A report published by CoinTelegraph this week suggested that a $22 worth of BTC double-spend had been spotted, implying the same 0.00062063 BTC had been spent twice on the Bitcoin blockchain. If a double-spend was possible on Bitcoin, trust was as such broken and the cryptocurrency’s value would, as such, be worthless.
Panic has seemingly taken over as the price of BTC has plunged by more than 11% over the last 24 hours to $31,300 at press time, seemingly reacting to the report.
The article was based on information from BitMEX Research, which initially speculated the transaction could have indeed been a double-spend, but later on revealed that “on closer inspection” it was “likely to an instance of RBF 8replace-by-fee], where the lower fee transaction won.”
What indeed happened, however, was not a double-spend and was instead the Bitcoin blockchain working exactly as it was supposed to, as laid out on its original whitepaper published by Satoshi Nakamoto 12 years ago.
Join My Tech Academy: https://www.mytechacademy.io
Join My Mailing List: https://www.mytechacademy.io/youtube-channel-mailing-list-2
Donate: https://www.paypal.me/elijah526
https://www.instagram.com/CommonSenseEli/
#Bitcoin #Ethereum #EarnYourLeisure
DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.