Crypto Terms: Letter D

What is Double-Spending?

Meaning:

Double-Spending - is a problem regarding virtual currencies.

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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.

volatility and want a steadier investment ride.<\/p>\nDrawdown can also be used in trading for things like:<\/p>\n<ul>\n<li>Describing the difference<\/strong> between the balance and the equity at any given time. <\/li>\n<li>Seeing how stable a<\/strong> trading strategy or model is over time. <\/li>\n<li>Estimating how much equity capital would be needed to avoid drawdowns below certain levels.<\/li>\n<\/ul>\n<h3>How Is the Maximum Drawdown Calculated?<\/h3>\nThe maximum drawdown (MDD) formula:<\/p>\n\u200b\u200bMDD = (Trough Value — Peak Value) \/ Peak Value<\/strong><\/span><\/p>\nThe maximum drawdown can be calculated in two ways. If you want to know your maximum loss on a daily basis, you should compare daily trading prices. However, if you are more interested in long-term returns, you should compare monthly account balances<\/strong>.<\/p>\nTalking about the actual calculation process, finding the largest peak in your equity curve is the starting point for determining the MDD. After you've determined where your equity curve's highest peak is, you'll need to determine where its lowest point is. The MDD is calculated by dividing the difference between these two values by the highest point.<\/p>\nFor instance, if account equity reaches $10,000 <\/strong>following a trade entry, drops to $9,500, and then rises to $10,500 later, you have a $500 (or 5%) drawdown. Note that many traders consider a lower MDD<\/strong> to be important because it signifies less risk.<\/p>\nHowever, while the rate of return on investment is important, it doesn't tell the whole story when it comes to risk. An investment could have a high rate of return but its value could still drop dramatically before increasing again<\/strong>. Investors would be subjected to increased volatility and more inclined to sell at a loss. The drawdown gives additional information to investors to help them understand how much money they would potentially lose on a specific investment.<\/p>\nBesides, the maximum drawdown<\/strong> is often used to estimate risk in a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-security/">securities portfolio. A higher MDD suggests a higher risk level, while a lower MDD indicates a lower risk level<\/strong>. <\/p>\nLet’s say that an investment fund has an average return of 10% but a maximum drawdown of -20%. It suggests that there were periods when investors might have lost 20% of their investment if they had bought at the top <\/strong>and sold at the bottom, even if the average annual return was good.<\/p>","definition":"the greatest drop in value from a peak value of an investment over a certain time period.","status":"published","meta_title":"What is Drawdown? Definition & Meaning | Crypto Wiki","meta_description":"Drawdown meaning: Drawdown - the greatest drop in value from a peak value of an investment over a certain time period.","meta_keywords":null}" :prev-section="{"id":294,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Double-spending","level":"medium","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2024-01-06T15:38:11.000000Z","slug":"what-is-double-spend-attack","title":"What is Double Spend Attack?","section":"D","keyword":"Double Spend Attack","content":"A double spend attack<\/strong> refers to a malicious activity involving <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cryptocurrency/">cryptocurrency. In a double spend attack, a user is able to spend the same amount of cryptocurrency more than once.<\/p>\n<a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-double-spending/">Double-spending is a rare phenomenon in the crypto world. In some cases, two or more transactions<\/strong> on a blockchain use the same input. While it is possible to duplicate the digital record of cryptocurrency tokens<\/strong> due to the lack of centralized technology, most cryptocurrencies employ a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-consensus/">consensus algorithm<\/strong><\/a> to prevent double-spending.<\/p>\nCryptocurrencies using the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-proof-of-work-pow/">Proof-of-Work (PoW)<\/strong><\/a> consensus mechanism, such as <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin (BTC)<\/strong><\/a>, are at higher risk<\/strong>. Experienced programmers with a good understanding of blockchain technology may be able to alter or duplicate digital information.<\/p>\nSince Bitcoin transactions are completed <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-peer-to-peer-p2p/">peer-to-peer (P2P)<\/strong><\/a>, without any intermediaries, it is easier to target them for double-spending attacks<\/strong>. The hackers make a copy of the original transaction to make it look legitimate and original. They can then use the tokens in a different transaction while the initial coins remain in their wallet<\/strong>. In some instances, the first transaction is erased from the blockchain.<\/p>\nDouble spend attacks can also be committed by reversing transactions after the assets or services of the counterparty have been received. The hacker then keeps both the assets they received and the assets that the other party was supposed to receive.<\/p>\nIn order to hide the transactions<\/strong> or make them appear as if they never took place, hackers can send a number of data units known as packets to the network. This makes it seem like there was no initial transaction<\/strong>.<\/p>\nThere are several different types of double spend attacks, such as 51%, Finney, and Race, among others.<\/p>\n<h3>51% Attack<\/h3>\nA <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-51-attack/">51% attack<\/strong><\/a>, or a majority attack<\/strong>, presents a hypothetical strike against a blockchain network. The idea is that at least 51% of the network <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-node/">nodes are hit, which would grant hackers control of the majority of the network in a consensus mechanism-based system.<\/p>\n51% attacks are extremely complicated to commit as decentralized networks<\/strong> consistently grow larger and the number of network nodes increases.<\/p>\n<h3>Finney Attack<\/h3>\nA Finney attack can be deceptive, as the merchant does not wait to receive a confirmation of the transaction. A malicious miner can send tokens between<\/strong> wallets. However, the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-block/">block with this data is not instantly verified.<\/p>\nThe user can utilize the tokens in the source wallet to make a purchase. Once the second transaction has been set in place, the miner broadcasts the block that was mined with the information of the first transaction.<\/p>\n<h3>Race Attack<\/h3>\nA race attack<\/strong> occurs when attackers set up two contradictory transactions and the merchants accept the payments before the transaction is confirmed on the block. The network receives a competing transaction which causes an equal amount of cryptocurrency to return to the attacker. This causes the first transaction to be invalidated<\/strong>.<\/p>\nWhile double-spending cannot be completely prevented by the blockchain, the network can defend against it as the decentralized validator nodes work on the transaction authentication process.<\/p>","definition":"a malicious practice in the crypto sphere when the same amount of cryptocurrency is spent twice.","status":"published","meta_title":"What is Double Spend Attack? Definition & Meaning | Crypto Wiki","meta_description":"Double Spend Attack meaning: Double Spend Attack - a malicious practice in the crypto sphere when the same amount of cryptocurrency is spent twice.","meta_keywords":null}" :model="{"id":302,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Double-spending","level":"medium","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2024-01-06T15:41:17.000000Z","slug":"what-is-double-spending","title":"What is Double-Spending?","section":"D","keyword":"Double-Spending","content":"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.<\/strong><\/p>\nWhen 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.<\/p>\nTo be more specific, in order for someone to double-spend, a hidden block that outperforms the construction of the main blockchain must be <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-mining/">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>\nAs a result, the individual who did this might then return whatever cryptocurrency they had spent and utilize it again.<\/p>\nThis 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>\nSpeaking 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>\nSince 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>\nNonetheless, 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. <\/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>\nIn addition, numerous attack variants might enable malicious miners to double spend. 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>","definition":"is a problem regarding virtual currencies.","status":"published","meta_title":"What is Double-Spending? Definition & Meaning | Crypto Wiki","meta_description":"Double-Spending meaning: Double-Spending - is a problem regarding virtual currencies.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\nWith close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\nAaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\nAaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}" :chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? 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Wallet?","status":"published","modified_content":null},{"chapter_id":4,"order":2,"slug":"hot-wallet-vs-cold-wallet","title":"Hot Wallet VS Cold Wallet: Which One to Pick?","status":"published","modified_content":null},{"chapter_id":4,"order":3,"slug":"non-custodial-wallet","title":"What are Non-Custodial Crypto Wallets?","status":"published","modified_content":null},{"chapter_id":4,"order":4,"slug":"what-is-metamask","title":"Metamask: The Leading Non-Custodial Wallet","status":"published","modified_content":null},{"chapter_id":4,"order":37,"slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","status":"published","modified_content":null}]},{"id":5,"title":"NFTs","slug":"nfts","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-nfts.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/nfts-101.jpg","rating":100,"sections":[{"chapter_id":5,"order":2,"slug":"how-to-trade-nfts","title":"NFT Trading: The Ins and Outs","status":"published","modified_content":null},{"chapter_id":5,"order":3,"slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","status":"published","modified_content":null},{"chapter_id":5,"order":4,"slug":"how-to-store-nft","title":"How to Store NFTs: Best Practices","status":"published","modified_content":null},{"chapter_id":5,"order":5,"slug":"how-to-create-an-nft","title":"How to Create Your Own NFTs?","status":"published","modified_content":null},{"chapter_id":5,"order":6,"slug":"how-to-make-passive-money-with-nft","title":"Making Passive Money with NFTs","status":"published","modified_content":null}]},{"id":6,"title":"dApps & Defi","slug":"dapps-and-defi","updated":true,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-dapps.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/dapps-defi-101.jpg","rating":80,"sections":[{"chapter_id":6,"order":1,"slug":"what-are-nfts","title":"What are Non-Fungible Tokens 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Tokens?","status":"published","modified_content":null},{"chapter_id":8,"order":5,"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","status":"published","modified_content":null},{"chapter_id":8,"order":46,"slug":"portfolio-diversification-definition","title":"Portfolio Diversification: The Whats, the Whys, and the Hows","status":"published","modified_content":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-mining.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-mining-101.jpg","rating":80,"sections":[{"chapter_id":9,"order":1,"slug":"what-is-crypto-mining","title":"Crypto Mining: What It is and How Does It Work?","status":"published","modified_content":null},{"chapter_id":9,"order":2,"slug":"what-is-a-mining-pool","title":"Mining Pools: Is Collective Mining Better Than Solo Mining?","status":"published","modified_content":null},{"chapter_id":9,"order":3,"slug":"what-is-staking-crypto","title":"An Advanced Look into What is Staking Crypto","status":"published","modified_content":null},{"chapter_id":9,"order":4,"slug":"what-is-proof-of-stake-vs-proof-of-work","title":"Proof-of-Work VS Proof-of-Stake: The Differences That Matter","status":"published","modified_content":null},{"chapter_id":9,"order":5,"slug":"what-is-crypto-mining-rig","title":"Crypto Mining Rig: What It is and How to Build One?","status":"published","modified_content":null}]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/crypto-101-glossary.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}]" current-chapter="D" current-section="what-is-double-spending">

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