Author: Isidor Zeuner 2014-06-17 15:58:45
Published on: 2014-06-17T15:58:45+00:00
A suggestion was made to improve security on Bitcoin transactions by having all nodes report attempted double spends through the node network rather than involving miners. By waiting for 10-60 seconds, merchants can be more confident that a double spend attack has not occurred. However, an attacker could still send a double spend after the merchant confirms the payment, making this method not completely foolproof. Additionally, reporting double spends would only help if there was some form of penalty for doing so. If a transaction does not confirm for some reason and someone wants to recover their funds, this policy could potentially cause them to be lost forever.
Updated on: 2023-06-09T00:04:27.211708+00:00