CryptoURANUS Economics: Double Spending: Defined in CryptoCurrency

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Monday, August 6, 2018

Double Spending: Defined in CryptoCurrency

Double Spending: Defined in CryptoCurrency

Double spending is defined as the action of spending digital money twice. It is meant to cheat the first person out of their money before they’ve received it.


Bitcoin was the first digital money to provide a good solution to prevent double spending. Bitcoin prevents double spending with a permanent, public and digital book of records known as the blockchain. 


This blockchain can record any information. Each page in that book can be considered to be a block.

Because the blockchain public, many people are simultaneously verifying and recording information on it using their computers. After enough users in this network confirm your transaction, the guy who wants double spend cannot.

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