Double Spending

      Double spending is a problem where the same amount of money is transacted with more than one time; thereby creating value out of thin air or causing other accountancy errors.

       Blockchain solved this problem with the release of Bitcoin back in late 2008 / early 2009. Whenever a transaction is about to take place, a malicious actor can subvert a system by spending the same money on multiple things. Typically, two (or more) transactions will be executed at the same time. When this happens the system will register that X amount left this wallet and now locations A & B need to update their balances by X amount. 

      Related Terms:



BTC: bc1qcskmel9llhrdqj3arxyqnennx4ashvfutlreyy
LTC: ltc1qa0fj4lcu5365rep50aza5fqqvx8ef0afemh6s5
ETH: 0x071D72dbc48ad2Fe35daE256eCF0834C5dde688c
DASH: XgXHqVyJiQNdVVszH9cnqCP4uWcP8tVxdK
BNB: bnb1mau4j8kry0jgw45ufy69hvhd0k04llet8fk2p6

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