Double spending
Spending the same crypto more than once.
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What is double spending?
Double spending is the risk of using the same units of cryptocurrency more than once. In a digital system without safeguards, someone might try to copy and reuse the same coins.
How blockchains prevent it
Blockchains prevent double spending by confirming and recording each transaction across the network, so once coins are spent, the network rejects any attempt to spend them again. Waiting for confirmations reduces the risk further.
Related terms
The method a blockchain network uses to agree on which transactions are valid.