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.
Related Terms
Mineable
A cryptocurrency is said to be "mineable" when it has the system thrugh which miners can be rewarded with newly-created cryptocurrencies for creating blocks.
Buy/Sell Tax
On-chain buy or sell tax rate where a percentage of the tokens bought/sold will be transferred to a set address.
Stop-loss Order
Conditional market order to sell at the next available price, excuted if the price of an asset falls below set-upon limit
Permissioned Blockchain
It is a private blockchain where the nodes must be previously authorized by a central entity.
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