Bitcoin’s unexpected 11% decline has led it to hit its ultimate lowest level for the past three weeks as of 21st Thursday.
The “double-spend” problem is supposed to be an issue of the past for Bitcoin. Satoshi Nakamoto’s 2009 white paper proposed a tangible solution to this issue. Bitcoin was to use a peer-to-peer distributed timestamp that could record and prove the chronological order of transactions. Thus, it is justified the news of the return of this problem shook Bitcoin’s user base’s faith.
Is Double-spending the reason for BTC 11% decline
Bitcoin has since come out with proof denying the occurrence of the double-spend. Paolo Ardonio, Bitfinex’s CTO, confirmed that what happened was a simultaneous mine of two blocks that caused a chain reorganization. There was no addition of new bitcoins. Rather, the same bitcoins from a single wallet were registered in two blocks.
News: MyCryptoParadise