How Can You Stop Double Spending?

DWQA QuestionsCategory: BlockchainHow Can You Stop Double Spending?
Editor Staff asked 1 month ago

How Can You Stop Double Spending?

1 Answers
Editor Staff answered 1 month ago

Double spending is prevented by blockchain with the help of the consensus algorithm. The consensus algorithm ensures that the transaction is genuine and records it in the block. It is thus verified by multiple nodes making double-spending possible.
However, 51% of network attack can make any blockchain vulnerable to double spending as more than 50% of the network is controlled by one entity.