On December 18, the web portal Bitcoinbch.com published an informal notice explaining that merchants accepting BTC should switch to BCH because of “dangerous flaws” found in the BTC software. The problem is tied to slow confirmation times tethered to a BTC-based protocol called Replace-by-Fee (RBF), which gives individuals the opportunity to double spend on merchants. Bitcoinbch.com CEO Hayden Otto performed double spends on merchants in Australia to demonstrate how easy it was to execute in the wild.
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Bitcoinbch.com Urges Merchants to Switch to Bitcoin Cash Because of Serious Flaws Found With Bitcoin Core’s Replace-by-Fee
Hayden Otto, Bitcoinbch.com CEO and BCH proponent from North Queensland, Australia published a video demonstration on how easy it is to double spend BTC after purchasing products from merchants. Otto released the video and published a blog post warning retailers about the double spend vulnerability and urged them to switch to the Bitcoin Cash (BCH) network as soon as possible.
“It’s been obvious for years now that Bitcoin Core (BTC) no longer functions as intended as a peer-to-peer electronic cash system,” Otto’s video detailed. Otto notes that Bitcoin Core developers added a protocol called Replace-by-Fee (RBF), basically allowing people to double spend BTC transactions. The Bitcoinbch.com CEO said that a person can essentially purchase goods and walk away with them and then send the money back to themselves.
