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Author Topic: Is double spending a threat to bitcoin adoption growth?  (Read 245 times)
dkbit98
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September 19, 2021, 11:40:05 AM
Merited by BITCOIN4X (1)
 #21

This can trigger fraud if the recipient of the transaction does not have sufficient understanding of how to prevent it.
Simple instruction for sellers: wait for confirmation of transaction, will prevent any chance of double spending scam.
People can get tricked in crypto by some many ways if they don't understand how it works, and chance for double spending to happen in real life is much less than you think.
Fake wallets and fake bitcoions are more likely to happen, some people will convince you that bch or bsv are real bitcoin and you get scammed purchasing that garbage.

So now that bitcoin has been legalized in several countries as legal tender, do you think this double spending can prevent bitcoin from being used by many as a secure mean of payment so that adoption rates slow down?
I think that only El Salvador made Bitcoin a legal tender so far, but most people can only buy something with Bitcoin using government made add custodial wallet Chivo,
and I think that is based on Lightning Network so there is no way you can get scammed with double spending.
Some people tried to use other wallets for payment in El Salvador with QR codes but they are not working, except Chico and Muun wallet with LN.

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BITCOIN4X (OP)
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September 21, 2021, 05:31:03 PM
 #22

Thanks for all your thoughts on my doubts about the possible double spending that can occur in a country that adopts bitcoin as a mean of payment. I'm not so sure about the bottleneck in accelerating adoption just because of double spending. So since I've got great answers from you then I'll lock the thread.

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GeorgeJohn
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September 21, 2021, 09:32:11 PM
 #23

Thanks for all your thoughts on my doubts about the possible double spending that can occur in a country that adopts bitcoin as a mean of payment. I'm not so sure about the bottleneck in accelerating adoption just because of double spending. So since I've got great answers from you then I'll lock the thread.
Actually the thread is not meant to lock by now except you wishes to lock it, because right now their is more people that will come across the topic and also render their own positive point of view concerning your question, it's obvious that we have thousands of users who are highly intellectual and much experience that can give another statement or prove to a question, from me i would say that you should leave it open.

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BITCOIN4X (OP)
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September 22, 2021, 06:51:53 AM
 #24

Actually the thread is not meant to lock by now except you wishes to lock it, because right now their is more people that will come across the topic and also render their own positive point of view concerning your question, it's obvious that we have thousands of users who are highly intellectual and much experience that can give another statement or prove to a question, from me i would say that you should leave it open.
Okay, that would be great actually. I'll take your suggestions and leave them open for now. So far, I think only intelligent users or thinkers dare to enter and give their opinions in this thread. Not much, I don't see a single bounty hunter coming to give his opinion. Are they scared because there are too many muscular men in them? LOL

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