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
Satoshi
A unit measure for the smallest divisible unit of a bitcoin. 1 bitcoin is equal to 100 Million Satoshi.
PFP
It means both 'profile pic' and 'picture for proof'.
Custody
Protective care or guardianship of an asset.
Do Your Own Research (DYOR)
An advice for investors to do their own research on the coins they wanted to invest in
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