Double spending is the situation where the money or assets are used more than once. This is a very important problem especially for digital assets. Because digital data is easier to copy than other assets.
When it comes to digital assets, it is necessary to take serious precautions regarding the double spending problem.
In case of double spending, one of the paid parties becomes a victim because he could not receive the payment. Let's explain with an example.
You have $ 100 and you buy a coat. Then you want to buy a pair of shoes for the same $ 100. Such a situation is not possible with fiat money (ie a physical asset). However, it was a major threat to digital assets until recently.
Bitcoin is not the first digital currency. However, we can say that it is the first successful digital currency. Previous digital money projects had failed due to many problems.
However, the most important reason for Bitcoin to survive and be so popular is that it provides solutions to many problems encountered in the infrastructure of digital currencies. One of them is double spending problem.
Transactions on the Bitcoin blockchain are confirmed by miners. In this way, each transaction is unique and legitimized for subsequent transactions.
Confirmed data entries prevent transactions from happening a second time. If the same transaction is desired to be performed again, the nodes joining the network understand that the transaction is fake and invalidate the transaction.
Bitcoin didn't just enter our lives as a currency. The philosophical thinking system behind it changed the perspective on monetary systems.
At the same time, thanks to its technological infrastructure and open source code, it has enabled the development of many new systems and digital assets. With double spending and the solution of many problems, thousands of crypto and digital assets emerged after bitcoin and will continue to emerge.
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