Is Double Spending Unconfirmed Transactions a Concern for Bitcoin?
One of the key reasons that bitcoin has become a popular form of value, to the tune of $6bn, is that it has largely solved the double-spending problem that plagued other digital currencies before it. Interestingly, this double-spending problem isn't limited to the digital realm. The BBC reported that there were 566,000 counterfeit notes circulating in the UK in 2009. Additionally, in 2010 the UK Treasury estimated that one in 36 £1 coins in circulation were counterfeit. The bitcoin network seeks to prevent this problem by signing cryptographic keys that are confirmed on the block chain -....
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When at least three miners do not confirm the Bitcoin transaction, it remains unconfirmed and unconfirmed transactions can be canceled. What happens if you send Bitcoin to an Ethereum address?Technically, you cannot send BTC or Ether (ETH) from a Bitcoin wallet to an Ethereum wallet. Most wallets will warn you if you try to send Bitcoin to an Ethereum wallet or ETH directly to a Bitcoin wallet.Bitcoin transmitted to Ethereum wallets is frequently lost and unrecoverable. Before sending BTC, ETH or any other cryptocurrency, make sure the destination address is correct. Otherwise, you risk....
Lately, there have been issues with unconfirmed transactions in the Bitcoin world. One experience I had dealing with this problem was on February 29th as I waited three days for a large sum transaction to confirm. This is the longest I’ve had to wait for confirmation. However, quite a bit of the time since then, most of my transactions have taken longer....
Verisign patent application for a technology to prevent double spending can make bitcoin payments more efficient. Verisign, a digital signing and security solutions provider has recently moved to patent a technology that prevents double spending. The technology in question can effectively detect and prevent digital assets like bitcoin and other cryptocurrency from being double spent, thus protecting the interests of the receiver. Most digital currencies work using a single use cryptographic key. This key can be transferred only once for the transaction to be considered valid. When multiple....
One of the reasons Bitcoin has experienced a degree of success over other digital currencies is its ability to overcome what is known as the double-spend problem. Double spending, for many years, had been a vexing issue for any sort of e-currency: how to avoid someone from having the ability to send money to one party while simultaneously sending it to another. Double spending is not a problem that exists in physical fiat-based currencies. This is due to the fact that one can duplicate files that make up a digital system much more easily than the time and effort it takes to counterfeit....
There are many reasons to be excited about bitcoin: it could enable totally new business and technology models; it resembles the internet in the early '90s in the sense that it is a network that no-one owns and everyone can contribute to; it could revolutionise legal concepts of ownership; it could disrupt the payments industry; it could even become a tax haven. It could also flop. In an earlier post, I described the thinking behind my first angel investment in the digital currency space: CoinDesk. In this post, I discuss what first got me excited about bitcoin - the solution to the....