Cryptocurrency Q&A
How does a Bitcoin double-spend work?
How does a Bitcoin double-spend work?
Raffaele
Fri Jul 19 2024
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7 answers
1901
Could you elaborate on the mechanics of a Bitcoin double-spend? I understand it's a potential threat to the integrity of the network, but I'm curious about the specific steps an attacker might take. Does it involve broadcasting a transaction to multiple nodes simultaneously? Or is it a more sophisticated scheme, perhaps involving the manipulation of transaction confirmations? How does the network typically detect and mitigate such attempts? And are there any preventive measures that individuals can take to safeguard their Bitcoins from such attacks?
7 answers
CryptoNerd
Sun Jul 21 2024
The concept of Bitcoin double-spending refers to a fraudulent attempt wherein an attacker aims to spend the same bitcoins twice.
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Stefano
Sat Jul 20 2024
One method involves reversing a transaction after the attacker has received assets or services from a counterparty.
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Stefano
Sat Jul 20 2024
The network is flooded with these packets, confusing the ledger and causing delays in transaction verification.
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SsangyongSpiritedStrengthCourage
Sat Jul 20 2024
The goal is to create enough confusion that the original transaction is overlooked or deemed invalid, allowing the attacker to keep the received goods and bitcoins.
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Maria
Sat Jul 20 2024
By reversing the transaction, the attacker retains both the goods or services received and the bitcoins originally sent.
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