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Claims of a "double-spend" on the bitcoin network last week were completely unfounded

As the Bitcoin price cooled off following a few wild weeks that saw it rapidly rise to over $40,000, misinformation within the community further fed the recent drawdown to $30,000. Some outlets floated the possibility that some bitcoin was "double-spent," or fraudulently replicated. In reality, the bitcoin network was working exactly as designed, and no double-spend occurred. 

“The bitcoin ‘double-spend’ media headline has certainly spooked investors, but it’s a misunderstanding of how the Bitcoin network operates. In this case, a chain re-organization of one block occurred, which is a fairly common occurrence,” Jason Lau, COO of OKCoin exchange, told CoinDesk.


jacoutot_bryan, bitcoin, insights