Original Show Notes: What does Bitcoin mean for the future? Dominic Florczak has a B.Pharm with distinction from the university of Witwatersrand and an MBA in business administration from Herriot watt university. He’s is currently the managing director of a pharmaceutical company and is in charge of the firms corporate cryptocurrency portfolio. He’s an experienced trader dealing with both stocks and cryptocurrency. Welcome Dominic! Round 1- [3:22] First off, let’s get down to a serious question – who is your favorite super hero and why? ·       Batman! [4:1] Ok, let’s dive into today’s topic- cryptocurrencies. Cryptos are a currency where there is loads of noise. Firstly, what spired your interest in cryptos and why did you get involved. ·       3 years ago go involved with a company that used a crypto token as the main premise of the business ·       Had to make a comparison of existing coins out there to compare ·       Risk & reward factor definitely something to really consider ·       Markets are much more mature now & understanding is much better than the earlier days [9:33] Let’s jump into Bitcoin- December Bitcoin was almost $20,000 in December 2017. It’s been moving like crazy, what is your perspective? ·       People speculating that Bitcoin is a bubble, the basic concepts of supply and demand will hold. ·       Everyone has an opinion on Bitcoin and they assume they’re an expert, it all depends on adoption ·       The lightning network could be a game changer, same with atomic swaps ·       In around 2023 it will be almost impossible to mine a coin ·       There is a cost to mine a coin, same as bring gold up- there’s a refining process ·       The gold standard is no longer used, how are fiat currencies any different from cryptocurrencies ·       What it crypto is adopted by bigger companies like Amazon or Apple? ·       Transaction fees are the biggest barrier at the moment [14:48] What will we do if it’s widely adopted and governments can no longer print money? ·       Great documentary on Netflix on cryptocurrency and the social impacts ·       Politicians can impact the value of goods and services which makes things unfair on some countries. ·       Governments should maybe function differently from the central banks ·       Imagine the impact of a country adopting a global currency [20:20] What will we do if crypto starts getting adopted as a global currency? ·       Many countries talking about making their own cryptocurrencies ·       Nobody wants a centralized cryptocurrency, it defeats the purpose ·       Concept of earning the same money in different jurisdictions ·       Banks could save trillions of dollars in transaction fees using blockchain technology [27:52] How do you buy cryptocurrency & what is the difference between an exchange and a wallet ·       Exchanges are place where you can exchange currencies fiat & cryptocurrencies at sites like Coinbase which allow you to exchange your fiat currency for crypto ·       A wallet is a digital wallet is like an offline wallet to store cryptocurrency Sponsors [30:30] Chain of Wealth– Head over to chainofwealth.com/crypto loads of great information to teach you everything about cryptocurrencies. Join Cryptoschool, it’s free! If you’re enjoying this podcast, don’t forget to subscribe, rate and review! Value Link Round (VLR) [30:54] Why do you think people fail at achieving their dreams? ·       Sense of negativity ·       Playing the victim ·       You need to have a positive attitude and not blame your circumstances [31:27] Do you have a book or podcast you recommend? Books:The Alchemist The Power of Kabbalah Podcast: Joe Rogan YouTube:David Hey Crypto Daily Boxmining Ivan on Tech Support this podcast at — https://app.redcircle.com/shows/11f32da4-3081-471f-bf51-ea341b89ab1d/tip