Chain of Wealth

E38 – Crypto Special (Part 1 of 3) What does Bitcoin mean for the future?

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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-
[3:51] First off, let’s get down to a serious question – who is your favorite super hero and why?
·       Batman!

[4:30] 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

[10:2] 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

[15:17] 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

[20:49] 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

[28:21] 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


[30:59] Chain of Wealth– Head over to loads of great information to teach you everything about cryptocurrencies.

Join Cryptoschool, it’s free!

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Value Link Round

[31:23] 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

[31:56] Do you have a book or podcast you recommend?
Books:The Alchemist
The Power of Kabbalah

Podcast: Joe Rogan

YouTube:David Hey
Crypto Daily
Ivan on Tech

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Chain of Wealth

Chain of Wealth

The Chain of Wealth podcast is a biweekly podcast boasting over 500,000 downloads. We interview inspirational guests about money topics. You can learn more about us here.

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