Steve Wozniak approves of Bitcoin

Bitcoin is sometimes compared to gold. Unlike ordinary money, it has a limited supply. That is, it is impossible to create new Bitcoins indefinitely. Bitcoins must be mined just like minerals. And the more...

Bitcoin is sometimes compared to gold. Unlike ordinary money, it has a limited supply. That is, it is impossible to create new Bitcoins indefinitely. Bitcoins must be mined just like minerals. And the more that already exist, the more difficult it is to find the remaining ones.

At the Money 20/20 conference held on October 22, 2017 in Las Vegas, Apple co-founder Steve Wozniak shared his thoughts on Bitcoin and blockchain.

Despite the high volatility of Bitcoin, Wozniak considers it much more reliable and stable than the dollar and other national currencies which largely depend on political decisions. Decentralization and the limiting of the number of coins to 21 million prevent the possibility of artificial control of the system from one single decision-making center. The control of turnover or the issuance of additional payment units is removed and so the development of Bitcoin is determined by the community.

The pioneer of the "microcomputer revolution" noted that bitcoin is even better than gold because by its very nature it is supported by mathematics.

Wozniak said that he admired Bitcoin since its appearance. But at first he viewed it simply as a form of currency and didn't understand the working principle of blockchain. Steve first bought Bitcoin when it was worth $700, not as an investment, but in order to experiment with various uses of electronic money.

After completely studying the blockchain system, Wozniak noted the great potential of the technology. Especially due to its transparency and unambiguous recording of all transactions in the system.

Many applications that use the blockchain system are very different from the usually accepted ones, so some time must pass for the organic introduction of this new technology into people's lives.

Steve also approves of other cryptocurrencies. According to him, he is passionate about the Ethereum smart contracts which open new opportunities in the world of payment instruments and investments. He even compared the appearance of systems like Ethereum with the advent of computers. Back then people began to make a huge number of new programs and now they are developing new cryptocurrency tools.