Is Bitcoin’s Double-Spend Being Misinterpreted?

News of a potential Bitcoin double-spend combined with the cryptocurrency’s dropping price caused many to come up with potential theories.

A prevalent one was that Bitcoin may have been hacked. The fact that Bitcoin is still trading above $30,000 debunks that possibility. Had Bitcoin actually been hacked its price would be close to zero by now.

Double-spend attempts happen regularly in Bitcoin. Slow transaction confirmations allow people the possibility to try and double-spend their coins. This is the reason that transactions being confirmed by multiple blocks are a design feature of Bitcoin.

This is a point that had been previously addressed in the Satoshi Whitepaper as six blocks are considered secure.

The idea of double-spending would only be an issue to those buying Bitcoin believing it to be the currency of the future. Those buying the crypto to HODL should have no concerns. However, the former seems to be in the minority at this time leaving Bitcoin’s continued downward momentum as the only serious problem.

Leave a Comment

Related Articles

Our Partners