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NexTech AR Solutions, a Vancouver, Canada-headquartered developer of VR and AR solutions, has booked a $200,000 profit after selling over 130 bitcoins. The firm justified its decision with the double-spending that allegedly occurred on the BTC network yesterday.
- According to a press release published by the company, NexTech has sold all of its BTC holdings, amounting to 130.187 bitcoins. With todayâs prices, this amount is worth north of $4,2 million.
- The sale has come less than a month after the initial purchase â revealed on December 29th, 2020. Despite the relatively short period, though, BTCâs price has expanded, and the firm managed to realize a profit of $200,000 after the sale. This means a 5% ROI in just a little over three weeks.
- However, whatâs more interesting is the companyâs reasoning for the sale. NexTech CEO Evan Cappelberg said that the decision came after reports of a âcritical flaw called a âdouble spendâ may have occurred, which, if true, allows someone to spend the same Bitcoin twice.âÂ
- The executive argued that such a development would undermine the faith in the BTC network. âIf the system is built on scarcity and faith in the system, then a âdouble spendâ would eliminate both â essentially destroying the store of value it was meant to be.â
- This alleged double-spending accident raised numerous concerns inside and outside of the community. Nevertheless, Andreas Antonopoulos, among the most popular BTC proponents, debunked the rumor with comprehensive tweets and explanations.Â
- He called the rumor an âirresponsible publicationâ and said that the situation was nothing more than two blocks getting mined almost simultaneously.Â
- Antonopoulos further explained that this was a regular block reorganization instead of a double spend and concluded that ânothing weird or outside the consensus algorithm happened. Bitcoin continues to work exactly as it should.â
- Similarly, Blockstream CEO Adam Back shared Antonopoulosâs conclusion, saying that âthere was no Bitcoin double spend. Stop misreporting stuff, seriously.â
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