transactions that have not yet started mining by accepting any minor.

What is Bitcoin Double Spending? double-spending-one-miner

Assuming that a minor accepted the transaction sent to Honda Motors, he started mining to build the block. Then the transaction sent to my Toyota Motors lying in the pool will be invalidated and will be dropped from the pool. In this case, the transaction sent to Honda Motors will be valid.

Think again, two of the transactions I sent at the same time accepted two minor transactions and started mining.

Suppose A minor picks up the transaction of Honda Motors.

And B Minor has picked up the transaction sent to Toyota Mortz.

Now the transaction between the two minors whose transaction can create the 1st confirmation will be valid and the other will be invalid and will be dropped from the network. If the A Minor receives 1st confirmation in the transaction sent to Honda Motors, the B Minor transaction will be canceled.

This is double spending.

How does blockchain solve double spending?

double-spending-solve-2-miner

Suppose again, after picking up two transactions, both A Minor and B Minor got 1st confirmation at the same time. In this case a competition will start between the two transactions. In this contest, it will be seen in which transaction (minor) the next confirmation can be brought first.

Suppose A Minor's transaction received a second confirmation before B Minor received a second confirmation in a transaction sent to Toyota. In that case, the transaction sent to Honda Motors, which A Minor was mining, would be canceled. In other words, the blockchain will delete that transaction due to being invalid.

This is how blockchain solves double spending.

How to avoid the danger of double spending?

If you buy Bitcoin from someone or want to accept it as a payment, you may also be a victim of double spending. So if you want to avoid double spending, you need to wait for at least 7 confirmations. Now if you pay the price of Bitcoin after receiving 1 or 2 confirmations or think that you have received Bitcoin as payment, give the thing to the customer, then you may be in danger. So for security it is necessary to wait till that confirmation for the validity of the transaction

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Written by   268
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Comments

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2 years ago

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2 years ago

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2 years ago

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2 years ago

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2 years ago

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2 years ago

Nice article about bitcoin double spending... Good

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2 years ago

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2 years ago

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2 years ago