A researcher used Vimeo platform to warn investors of what he trusts to be an impending double spending problem for Bitcoin Cash (SV). The December 8 video exposes how the network’s “0-conf transaction” can be abused by anyone to double spend Bitcoin SV crypto tokens.
Bitcoin Cash, created in August 2017, uses 0-conf or (Zero-Conf) to facilitate quick trades. The technology permits transactions to be confirmed in the immediately following block.
In a recorded multi-phase test, a user named “Reizu” was able to successfully duplicate the BSV tokens in a “0-conf transaction”. The 11 minutes live video released on Vimeo clearly demonstrates the entire process. This disapproves Craig Wright’s claims that Bitcoin SV offers better security than the original Bitcoin (BCH).
A researcher who goes by the nick name Honest Cash has explained in a blog post that he has “done many double-spending on the Bitcoin SV network.”
The blogger states “After a few mined blocks I discovered that the transactions that were being mined were those that were sent almost always to the same nodes.”
Apart from the issue of double spending, Reizu also alleges that the BSV network is “very centralized.”
Double Spending
Much before Satoshi introduced Bitcoin in 2009, there were several attempts by cryptographers and coders to develop cryptographically safe digital money. However, such attempts have routinely failed as a cryptocurrency can be duplicated and spent two times. Satoshi’s Bitcoin (BTC) was able to survive for over a decade because it addressed the “double spending problem.”