Chinese exchange Bitasia has become one of the first exchanges to enable zero confirmation transaction following an announcement earlier this week. This empowers crypto enthusiasts and traders to make transactions as quick as possible.
Retailers, exchanges and other firms will be ready for early adoption of the upgrade. They will be willing to accept a digital currency before the first network connection. For illustration, the Mini-POS device developers have implemented zero-confirmation transactions.
This reduced the process time to less than 15 seconds where a display window shows a finish message. Another company that has done it is Cryptonize, whose CEO had offered a challenge to doublespend. A person tried it doublespend on a $1000 transaction but failed. He lost $2000 trying to exploit the transaction.
A prevalent consensus among the crypto community is that at least one confirmation is needed to prevent double spends. However, Gavin Anderson and Tom Harding have created specific patches that prevent fraud from happening when zero- confirmation transaction takes place. Bitcoin Core(BTC) have discontinued using those patches. Although the Bitcoin Cash community buys into the idea that zero-confirmation transactions are completely safe and have started to test it on their main network. They were predictive thrilled to hear about the confirmation of Bitasia supporting zero-confirmation transactions.
A website called Doublespend.cash has recently published a list of all the double spends attempts against zero-confirmation BCH transactions. However, BCH platform supporters are skeptical about the company’s data as most of the transactions have a fee set lower than the network relay minimum requirement. This is easy to spot as transactions under 1 satoshi per byte are typically never propagated throughout the BCH clients. Doublespend.cash might be just an attempt to spread fear, uncertainty and doubt.
BCH did see an initial spike in its price following this development but has since been stabilized due to skepticism in its model.