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- 2014-9-5
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The clever idea is to stop worrying about preventing double spending and focus on detecting it, after the fact, when the merchant reconnects to the bank server. After all, this approach is why you’re able to use your credit card on an airplane even if there is no network connection up in the skies. The transaction processing happens later, when the airline is able to reconnect to the network. If your card is denied, you’ll owe the airline (or your bank) money. If you think about it, quite a bit of traditional finance is based on the idea of detecting an error or loss, followed by attempting to recover the money or punish the perpetrator.
If you write someone a personal check, they have no guarantee that the money is actually in your account, but they can come after you if the check bounces. Conceivably, if an offline electronic cash system were widely adopted, the legal system would come to recognize double spending as a crime.
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