Crypto News

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.

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Corey Hansford CoinChapter
Corey Hansford

Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.

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