Double Spending
By CoinGecko | Updated on Aug 12, 2021
Double spending refers to the act of spending digital currencies twice. This is most commonly applied on crypto exchanges by unscrupulous actors.Typically, a double spending attack involves an attacker who first deposits a cryptocurrency into an exchange, then waits for it to confirm. Once it is confirmed, the perpetrator sells the deposited crypto for another currency, and then proceed to perform what is known as a 51% attack to try and reverse the blockchain (and his deposit).If successful, the perpetrator is then able to deposit his tokens again, likely in a different crypto exchange.
Related Terms
Externally Owned Accounts (EOA)
Externally owned accounts (EOAs) are accounts that are controlled by a private key and have no coding associated with them.
Offline Staking
Staking without needing to be connected to the blockchain
Crypto Bubble
It is a speculation in the cryptocurrencies and the price of cryptocurrencies would go extremely high before the bubble bursts.
Seed
A value used to initiate generation of pseudorandom number, ususally a string of 12 commen English words.
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