What is Double Spending
Double spending occurs when a digital currency is replicated and spent twice. This is done by malicious users who possess the know-how and large computing power.
Despite the absence of a central authority that verifies the legitimacy of a transaction and history, the blockchain technology behind cryptocurrencies maintain authenticity of the transactions and avert double spending. Considering the colossal computational power needed, it is extremely difficult to create a duplicate of the digital currency or manipulate the data, for example by deleting the transaction. Therefore, it is highly unlikely for thieves or frauds to succeed in hacking the secure blockchain network. Cryptocurrency thefts could only occur if a user’s digital wallet is not adequately safeguarded by the user storing the currency himself.