xTermed as the original Bitcoin, Craig Wright’s Bitcoin (SV) hard fork of BCH did not exactly pan out as he wanted and it seems that this cryptocurrency is not as secure as he claimed.
A researcher took to Vimeo platform to caution investors of what he believes is a double spending problem about to occur for Bitcoin Cash (SV). The video posted on December 8 shows how the network’s “0-conf transaction” would make it possible for anyone to spend Bitcoin SV tokens twice.
Bitcoin Cash, developed by Bitcoin (BTC) from hard fork in August 2017, uses 0-conf or (Zero-Conf) to enable fast transactions. Thus, transactions can almost always be confirmed in the next following block.
In a multi-stage test with a video demonstration, the user named “Reizu” managed to duplicate the BSV tokens in a “0-conf transaction”. The live video was released on Vimeo and takes about 11 minutes.
In a video, Reizu demonstrated how he succeeded in carrying out the attack, thereby disapproving Craig Wright’s claims that Bitcoin SV is more secure than its old sibling Bitcoin (BCH).
“I’ve done many double-spending on the Bitcoin SV network,” the researcher on Honest Cash blog on Dec. 8 post on Honest Cash.
“After a few mined blocks I discovered that the transactions that were being mined were those that were sent almost always to the same nodes,” his post reads.
Aside from the double spending problem, Reizu also said the BSV network is “very centralized.”
What is Double Spending?
You may be surprised to know that even before Satoshi created Bitcoin in 2009, there were multiple attempts by cryptographers and cypherpunks to create cryptographically secure digital money. However, all those attempts failed miserably since a digital currency can be duplicated and spent twice. Satoshi’s original Bitcoin has been able to survive for over a decade because it solved the “double spending problem.”