What Is Double-Spending?

Double-Spending is a type of risk when cryptocurrency is used two or more times. This occurs when someone changes the blockchain network conditions and inserts a new one or a special one that allows them to collect the cryptocurrency. Here, blockchain means the chain of blocks which contain information.

Double-Spending happens when your cryptocurrency is stolen from your wallet or when your cryptocurrency is not protected or secured. In easy words, we can say using the same digital currency again for the same purpose is known as Double- Spending.

Types of Double-Spending Attack-

• Finney Attack

Finney Attack’s name comes from the person who received the first transaction hack on Bitcoin. The person’s name was Hal Finney.

Finney Attack is a type of Double-Spending Attack or a type of Hack that occur when the person accepts an unconfirmed transaction on the network.

Here miner is the attacker. He creates two transactions, one crediting the victim and another one crediting himself. Miner kept the First transaction for now and started mining the second one into a block. After some time miner Quickly purchased with the first transaction, and released the pre-minded block, through this transaction become invalidate and hack the network.

• Race Attack

It is another type of Double-Spending Attack or hack, here race of two transactions have been created at the same time with the same fund for spending those funds twice.

• 51% Attack

51% Attack is another type of Double-Spending Attack which is also known as a Majority Attack, here miners attack a blockchain and control more than 50% of the mining hash rate, they control enough hash power which helps them in connecting more than 50% of the network.

What to know regarding Double-Spending Attacks?

A double Spending Attack is the type of hack done by the miners, by using the digital currency or cryptocurrency for the same purpose again. we can avoid a double-spending Attack by using the complementary security feature of blockchain which is also used by Bitcoin.

Final Thoughts

Double-Spending Attack is done to hack cryptocurrency or digital currency transactions. Here the miner is the attacker who attacks the transaction of Cryptocurrency. You can avoid a Double-Spending attack by using the security protection done by bitcoin. We are always keen to make blockchain technology accessible to people by sharing informative blogs.