Published on Feb 24, 2022

Double Spending


Double spending refers to the underlying issue associated with cryptocurrencies where a given coin can be spent more than once. This is primarily achieved by sending packets of transactions to the cryptocurrency network and reversing them to imitate a legitimate transaction.

Although Bitcoin and several other cryptocurrencies have mitigated the issue of double spending to a certain degree. This is achieved by keeping a record of all the transactions within the blockchain.

So, even when new blocks are mined, they contain the reference of the previous block, making it theoretically immutable to any double-spend attacks. Not to mention, the computational power required to make a change in the ledger is extensively high, making double-spending almost impossible.

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