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A newbie question. How does block chain distributed system prevent debit beyond account balance? Let us say I have only $100 in my account and tried to do two $100 payments quickly. If the second payment went to a server in the distributed system that is yet to know about the first transaction, curious how the second payment is handled?
1Eventually, when the two nodes with the two different transactions come to know about the other transaction, one of the two transactions will be dropped. That is why you should not consider safe those transactions that are in the last block of the chain – Ivano Donadi – 2017-08-24T06:14:10.563
How long should the receiving party wait to consider the transaction as safe? How does receiving party check to make sure it is safe payment? – frosty – 2017-08-24T06:23:21.277
1It depends on how much security you want. If I recall right it is suggested to wait until the block has six other blocks on top of it to be really really sure it is safe. – Ivano Donadi – 2017-08-24T06:30:02.430
Watch this, you'll find the answer. https://youtu.be/Lx9zgZCMqXE
– MCCCS – 2017-08-24T13:51:20.730