What is double spending?

Double spending is possible with cryptocurrency. So today I will discuss double spending among you.

In fact, double spending is spending twice as much. That means you'll have to spend $ 5 twice that amount. Simply put, you have $ 5, but you both pay $ 5. But, to send the two of you for $ 5, you need a total of $ 10. But you have $ 5. And the name of giving these $ 5 dollars to two people at the same time is double spending.

Double spending is possible in the crypto world, but you can't do double spending offline. Because, if you buy something offline, you have to pay immediately. There is no chance of double spending offline. However, with cryptocurrency you can easily do double spending.

Example: Suppose you are a buyer. And you went to a cosmetics showroom. And going there you will buy body perfume. You went to a store and you liked the perfume in that store. But you entered another store and you liked another perfume. And then you wanted to buy two perfumes from two stores. Suppose the price of both perfumes is $ 5, and if you want to buy two perfumes you need $ 10. But you have $ 5. And then you buy two perfumes, then you order two perfumes and send $ 5 crypto currency or bitcoin at the same time to the crypto address of the two stores. And then the notification will go in their wallet. And this way you can use the same money twice.

But now the question is, who will get that 5? Then I say who will get that dollar. $ 5 will send two at the same time. And then a pool will be created in the blockchain. Mining will then create blocks to take $ 5 to two addresses. The miner who can do the mining first will get $ 5, and the transaction at the other store will be canceled. Because, blockchain deletes data of invalid transactions. So we should be careful in using cryptocurrency.

Let me give another example, when we make a deposit we see that it shows confirmation. If the confirmation is not complete, the transaction will be canceled.

So, we can be the acknowledgment of double spending. So we will not provide anything until the confirmation is complete.