How Bitcoin Shields you From Double Spending Problem
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Double spending
What does it mean?
Double spending refers to the process
of using the same set of bitcoin in more than one transaction.
When digital currencies are counter-fitted
or copied it becomes totally worthless.
Fortunately the bitcoin network shields itself
from the activity of double spending as it verifies and records
each and every transaction within the bitcoin blockchain.
Here is how!
Coiner is directly connected to blockchain
and the ledger system ensures that the transactions
are finalized by its inputs, confirmed by minors.
Blockchain maintains a record of all the transactions made
using bitcoin by minors.
Such confirmations make each bitcoin
and its corresponding transactions unique and legitimate.
What does that mean?
If anyone attempts to duplicate the transaction
the original blocks in the chain would deem it as counter-fit
and block the process.
Furthermore, only 21 million bitcoin can be produced.
So the network protects against double spending
by verifying each recorded transaction.
Double spending has been a long standing concern
when it comes to digital currencies.
And Bitcoin was introduced to resolve this problem.
There is immense computer power-working in the background
to make the Bitcoin transactions work
as well as to record and save such transactions in the blockchain
If you were to alter the block
the computers connected to the Bitcoin network
would simply reject the alteration.
So, is Bitcoin a reliable digital currency?
It sure is!