Bitcoin Double Spend Bug puts the existence of cryptocurrencies at risk

For a year, the digital version of the check fraud remained open with many cases reported. If the same fraud method had been exploited in digital currency, then we can expect the fatal consequences for Bitcoin and other cryptocurrency variants.

Bitcoin, Bitcoin Double Spend Bug puts the existence of cryptocurrencies at risk, Optocrypto
It was a complete year in which it was possible to spend Bitcoins several times rather than just once. Now the discovered error could have meant the end of the cryptocurrency coin. Normally, Bitcoin nodes work together to ensure that a credit can only be used once for payment. But that might not have worked in past.

Special routines verify all transactions and then transmit them to the memory of the block string. However, errors were found in the verification code, which is used in most of the involved systems. Since September 2017, for example, mining farms have been able to prepare a block at a great cost that would have allowed the expenditure to be doubled.

Illegal blockades with devastating consequences for Bitcoin

The real danger was not that an attacker might have obtained money through fraud, but that illegal blocks might have entered into the blockchain without being detected: Since each subsequent block contains a reference to the previous block, it would have been impossible to subsequently correct the wrong blocks. This would have caused fatal consequences for the digital currency: All transactions carried out during the reporting period would be null and void.