"Double spend " scam tactis.

[ahmedo24]

Double spend simply means when a user send the same amount of Crypto currencies for instant bitcoin to two different recipient address at the same time . Transactions of this kind will reflect in the recipient wallet but will be invalid.
Try as much as possible to ensure the confirmation has begin before you initiate payment for any deal , this is tactics many are using to defraud people now.

 

[Niftyyem]

This is knowledge every crypto user should have and thanks for sharing. Many people have fallen for this scam method because they are unaware that receiving notification of transaction does not mean that it has been confirmed to reflect in the wallet balance. In the case of 'double spend', the transaction usually end up unconfirmed.

 

[Ralphjoe]

This is nice information, though I haven't been defrauded on Bitcoin before but with this I am better harmed against any fraud of that nature. Thanks for sharing this highly informative piece

 

[Vladv26]

Always wait for at least 1 confirmation when you receive a bitcoin payment from someone. This way you make sure it's impossible for them to double spend the transaction and scam you

 

[Nomad]

I don't think this will be possible. In order to send the same amount to two different wallets at the same time, you sending time should match even by fraction of second.

 

[Good-Person]

Double spend simply means when a user send the same amount of Crypto currencies for instant bitcoin to two different recipient address at the same time . Transactions of this kind will reflect in the recipient wallet but will be invalid.
Try as much as possible to ensure the confirmation has begin before you initiate payment for any deal , this is tactics many are using to defraud people now.

I am sure you are talking about "earning money exchanging your assets" kind of scams, am I right? I mean you exchange your crypto and get a good sum of crypto in return? Can you please elaborate more?

 

[Niftyyem]

I am sure you are talking about "earning money exchanging your assets" kind of scams, am I right? I mean you exchange your crypto and get a good sum of crypto in return? Can you please elaborate more?

Not necessarily. It could be a normal transaction of getting paid for something bought or a service. The person who is to pay employs this tactic to make you believe you have been paid since you receive a notification for the funds most times but the coin never reflects in your wallet.

 

[Good-Person]

Not necessarily. It could be a normal transaction of getting paid for something bought or a service. The person who is to pay employs this tactic to make you believe you have been paid since you receive a notification for the funds most times but the coin never reflects in your wallet.

You mean receive email notification, but never ever receive coins, right? This thing is quite common with HYIP projects, too. They claim that they are "adding the balance" to your main balance in the dashboard, but they become scam. It is more common with online investment scams, I think.

 

[Shigobad2020]

Double spend simply means when a user send the same amount of Crypto currencies for instant bitcoin to two different recipient address at the same time . Transactions of this kind will reflect in the recipient wallet but will be invalid.
Try as much as possible to ensure the confirmation has begin before you initiate payment for any deal , this is tactics many are using to defraud people now.

people uses many tactics online to scam people , using double spend scam tactics is when you were been sent crypto currency into two different recipient address at the same time.

 

[Niftyyem]

You mean receive email notification, but never ever receive coins, right? This thing is quite common with HYIP projects, too. They claim that they are "adding the balance" to your main balance in the dashboard, but they become scam. It is more common with online investment scams, I think.

You may even receive those notifications on your wallet app but it will let you know that it is yet to have complete number of confirmations for it to reflect and most times the confirmations are never complete.

 

[ahmedo24]

You may even receive those notifications on your wallet app but it will let you know that it is yet to have complete number of confirmations for it to reflect and most times the confirmations are never complete.

For sure and that is why you are receiving any coin provided you have the notification just allow for at least you have one confirmation before you seal the deal.

 

[Good-Person]

You may even receive those notifications on your wallet app but it will let you know that it is yet to have complete number of confirmations for it to reflect and most times the confirmations are never complete.

I never knew such a thing could ever happen. So basically, this means that we can trace these transactions through transaction ID but they never get confirmed on the blockchain, right? I think there is a limit when it comes to blockchain. I mean is it possible to reverse crypto transactions before certain confirmations on the network?

 

[Sotherefore]

Double spend simply means when a user send the same amount of Crypto currencies for instant bitcoin to two different recipient address at the same time . Transactions of this kind will reflect in the recipient wallet but will be invalid.
Try as much as possible to ensure the confirmation has begin before you initiate payment for any deal , this is tactics many are using to defraud people now.

Wow , there are so many things I still have to learn because I can't believe this can be used to scam people. In any case it is very important for us to be vigilant when carrying out transaction with strangers most especially in cryptocurrency.