The more time I'm spending immersing myself with LeoFinance, the more I'm finding out about all the different helpful tools that have been built. One thing I have stumbled across today was "LeoPedia", which you can probably guess is an amalgamation of an encyclopedia of easy to understand articles around cryptocurrencies and strategy, hosted on LeoFinance.
This Layman's approach is something I've always tried to do with my posts whether it was the Bluffer's/Havey's Guides or just my general ramblings on LeoFinance posts, sharing what I'm doing with you in a non-technical way. So this part of the site really piqued my interest!
I'm not a financial advisor and this is not financial advice
I've only just started checking out some of the articles as I began dollar cost averaging about 7 months ago where I'm buying a small amount of BTC each day/week at the same time regardless of fiat price and I saw one called "The Importance of Consistency in Dollar-Cost Averaging a Bitcoin Position". So I thought, why not read it and see if I'm "doing it right"?
This particular article talks about two different scenarios that play out if you got in at the previous all time high in December 2017 (like me) and dollar cost averaged your way to the present day vs stopping at the low in December 2018. I won't say what the results are as I want you to see check it out but it was really interesting to see as it's based on pure numbers.
Since I discovered dollar cost averaging, I've found it a revelation as it completely takes away the stress of trying to find the dip and continues to add to the piggy bank. Boring? Maybe but I prefer consistency and long term payoffs having seen 94% of my portfolio erode away in front of my eyes in that 2018 savage run.
The second article I'd like to highlight is one called "How Much Bitcoin Should I Own?" which highlights some common talking points between those of us who've had a bit more experience in the space with people who've never heard of cryptocurrency. I've also been having conversations with friends and family about this in the UK and I really do see the arguments presented in the post on how different people have different aversions to risk, understanding what people are familiar with, what their relationship with money is and how much they trust the current, non-crypto economic system.
I do find it slightly amusing sometimes that there's still so much faith in the way the Bank of England is just printing money out of thin air but you present an alternative currency where that is simply not possible (BTC), yet, you're the weird one for researching it? Oh well, you can lead a horse to water and all that!
I'll just keep researching and learn more from the LeoPedia site, along with other little bits of news I see when I scan LeoFinance and try things out for myself. I'm one of those who likes to get stuck in to see for myself, even if it does sometimes sting (remember - don't invest more than you can afford to lose)!
Have you checked out LeoPedia yet? What have been some of your favourite articles you've read there? Let me know in the comments below!
Take care
Nicky
