Last week, there were reports of a bitcoin “double spend”. Critics were quick to jump in and say this demonstrates a failure of the BTC protocol & if true, it would devastate the future of the world’s leading digital asset. However, Bloomberg wrote in an important rebuttal no double-spend ever took place, and confusion over how to verify trust on the blockchain is simply to blame.
Bloomberg: “Double-spend attempts happen frequently. The blockchain itself has never been corrupted (that we know of). However, slow transaction confirmations open the potential for someone to try to double spend their coins. Therefore, transactions being confirmed via multiple blocks are a design feature of bitcoin, rather than a bug. If you were purchasing bitcoin to HODL, this story should make no real difference to you.”
As Satoshi Nakamoto once brilliantly wrote: “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”
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