What is a double spend attack and how to prevent them?

Finney attack

Race attack

Withhold attack

51% attack

  1. An attacker with over half the networks hashpower starts mining a private fork
  2. They then send a large amount of their chosen target asset to an exchange which they exchange for a different currency and subsequently withdraw
  3. At this point they publish their fork, now longer than the existing chain, and therefore becomes the ‘real’ chain
  4. They now have their original asset back as well as their chosen other currency.

How can double spend attacks be prevented?

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