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Title: What is double spending? Post by: demsybtc on August 18, 2017, 05:57:24 AM Hi guys,
Can anyone explain double spending in regards to BTC? Thanks! Title: Re: What is double spending? Post by: efeaydin on August 18, 2017, 06:57:19 AM For example you have 1 bitcoin, you send it to someone with 0.00001 fee and he sends you money.
Before it gets confirmed, you send 1 bitcoin and you send it to yourself with higher fee. Title: Re: What is double spending? Post by: demsybtc on August 18, 2017, 07:00:42 AM thanks for the explanation!
Title: Re: What is double spending? Post by: sabbathhawk on August 18, 2017, 11:18:45 AM Hi guys, Can anyone explain double spending in regards to BTC? Thanks! In fact double spending is impossible in bitcoin. This is one of the reasons it was created. Previous reply said you correct, but it does not mean that bitcoin would be double spend. Address that you've send with lower fee will not receive bitcoins. Therefore you need to wait at least few confirmations to be sure that bitcoins is yours Title: Re: What is double spending? Post by: Niya on August 18, 2017, 03:13:42 PM Spending the same coin twice.
Think of Bitcoin as bricks of gold. Miners extract gold bricks (Bitcoins) and then sell it. Double spending would occur if someone would spend the same exact individual brick of gold (in this case, the same coin) twice. Did you get the analogy? |