Jan 22, 2021

Has Bitcoin Double Spending Really Happened?

Here is a good example why crypto news should sometimes be taken with a grain of salt. Allegedly double spending has recently happened on the Bitcoin blockchain. If true, this would be the worst security flaw possible.

As the report itself mentions, the double spending allegation has been debunked - the confusion stemmed from the fact the transaction had to be redone, as the trader doing the operation directly on the blockchain twice used too low transaction fees. This meant an automatic chain reorganization was necessary.

Still, as cryptocurrency prices dropped yesterday, it was easy to link the two events. While some people might indeed have acted based on this information, for the wider crypto community it was more of a blip on the radar. It would take far more to create serious doubt in the cryptographic resilience of blockchain.

So if you see any troubling media announcements, make sure to double check. Compare general media, crypto media and make your own conclusions. Dedicated twitter threads are often the best and quickest source of relevant, data-based arguments.