While average consumers may be more than happy with dollars and keeping funds in gold, one of the founders of Apple, Steve Wozniak, a mathematician by education, believes that bitcoin outperforms them both as an intermediary and as a means of preserving value-one important reason: his mathematically defined stock of 21 million coins makes it impossible to lower the existing stock in the price, which makes it safer.
Wozniak shared his views on bitcoin and blockchain technology during an interview with CNBC correspondent on technology Deirdre Bosoy at the Money 20/20 conference in Las Vegas on Sunday. Accordingly, the theme of the conference is the future of payments, transactions and, of course, currencies.
According to Bitcoin Magazine, Wozniak believes that the currency is more “stable” when it can not be “diluted” [reduced in price].
- “There is a certain amount of bitcoins that can ever exist. Gold is mined, mined and mined. Perhaps in the world there is a finite amount of gold, but bitcoin is even more subjected to mathematics and it is regulated, and no one can change mathematics. “
In this sense, Wozniak called the US dollar a kind of “fake”, while bitcoin became more “authentic and real”.
Wozniak added that gold reserves can be “diluted”, as people discover more efficient ways of digging it out of the Earth.
- Wozniak continued to compare bitcoin with owning the house: “Your house has value. For example, the house – today, and in 40 years it will still be valuable – even if the price grows, and the government will charge more taxes. “
Wozniak said that he “admired” bitcoin almost from the very beginning. However, in the early days, the creation of a special bank account for the purchase of bitcoin was associated with a lot of hassle. The process, he said, was “so inconvenient that he did not allow me to get an early bitcoin.” When he finally managed to buy it, the price almost immediately halved.
- ” I looked at it as a form of currency,” he said, adding that initially he did not understand the main technology of the blockchain.
However, Wozniak says that price has always been a secondary problem.
- “I’m not a financier by nature,” he says in general, adding that he never followed the price of bitcoin or the price of Apple’s stock. He said that he was attached to bitcoin, because he is based on mathematics. “My wife and I are judging the hotel rather on the number on the door than on the situation in the room. We are both mathematicians, “he said.
According to Wozniak, besides the simple improvement of transactions, blockchain technology can transform various industries, such as financial services and mining.
- “Right now, there is conflict with minerals in the world, and you don’t want to buy conflict minerals. Well, how do you avoid it? “
He went on to explain how companies usually buy gold from different countries and melt them together, so there’s no way to know where it all comes from. Nevertheless, with the help of blockchain, tracing the origin of gold is now possible.
- “They apply technology in which all payments can only flow to good, legitimate sources that do not have” controversial fossils, “he added.
When all potential cases of blockage use are studied, it will take years to determine what works and what does not. That’s why, according to Wozniak, the introduction to the etherium market now looks as if personal computers first entered the market, and people suddenly started writing “tens of thousands of programs” that no one had ever thought of. The dawn of smart contracts, therefore, will help the technology realize its potential.
“Crypto-currency, in fact, is much more than just bitcoin,” he said.