mined. </strong>They'd have to showcase that chain to the network before it caught up. If they did, the network would identify it as the most recent set of blocks and include it in the chain.</p>\n<p>As a result, the individual who did this might then return whatever cryptocurrency they had spent and utilize it again.</p>\n<p>This double-spending scenario can happen in a cryptocurrency when it is inferred by malicious individuals. Typically, fraudsters send several packets connected to a transaction to the currency’s network, but then reverse that transaction with the aim of making it seem as if it never happened.</p>\n<p><strong>Speaking of <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">Bitcoin, it is currently seen as having solved the double-spending issue.</strong> It makes it possible by recording all transactions on the blockchain. These records are, in fact, permanent. This is because each new block mined is required to have references to previous blocks.</p>\n<p>Since the blockchain is distributed throughout several computers and places, the computing power needed to generate a single adjustment to the ledger is so high that it is seen as an unachievable task.</p>\n<p>Nonetheless, Bitcoin had faced some difficulties regarding its steadiness. <strong>In several scenarios, malicious actors have tried to double-spend utilizing the sheer weight of computing power. </strong>In other scenarios, Bitcoin fraudsters have utilized other methods to capture cryptocurrency from poorly secured <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wallet/">
wallets./n
This is the most common type of stealing that is now taking place on the Bitcoin blockchain, as well as in the broader crypto industry.</p>\n<p>In addition, numerous attack variants might enable malicious miners to double spend. <strong>The Finney attack, the unvalidated transaction attack, race attack, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-51-attack/">51% attack</a>, and the career attack are all featured.</strong></p>","level":"medium","meta_title":"What is Double-Spending? 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/n
An actual dump can also be associated with the quick disposal of consumers' own cryptocurrency assets in order to benefit quickly. Furthermore, the phrase is frequently associated with <strong>a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-pump-and-dump-pandd-scheme/">pump-and-dump method</strong>. This method is always related to deceptive conduct and an effort to control the price of a coin artificially.</p>\n<p>For instance, a popular illustration of a dump and the impact it may have occurred in December 2017. Charlie Lee, the inventor of <strong>Litecoin,</strong> sold a significant quantity of LTC citing fears that it constituted a conflict of interest.</p>\n<p>Initially, the markets appeared unconcerned with the situation. Nonetheless, LTC plummeted down a red line and lost over <strong>50%</strong> of its value over the span of a few days. As a result, it took several weeks to regain the lost funds.</p>\n<p>Additionally, a 2018 research looked at the incidence of pump-and-dump strategies in the cryptocurrency market. Over the course of six months, investigators observed two prominent group-messaging sites used by cryptocurrency enthusiasts and discovered nearly <strong>3,400 such scams</strong>.</p>","level":"easy","meta_title":"What is Dump? Definition & Meaning | Crypto Wiki","meta_description":"Dump meaning: Dump - happens when a big amount of cryptocurrency is sold quickly with hopes of gaining a large profit.","meta_keywords":null,"language":"en","created_at":"2022-03-10T08:19:25.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-dump"},"prevSection":{"id":298,"original_id":null,"author_id":41,"translator_id":null,"title":"What does DYOR mean?","slug":"what-does-dyor-mean","section":"D","keyword":"DYOR","status":"published","definition":"acronym for “do your own research”.","content":"<p><strong>DYOR</strong> stands for “do your own research”, a phrase frequently used in various crypto communities. It’s one of the core aspects of crypto investments. It refers to the need for prospective investors to look into the crypto projects themselves and <strong>figure out whether</strong> they are worthwhile investments or scams.</p>\n<p>The acronym became popular around 2016-2018, during a massive surge of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-initial-coin-offering-ico/">ICO projects</strong></a>. A significant number of ICO campaigns ended up being fraudulent, leading to <strong>investors losing their money</strong>.</p>\n<p>To avoid enriching scammers, investors were strongly advised to do their own research to ensure that the project was legitimate before putting their money into it. The phrase has since become widely used on <strong>various social platforms</strong>, particularly among newcomer investors who might fall prey to scams and misinformation.</p>\n<p>DYOR is also used as a disclaimer to state that the poster is sharing personal opinions or analyses and is not necessarily <strong>endorsing the project</strong>.</p>","level":"easy","meta_title":"What does DYOR mean? Definition & Meaning | Crypto Wiki","meta_description":"DYOR meaning: DYOR - acronym for “do your own research”.","meta_keywords":null,"language":"en","created_at":"2022-03-09T17:00:03.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-does-dyor-mean"},"currentChapter":"D","currentSection":"what-is-double-spending","chapterTitle":"D","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-double-spending","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter D
What is Double-Spending?
Double-Spending MEANING:
Double-Spending -
is a problem regarding virtual currencies.
Let's find out Double-Spending meaning, definition in crypto,
what is Double-Spending,
and all other detailed facts.
Double-spending is about the simplicity of the process in which information can be duplicated and the increasing accessibility of the computing power required to perform.
When digital currencies initially debuted, this was one of the key worries. The very first tests were undertaken in the 1980s, but they never acquired any popularity, owing to the double-spending dilemma.
To be more specific, in order for someone to double-spend, a hidden block that outperforms the construction of the main blockchain must be mined. They'd have to showcase that chain to the network before it caught up. If they did, the network would identify it as the most recent set of blocks and include it in the chain.
As a result, the individual who did this might then return whatever cryptocurrency they had spent and utilize it again.
This double-spending scenario can happen in a cryptocurrency when it is inferred by malicious individuals. Typically, fraudsters send several packets connected to a transaction to the currency’s network, but then reverse that transaction with the aim of making it seem as if it never happened.
Speaking of Bitcoin, it is currently seen as having solved the double-spending issue. It makes it possible by recording all transactions on the blockchain. These records are, in fact, permanent. This is because each new block mined is required to have references to previous blocks.
Since the blockchain is distributed throughout several computers and places, the computing power needed to generate a single adjustment to the ledger is so high that it is seen as an unachievable task.
Nonetheless, Bitcoin had faced some difficulties regarding its steadiness. In several scenarios, malicious actors have tried to double-spend utilizing the sheer weight of computing power. In other scenarios, Bitcoin fraudsters have utilized other methods to capture cryptocurrency from poorly secured wallets.
This is the most common type of stealing that is now taking place on the Bitcoin blockchain, as well as in the broader crypto industry.
In addition, numerous attack variants might enable malicious miners to double spend. The Finney attack, the unvalidated transaction attack, race attack, 51% attack, and the career attack are all featured.
