Double spending – what is it
When cryptocurrencies started gaining popularity, some issues occurred that hadn’t been a problem before. One of them is double spending. To find out what it is and how to deal with it – read the article!
The new cryptocurrency world
Digital money is an invention that has changed the world but it’s definitely not all roses. New innovative cryptocurrencies have been created and the technology continues to develop. But moving the assets to the virtual space has brought up opportunities as well as pitfalls. When we were using banknotes and coins, it was easy. When you want to pay for something, you just give someone a coin and then they give you your product in exchange. With cryptocurrencies, the process is both easier and more complicated. How is that possible? Keep reading to find out!
Double spending – double problem?
The problem that many people think about when they consider buying a cryptocurrency is the safety of it. Most wallet providers and exchanges do their best to make sure that all the security measures are taken care of, but accidents still happen. But what exactly is double spending?
Double spending is basically a defect of the digital monetary system, where one coin or token can potentially be spent twice or more times. Double spending could eventually lead to inflation, since the money is multiplied and a copy that previously did not exist appears.
How does it work?
Technically speaking, it should be easy to send the same token or coin to many different people but obviously, there are the security measures! It’s definitely not as easy as it seems, which is of course a good thing. But some cryptocurrency creators don’t want to take half-measures – the safety of the users is the most important value for them. FuturoCoin is exactly like that. And not only does the FTO team care about the safety of their users, but also about their cryptocurrency education.
With FuturoCoin there is no possibility of spending the same coin twice. The system has been specifically designed to prevent that. Each FuturoCoin money transfer is saved and has only one, crystal clear history of transaction. All of that was declared by the creators at the very beginning of this cryptocurrency, during the FTO premiere, in January 2018.
Better safe than sorry
Double spending is a serious problem that you need to remember about, if you don’t want to be cheated or contribute to the inflation process. But if you’re using cryptocurrencies like FuturoCoin, you certainly have nothing to worry about!