The case of block number 666,…

The recent “double-spend” transaction is all over the news causing panic amongst many people including investors and enthusiasts who thought that bitcoin could not double spend.

Double spend is when you intentionally replace a transaction so that the money you sent comes back to your own wallet.

The transaction that occurred on block 666,833 is not such a case. It was a mix of RBF (Replace by fee) and one block reorganization (something used by miners)

About 0.00062063 BTC was sent with the low fee (1 sat/byte) causing confirmation delays. The sender later replaced the transaction with a higher fee to speed up confirmation (this is called RBF and normal in bitcoin txs).

But due to block reorganization both the transactions happened, one of the valid chain and the other on the invalid or rejected chain (hence it does not show up anymore on the blockchain)

Not sure why BitMEX called it a double-spend.

submitted by /u/primalfabric
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