Speaking about cryptocurrency this week, Steve Wozniak revealed a tidbit about his personal experience with Bitcoin. At an economic event, Woz spoke about the power of Bitcoin and the future of cryptocurrencies in general. In one particularly interesting – albeit short – story, Woz told of the time when he sold a few bitcoins to a buyer who payed with a credit card. That was his first mistake.
At the Economic Times’ Global Business Summit convention this week, via India Times, Woz made clear: He didn’t initially buy bitcoins as an investment. “I had them so that I could someday travel and not use credit cards, wallets or cash,” said Wox. “I could do it all on Bitcoin. I studied which hotels and facilities accepted Bitcoin… it’s still very difficult to do so. I also tried to buy things online and trade Bitcoin online.”
Tragedy struck when Woz decided to sell all but the last of his coins. “The blockchain identifies who has bitcoins… That doesn’t mean there can’t be fraud though,” said Woz. “I had seven bitcoins stolen from me through fraud. Somebody bought them from me online through a credit card and they cancelled the credit card payment. It was that easy! And it was from a stolen credit card number so you can never get it back.”
Asked why Woz sold the coins in the first place, he replied: “I didn’t want to watch the price everyday… I sold all except one. It was enough to experiment.” Woz did not identify the service through which he accepted a credit card payment in exchange for his 7 bitcoins. The Apple co-founder did, however, suggest that it was far too easy for the fraudster on the other end of the trade to get away with his coins. That was directed more at the service he used to exchange Bitcoin for USD than at the technology within Bitcoin.
Fortunate for Woz, his “experiment” didn’t really put a large dent in his overall net worth. He still has faith in the future of bitcoins, if not the whole blockchain and cryptocurrency universe. “Bitcoin to me was a currency that was not manipulated by the governments. It is mathematical, it is pure, it can’t be altered.” Cross your fingers Woz’s crypto experiences in the future aren’t quite so sour.
As it is with all other articles about cryptocurrency and Bitcoin, nothing written here should be taken as monetary or investment advice. SlashGear takes no responsibility for the actions of any reader before, during, or after reading this article. For all the money advice you can handle, seek out professionals who’ll gladly open their investment purses to you and yours – they’ll know what’s up, and they’ll take some responsibility, too!