RATE Group | Real Bitcoin Double Spends Are Hard, Looking Into Alleged Issue
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Real Bitcoin Double Spends Are Hard, Looking Into Alleged Issue

22 Dec Real Bitcoin Double Spends Are Hard, Looking Into Alleged Issue

Posted at 16:58h in Bitcoin News by

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Bitcoin Cash (BCH) focused firm BitcoinBCH has potentially misled the public into believing that Bitcoin (BTC) double spends can be easily carried out.

On Dec. 18, BitcoinBCH’s CEO Hayden Otto published a video on YouTube allegedly showing how TravelByBit’s Bitcoin Point of Sale (PoS) wallet misleads merchants into believing that they were paid before a transaction is actually concluded. Hayden Otto also runs a competing BCH-based PoS solution called Hula.

Countering the claims

In a recent interview, a TravelByBit representative said that merchants using its service are insured against fraud and will not lose money. The firm’s founder Caleb Yeoh also said that — if many users begin to exploit their system’s design — the firm will drop support for Bitcoin and Bitcoin Cash on-chain transactions in its PoS solution.

Overall, Yeoh admitted that accepting on-chain payments in in-store settings is not practical and requires a compromise between security and convenience. The main…

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