Original Show Notes: Bitcoin Mining   Dominic Florczak. He 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 3- [2:8] Ok let’s chat about mining today. Loads of people have made a ton of money when they started mining bitcoin. So firstly, what is mining and secondly is it still a thing that people still making money off it? ·       Mining is getting paid to verify transactions ·       Kind of like a jury that works to audit the blockchain ·       Every time it happens you get paid ·       In terms of profitability, there are loads of calculators available, it’s profitable, that’s why people do it ·       New tech called Burst maps the free space on you hard drive & it’s eco friendly ·       There is a big difference between mining and minting, in minting you put down your own coins as proof of stake so you won’t do false verifications [7:39] With the increased computing power and complexity of the transactions that are being verified, what happens if there are not enough miners verifying transactions? ·       If that happens to Bitcoin they will need to change to a proof of stake system ·       There should be such mass adoption that your wallet should automatically do it, but at this point the tech is not developed right now [8:52] So mining is verifying transactions, what about Raiblocks, from what I understand there is no need to verify transactions? How does Raiblocks differ? ·       The transaction is being verified but it’s happening very quickly ·       Tech is new and difficult to explain ·       The lattice structure allows the transaction to verify much faster [14:26] What would be some of the next steps someone could take to start investing in crypto? What coins do you currently hold? ·       Etherlend ·       CosCoin ·       Stellar Lumen ·       Ripple ·       Kucoin Shares ·       Vibe ·       Sonum ·       Neo ·       Funfare ·       Doubtem ·       Steam ·       Burst ·       Etc. J [17:47] Cryptocurrencies- the word crypto means encrypted and secure. Let’s chat about security of cryptocurrency, what would you recommend? ·       Plan to hold in the long run, it’s a much better return ·       Buy an external wallet, make sure it’s not second hand ·       You can back it up and be very safe ·       Don’t be lazy and leave it on the exchange ·       2FA, Google Authenticator etc. Sponsors [21:50] 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) [23:14] How much return have you seen from trading crypto? ·       On the corporate portfolio over 800% in less than 1 year. [25:2] Do you have any other parting piece of advice for our listeners? ·       Do you research ·       Don’t jump on the hype bandwagon ·       Don’t gamble Support this podcast at — https://app.redcircle.com/shows/11f32da4-3081-471f-bf51-ea341b89ab1d/tip