What Is The Double Spend Problem?
The double spend problem refers to the act of spending the same digital token more than once. While physical money cannot exist simultaneously in two places, digital currencies, essentially data, can be duplicated. This raised the "Double Spend Problem," challenging the integrity of digital money: how to ensure a digital coin, once spent, isn't used again? Bitcoin tackles this using a decentralized ledger visible to all network users. Within this system, when bitcoins are transferred, the sender's coin is publicly recorded as spent, ensuring it can't be reused. Miners are crucial in preventing double spending, particularly against unconfirmed transactions, reinforcing trust in the Bitcoin network.