"The blockchain identifies who has bitcoins ... that doesn't mean there can't be fraud, though," he said, highlighting the issue that banks in both the US and UK have been focusing on in recent times. Earlier this month Lloyds Banking Group, like several others, banned its customers from buying bitcoin with credit cards, in a bid to offer some protection in a landscape that remains largely ungoverned.

Governments are becoming more mindful of the issues involved with bitcoin fraud, though. South Korea, for example, has limited cryptocurrency trading to real-name bank accounts, while UK Prime Minister Teresa May said the government is taking fraud in cryptocurrencies "very seriously". However, many would argue that meaningful action is not being taken quickly enough -- if tech legend Steve Wozniak can fall prey to this kind of fraud, anyone can.