Double spending refers to the act of spending the same financial asset more than once simultaneously. If a user sends the same units to multiple recipients, the system is at risk. Therefore, mechanisms must be in place to prevent this behavior to ensure the proper functioning of digital currency. Thanks to blockchain technology, every transaction that occurs on a distributed ledger system is verified. For example, in the case of Bitcoin, verification is carried out by miners on the network. If an already confirmed transaction is attempted to be executed a second time, nodes recognize that the transaction is fraudulent during verification and do not confirm it. Unconfirmed transactions are not recorded on the blockchain. This verification process prevents the problem of double spending.
