A growing number of people have been duped by criminals offering to purchase the cryptocurrency, only to cheat them out of payment. In Wozniak’s case, the scammers in question cancelled their payment from a stolen credit card at the last minute. Wozniak made the confession at the Economic Times of India’s Global Business Summit, held in New Delhi. He spoke about how he became involved in Bitcoins as an experiment, rather than as an investment opportunity. The inventor and philanthropist says he was attracted to the cyrptocurrency as it’s free from government manipulation and based purely on maths. But this intellectual curiosity was not enough to save him from falling victim to the scheme.
About the experience Wozniak said: ‘The blockchain identifies who has bitcoins, that doesn’t mean there can’t be fraud though. 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. And it was from a stolen credit card number so you can never get it back. Cryptocurrencies are the internet’s version of money – unique pieces of digital property that can be transferred from one person to another. Bitcoin is one of the most well-known.
They are generated using an open-source computer program to solve complex math problems. This process is known as mining. Wozniak isn’t the first to warn over the dangers of dabbling in Bitcoin. Bitcoin is one of the better known cyrptocurrencies available.
Legendary investor Warren Buffett claimed in January that Bitcoin backers face disaster and suggested the online currency craze will come crashing down. Bitcoin surged as much as 1,900 per cent in 2017 before dipping sharply at the start of the year. Regulators, bankers and experienced traders have all warned it is a toxic bubble that will eventually ruin many of the people involved. In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.