Crypto

TravelByBit Falls Victim to a Bitcoin Double-Spend Attack Method

A little bit of drama involving cryptocurrencies can generate a cascading effect. In Australia, a viral video demonstrating a TravelByBit double-spend attack has many retailers worried.

The viral video shows only how this particular payment processor is affected.

A Troublesome Development for TravelByBit

TravelByBit supports both Bitcoin and Bitcoin cash at this time.

However, it seems both currencies will no longer be supported moving forward.

This decision was made despite the video only depicting a Bitcoin double-spend attack.

Interestingly enough, the video was created by Hayden Otto, a well-known Bitcoin Cash supporter.

It appears that his desire to make Bitcoin look vulnerable also affects the coin he wants to see succeed. 

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For a service that provides point of sale solutions, dropping both currencies is a dicey decision.

For now, there is no official time frame as to when this will occur exactly.

TravelByBit founder Caleb Yeoh claims Bitcoin, Bitcoin Cash, or other blockchains aren’t suitable for retail point of sale.

This is despite enabling Lightning Network support for bitcoin transactions. 

That functionality will remain accessible, as only on-chain transactions for BTC and BCH will be removed if more fraud occurs.

How this will affect either currency in Australia, remains to be determined.

TravelByBit is not the most commonly used solution, despite serving several dozen merchants. 

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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