E39 – Crypto Special (Part 2 of 3) What does Bitcoin mean for the future?

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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鈥檚 is currently the managing director of a pharmaceutical company and is in charge of the firms corporate cryptocurrency portfolio. He鈥檚 an experienced trader dealing with both stocks and cryptocurrency.

Welcome Dominic!

Round 2-

[2:7]聽Bitcoin has received lot of attention and it is definitely the biggest coin by market cap. Let鈥檚 chat about some of the other coins you can buy.

Firstly, why did other coins started appearing, and how do you know which coins are good to buy?
路聽聽聽聽聽聽 Don鈥檛 buy coins based on hype
路聽聽聽聽聽聽 Determine why you believe in the product, the same way you would invest in the stock exchange
路聽聽聽聽聽聽 Raiblocks has a good real world use as a comparison
路聽聽聽聽聽聽 Always diversify your portfolio
路聽聽聽聽聽聽 There are secrecy coins that a lot of people value as well

[6:22]聽OK so Blockchain is the underlying technology is most of these coins, I鈥檝e heard of a new type of coin called Raiblocks, does this still use Blockchain or what makes it different?
路聽聽聽聽聽聽 Raiblocks use a lattice which is different to Blockchain which takes multiple verification steps.
路聽聽聽聽聽聽 People who are miners will get paid to verify transactions
路聽聽聽聽聽聽 The lattice that Raiblocks uses is a different technology which is complicated
路聽聽聽聽聽聽 Blockchain is an immutable ledger of events which has a strong value proposition

[11:31]聽I always tell people that diversifying is important, from what I understand if your portfolio you鈥檝e managed to diversify your coins. Can you tell our listeners a bit about why they should diversify and give an example?
路聽聽聽聽聽聽 Getting an assortment of the following:
路聽聽聽聽聽聽 Bank backed currencies- e.g. ripple & stellar lumen
路聽聽聽聽聽聽 Traditional cryptocurrency- Bitcoin, Bitcoin Cash, Ethereum
路聽聽聽聽聽聽 Cryptotokens- Kucoin shares, CosCoin, B2Btoken
路聽聽聽聽聽聽 Token that gives you access to a platform- Vibe, FunFare, Kimcoin
路聽聽聽聽聽聽 Digital lending platforms- Etherlend
路聽聽聽聽聽聽 You could also put money into an ICO, but they鈥檙e just an idea (much higher risk)

[19:10]聽Do you think the days are coming where you will get paid in cryptocurrency?
路聽聽聽聽聽聽 Already happening, in Denmark (don鈥檛 quote me) half of your salary can get paid in Crypto

[25:17]聽When the next recession/global financial crisis does happen, do you think cryptocurrency will be adopted instead of gold?
路聽聽聽聽聽聽 Nothing stops people from carrying around their laptop with their tokens inside
路聽聽聽聽聽聽 It鈥檚 almost as physical as gold, albeit digital
路聽聽聽聽聽聽 It takes electricity, effort and hardware to make coins
路聽聽聽聽聽聽 It comes down to adoption

[28:45]聽Ok so let鈥檚 chat about what to do in a crash 鈥 I believe there is a coin called Tether that is linked to the USD? Should people rather move their money into tether instead of liquidating during a crash?
路聽聽聽聽聽聽 You don鈥檛 want to liquidate your portfolio, however there is a mass migration in China and a red envelope tradition where you give people money
路聽聽聽聽聽聽 Fear, uncertainty and doubt (FUD) caused people to start selling and a vicious downtrend


[30:30]Chain of Wealth鈥 Head over to chainofwealth.com/crypto loads of great information to teach you everything about cryptocurrencies.

Join Cryptoschool, it鈥檚 free!

If you鈥檙e enjoying this podcast, don鈥檛 forget to subscribe, rate and review!

Value Link Round

[31:39]聽Do you have a favorite quote you like to live by?
路聽聽聽聽聽聽 Paraphrased- George Carlin, Eat Feces- a trillion flies can鈥檛 be wrong

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Chain of Wealth

Chain of Wealth

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