which is computationally impossible. Satoshi Nakamoto is the first protocol to solve the problem. How Bitcoin Handles The, double, spending Problem, bitcoin manages the double spending problem by implementing a confirmation mechanism and maintaining a universal ledger (called blockchain similar to the traditional cash monetary system. This is the double - spend problem, and Bitcoin which was developed. Let me simply the concept, bitcoin has been able to survive and thrive because it solves the double spending problem. The blockchain, which is an open and immutable ledger, ensures that the transactions are finalized by its inputs confirmed by miners. But only your first transaction got confirmations and was verified by miners in the next block. Let me know your thoughts and feedback in the comments section below. Why can the merchant be assured? This tool allows you to generate two transactions using the same Bitcoins. Lets consider this example: You go to Starbucks and order a cappuccino worth.
Every 10 mins, a block (i.e. Unless bitcoins oder ethereum minen you steal it! Now, if you as a merchant dont wait for confirmations of payment, then in a case like this, theres a 50 chance you got the double spent coin (and you wont receive that money). The Bitcoin mechanism of maintaining a universal transaction ledger based on confirmations has yet to be tricked. A group of transactions) is added to the ledger.
So far, in the 8-year history of Bitcoin, no such attack has been successful. And here is where the unique invention lies. Your second transaction could not get enough confirmations because the miners judged it as invalid, so it was pulled from the network. In contrast, Bitcoin Cashs transaction fees cost pennies and payments can be validated even with zero confirmations.