When it comes to creating a peer-to-peer electronic cash system, accepting zero confirmation transactions becomes critically important. When a model’s main aim is to “just hodl” or push an isolated store of value narrative, important concerns like double spending can take a back seat, potentially opening a network to serious attack. A recent video demonstrating...Read More
On December 18, Bitcoinbch.com published a video explaining how easy it is to double spend BTC transactions in the wild. Not long after the film was released, the payment processor Travelbybit announced it would be removing both BTC and BCH payments for over 400 Australian merchants. Unfortunately, a few BTC proponents claimed BCH has the...Read More
A little bit of drama involving cryptocurrencies can generate a cascading effect. In Australia, a viral video demonstrating a TravelByBit double-spend attack has many retailers worried. The viral video shows only how this particular payment processor is affected. A Troublesome Development for TravelByBit TravelByBit supports both Bitcoin and Bitcoin cash at this time. However, it...Read More
On December 18, the web portal Bitcoinbch.com published an informal notice explaining that merchants accepting BTC should switch to BCH because of “dangerous flaws” found in the BTC software. The problem is tied to slow confirmation times tethered to a BTC-based protocol called Replace-by-Fee (RBF), which gives individuals the opportunity to double spend on merchants....Read More
In a recent research paper, European mathematicians Cyril Grunspan and Ricardo Pérez-Marco demonstrated through calculus and game theory that, thanks to the robust network security and relatively high BTC price, small bitcoin transactions may not need the six confirmations typically required by merchants and exchanges. Published on the computer science and cryptography section of Cornell...Read More
Software developer Awemany has published a potential alternative approach to instant transactions on the Bitcoin Cash (BCH) network called “delta blocks” or Storm. The idea utilizes weak proof-of-work (PoW) for instant confirmations on Bitcoin Cash. The new Storm concept has piqued the interest of many BCH proponents who are eager to solve the instant or...Read More
