About Bitcoin double spending

[Dorjoy12 8962]

Bitcoin double spending  is a common  problem .. You can also  face the double  spending  problem.. So before face  the Problem  of btc double spending,we all need to know what is double  spending ? 

 

What is double  spending?? 
Double  spending  means waste two time.. Lets try to understand  by a example  what is double  spending  actually.. 

Suppose i want to buy a car and its price around 2 millions usd .. Now for buy the car i can order it by online or can go showroom.. Imagine  i go showroom  for buy the car..  But at showroom  i choice two cars.. The second car price also same as previous  cars  i wanted to buy .. So now, if i want to buy both cars then i need 4 millions  usd.. But i have only 2 millions usd.. Now i cant pay for both cars by 2 millions  usd.. For this reason, i buy one car  by 2 millions  usd and went  home .. 

 

  Now the 2 millions  usd that I paid the seller to buy the car, can I spend the second time? Ofcourse   not.

This means that there is no opportunity for double spending offline or in our regular transaction method. But for bitcoin transaction  we can face  this double  spending.. 

 

Let's  back  on previous  example.. 
For understand  the matter  clearly, suppose  bitcoin price  is 2 millions  usd..imagine now i want to buy one car.. By checking  different  online  showroom  i choice two cars from two showroom.. And i have only one bitcoin.. But i choice two cars.. Both cars  price is 1 bitcoin mean 2 millions   usd.. Its means  for buy two cars i need two bitcoin.. As i have Only  one bitcoin so i want to spending  my one bitcoin.. 

Suppose first  showroom  name is " Honda Motors "
And second  showroom  name is " Toyota Motors "

 Now I sent 1 bitcoin to two showrooms at the same time as car payments in two showrooms  names Honda Motors and Toyota Motors.. Its means   i sent one bitcoin to two wallet address  at the same time.. After send the bitcoin, the bitcoin  will be stored in a pool.. There thousands  thousands  unconfirmed  transaction  are stored .. Its means not yet any miners take those transaction  for mining.. 

Suppose one minor  accepted the transaction sent to Honda Motors and  he started mining to build the block. Now  the transaction that  i sent to my Toyota Motorsk stored in the pool will be invalidated and dropped from the pool. And the transaction  i sent  to Honda Motors will be Valid.. 

 

Think again, two of the transactions I sent at the same time and two miners accepted two transactions while started mining.

Suppose 'A' minor Honda Motors‌ transaction is picked up. And  'B' Minor has picked up the transaction sent to Toyota  Motors... Now the transaction between the two minors whose transaction can create the 1st confirmation will be valid and the other will be invalid and will be dropped from the network.If the A minor receives 1st confirmation in the transaction sent to Honda Motors then  the B Minor transaction will be canceled...

 

 This is called double  spending..

 

How blockchain  solve the double spending  problem?? 

 

Suppose again, two minors get the 1st  confirmation  after pick up  both transaction ... For this reason there will start a competition  Between  two transaction .. In this competition, it will be seen in which transaction's minor get  the next confirmation can be brought first...Suppose 'A' Minor's transaction received a second confirmation before 'B' Minor received a second confirmation in a transaction sent to Toyota... Then  the transaction sent to Honda Motors, which 'A' Minor was mining, would be canceled...
Thus blockchain  solve the problem  of double  spending ..   

 

How you can rid of the problem  of double  spending?? 

If you want to buy bitcoin from some one or want  to received  it as a payment  then you can faced  the problem  of double  spending  too.. So to get rid of from double spending , you must need to wait for 6 confirmation .. Now if you pay the price of Bitcoin after receiving 1 or 2 confirmations or think that you have received Bitcoin as payment and give the thing to the customer, then you can fall in danger..
So for security it is necessary to wait till the transaction   confirmation  dont get Validity....

 

Best of luck cryptotalk member 💕  

 

Edited October 14, 2020 by Dorjoy12

[Captain Karim 0]

Good article, and a good explanation, Satoshi Nakamoto introduced the double spending problem in the bitcoin white paper and discussed how the blockchain solves this problem.It's great that we now have a much stronger Bitcoin blockchain than it was several years ago or since it appeared, the more miners get The higher the hash on the Bitcoin network, the more secure the network.

[Dorjoy12 8962]

On 10/14/2020 at 11:07 AM, Captain Karim said:

Bitcoin blockchain than it was several years ago or since it appeared, the more miners get The higher the hash on the Bitcoin network, the more secure the network.

 Blockchain technology is the most secure place of crypto as here has thousands of computer work like a chain.. We usually know to create a block minimum 10 needed so if any hacker want to hack blockchain then he need to hack computer within ten minute but unfortunately its not going to be happen as the block connected with its previous block computer and future block computer too.. That is why blockchain is the most secure place of crypto..                       

[yonkii 3205]

Double spending is avoided in all blockchain systems with the rule of the longest chain. The one block that is validated and accepted by most of the nodes, it will be permanent in the blockchain and all competing miners will start mining on top of it. When we have cases of zero confirmations or perhaps one confirmation, it could be a problem. For this reason we have the rule of six confirmation to accept a transaction as valid.