Bitcoin Wallets Vulnerable to Double Spending
The Bitcoin community has a new problem to solve; the latest problem to hit digital currency is a double spending bug affecting Bitcoin wallets. The problem was discovered on 4 July as many Americans were busy celebrating Independence Day. Some Bitcoin miners are now generating invalid blocks, making it impossible to guarantee that currency can't be spent more than once. The Bitcoin Foundation assures users that all transactions confirmed by 15:00 on 4 July are safe. Double spending is supposed to be avoided by the Bitcoin protocol itself, which checks the block chain to check if any given....
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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....
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