Apple co-founder Steve Wozniak has joined the list of tech entrepreneurs who are lending their weights behind cryptocurrency. According to Wozniak, the virtual currency offers an "awful lot of promise" and Bitcoin, which is the largest cryptocurrency, is "mathematically pure".
Wozniak, popularly referred to as Woz, has backed the blockchain technology -- that is at the heart of the functioning of cryptocurrencies.
"It has a very trustable format that can't be modified easily," he noted in an interaction with Yahoo! Finance Live on October 29.
The renowned computer programmer said he belongs to the camp which thinks that "crypto will be used effectively".
"Crypto has an awful lot of promise through the blockchain of different things it can do differently than before... right down to elections even," Wozniak added.
Referring to Bitcoin specifically, Wozniak said the largest cryptocurrency maintains anonymity to a significant extent.
It "doesn't even have a creator that we know of, it isn't run by some company, it's just mathematically pure, and I believe nature over humans always", he said.
Wozniak, however, said he is not particularly lauding the anonymity part as one should be "able to stand up" and claim that he or she had done the transaction.
But, he added, there "can never be another Bitcoin" created as the cryptocurrency has "mathematical purity". On other hand, a currency like the US dollar can be created by the government and be borrowed, Wozniak explained.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
