RE: Bitcoin: Part 1: Redefining Privacy & solving Double-Spending.
Bitcoin solves the biggest ever problem of digital currencies: "Double-spending"
Yea. The very first digital currency to achieve this. I remember reading about a few virtual currencies that existed in the 90's. They either were not able to stop double spends or they were centralized. Bitcoin had the perfect mix of being decentralized while also preventing double spends.
Hypothetically speaking, double-spends are still possible on any blockchain network. If a single entity holds 51% of the total mining hash power then double-spends are possible. One cryptocurrency that has been frequently hit by such attacks is Ethereum Classic. The total mining power on this network is extremely low that attackers can spend about $3,800 to execute an attack on this network.
Luckily, the same is not possible on the Bitcoin network due to the large mining power that already is in the network. So, yea. Bitcoin is one of the most reliable crypto networks out there.
Steem on!
True, but that risk is more or less during the very initial stage, in Blockchain more it becomes older more secure it is against such threat. It is very difficult to undo the longest chain after a period of 10 years as in the case of Bitcoin. Bitcoin has grown so big that it is very difficult to launch a 51% attack at this stage.
BitGold tried but failed to prevent double-spending. Bitcoin gained popularity all-across because of its ability to prevent double-spending.
Thank you.
#affable