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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.

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Related Terms

Distributed Ledger Technology (DLT)
Describes the technology that enables distributed ledger.
Public Keys
The alphanumeric string which serves as a public receiving address in cryptocurrencies.
Over The Counter (OTC)
It refers to the process that cryptocurrencies are being traded outside exchange and it is done directly between two parties
Variable Buy/Sell Tax
On-chain buy sell tax rate that is not fixed, whereby it is possible for contract owners to change at will.
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