Steve Wozniak has followed in the steps of other tech founders who have endorsed Bitcoin as the future currency of the web. Aside Wozniak, other tech leaders who hinted that the coin will be instrumental to online payment in the future are Jack Dorsey, the Twitter and Square CEO whose payment processing company, Square is already deeply involved in crypto payments, another is Naval Ravikant of AngelList, Peter Thiel, the venture capitalist and a handful of tech gurus who are supporters of Bitcoin.
Wozniak took a cue from Dorsey, the Twitter CEO who had in March said that the internet will have a single dominant currency in the future, hinting that the currency is likely Bitcoin. Wozniak who hopes that Dorsey´s prediction comes true said that he had reasons to believe in Bitcoin, some of which are that the coin is mathematically proven, had a regulated mode of distribution and that the human interference is non-existent.
About this Wozniak said:
“Bitcoin is mathematically defined, there is a certain quantity of bitcoin, there’s a way it’s distributed… and it’s pure and there’s no human running, there’s no company running and it’s just… growing and growing… and surviving, that to me says something that is natural and nature is more important than all our human conventions,”
Satoshi Nakamoto published the Bitcoin Whitepaper in 2008 during the financial crisis as a peer-to-peer payment system. Since then, the coin has been a peripheral payment method used mainly by enthusiasts and the tech savvy until 2017 when it broke into mainstream consciousness. The rise in its recognition led to appreciation of its value that by December, the coin reached its all time high value of $20,000, creating a public excitement that made traditional financial institutional funds to start flowing into the coin market for the first time.
The strength of Bitcoin is that unlike banks, there is no central authority in charge of it. The network is secured by independent miners utilizing computing power to protect the coin from hacks, confirm current transactions as well as generate new coins. This unique technology makes Bitcoin attractive to people who want to be in charge of their finances and those who are tired of the traditional banking system.
This is a reason millennials dominate demography among coin enthusiasts. Bitcoin adoption has also raised concerns among governments and regulators that its pseudo-anonymousness could be taken advantage of by criminals to perpetrate crimes such as money laundering and financing of terrorism. This is why most jurisdictions have ensured that anti money laundering laws are applied to all use cases of cryptocurrencies.
The success of Bitcoin also heralded the proliferation of coins, most of which have little use cases. But quite a number have gained traction in the coin market. Nevertheless, Bitcoin has remained the flagship cryptocurrency of the coin market and to a large extent determines its direction. It is not surprising that the coin is naturally expected to continue with its dominance as the most capitalized digital currency.