From LeoPedia to Bitcoin Hodler
Several years ago, (2011? maybe 2012) I'd heard about Bitcoin and joined a site where I could complete 'daily tasks' for a tiny dribble of Bitcoin.
Unfortunately, at the time, I didn't understand much about it and didn't really have enough savings to invest in any significant way.
As it does, life got in the way of my learning and I promptly forgot all about Crypto. In fact, my account at the above mentioned site was also put aside and is probably still sitting somewhere, out there in cyberspace.
I never really thought about it again until I joined Steemit (now Hive) and despite learning so much about Crypto, I still didn't feel ready for Bitcoin.
Honestly, I felt like I'd already missed the boat and didn't know whether it was still a viable option for me.
Fast forward to December 2020, when I joined LeoFinance and started reading some of the articles on LeoPedia.
The first post I read was written by @khaleelkazi, titled Is It Too Late to Buy Bitcoin and while a lot of the financial information went over my head, the verdict was that it's never too late to invest in Bitcoin.
The second article was also by @khaleelkazi, titled $10 a Day Keeps the Central Bankers Away and in hindsight, this 7 minute read may just prove to be the most important 7 minutes of my financial life.
The recommendation of investing small amounts often, really made sense to me... but more importantly, it showed me how I could throw that six to get on the board and enter the game in a way that suited my current situation.
Indeed, investing $10 or even $1 per day is better than $0 per day.
So today, not only am I'm a proud Bitcoin hodler, I also have a plan that helps my future look so much brighter.
Thank you @khaleelkazi, LeoFinance and LeoPedia, I could never have done that without your help.
(And YES, I am kicking myself for not jumping onboard in 2011/2012)
Happy New Year to all.
Until next time... xxx
Be safe and stay sane... ❤️❤️❤️
Thanks for stopping by and reading my post, I really do appreciate your time.
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I have all my friends and family on the $10-$50 per day auto invest into BTC strategy i mentioned in those articles.
I set them up with Coinbase/cash app and they have auto draws on their bank accounts to buy some amount each day.
Considering that most have an average buy price of about $8-14k, I was quite popular at Christmas parties this year 😎
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Yes, I plan to do the same by setting up an auto draw. It's a shame I've left it so late and kept my head in the sand for this long... Hopefully, by next Christmas you'll be just as popular at my house.
But, seriously, your information was just what I needed to get over my fear and jump right in with both feet. Thank you so much <3
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taking action is super important. information is all around us with the internet. Te success I've had on Hive, LEO, Splinterlands etc. came from taking charge and making a move while things were only starting out.
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Hive has been a really great way to start learning and I'm only just now starting to explore all the other avenues, such as Splinterlands and LEO. Not to mention, feeling confident to take the leap into a few other coins such as ETH. But like you say, it was the right time for me to take charge and make some 'calculated' moves.
Yeah I enjoyed reading those two articles two and actually just continued my daily purchases despite this little run at the moment, it's nice not to think about trying to time the market and just getting little bits of BTC each day regardless.
Happy stacking!
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Yes, this is what I took from those articles too... even though BTC is high, I've applied the same principle to some other coin, the small commitment makes it much easier. BTW, I spoke with my sister yesterday who told me, she is buying one lottery ticket per week hoping to win big... I realised that crypto was just like paying into my own lottery but with a much better outlook, wouldn't you agree?
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Yeah that's a good idea, maybe with ETH, I might start looking in to doing that each day but feel I'm already at a high level of what I've put in to crypto haha!
As for the comparison with lottery tickets, I'd say the only similarity is that it is a "bit of a gamble" buying cryptocurrency. With a lottery ticket, your chances of winning are so minuscule, you have more chance of bring struck by lightning than you are to win! In almost all situations, you are giving your £2 away (or however much it is in your area). With Bitcoin, yes, the value could go to 0 but you'd be able to react to it and not lose everything in that time should the absolute worse case sceneario happen - so you would at least recoup some of your costs.
The upside of buying BTC is greater in many ways as it also changes your mindset to one of investment, if you win the lottery, you haven't really learned anything and a lot of the time, people just spend their winnings to bankruptcy. There was a guy who won it in the UK a few years ago and he just spent all £7 million on partying, alcohol and things like that... back to square one!
So in short, yes I agree with crypto being a better outlook although it is still a gamble haha! Sorry, went off there :D
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Perfectly OK for you to go off, I enjoyed the read... :)
Funny you mention mindset because this is where I've seen the most change over the past 6 months and I've increased my knowledge 10 fold in that time. Before then, I was the equivalent of someone covering their ears, singing 'la la la' to block out all the information I didn't understand. A huge learning curve for someone who had literally no idea about finances.
In my situation, I don't have a lot of disposable income to play with however I do know that I'm really good at making small, regular payments (especially when I can see long-term benefits),
AND as someone who doesn't have any investments other than superannuation, Crypto offers me a possibility. This may be my last opportunity in life, to really take control of my finances and direct my future rather than waiting for the future to happen.
Still a gamble, I know... but one I'm willing to take :D
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Yeah man, mindset is probably more valuable long term and if you can get out of your wonderfully described "la la la" approach (I was there at one point too haha), then you'll see a lot of things differently and opportunities you never knew existed. It's hard to describe in words but it's a feeling that once you experience it, you just know it!
I've been sticking to those little payments in myself and, if you can, try not to check back often (says the person who is checking portfolios every day haha). As long as what you're investing is not going to be missed then you're doing the least stressful way, which is my preferred approach too!
Superannuation... that sounds like you're from Australia as I've only seen that word used to describe a "pension" type scheme when I was eyeing up the possibility of moving out there - I'm in the same boat really in the UK. Didn't have any stocks/shares, I can't afford a house so crypto gave me a possibility but I've learned a lot more about finances - sounds like we have a very similar approach!
Same man! I'd rather take the gamble than just lose purchasing power in a <1% interest rate (some cases, 0.01%) account, although having some cash in reserve is always a good plan! The so called "rainy day" fund!
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Yes, guilty as charged... an Australian here! Superannuation is a pension fund that you (or your employer) pay into during your working life in order to have a lump-sum available when you retire.
Being able to enter the crypto-arena with such a small outlay was the golden ticket for me. I have always been priced out of the market with not having enough cash to jump into traditional investments such as property and I don't trust or know enough about the stock market to dabble there.
In fact, my very first transaction was purchased to increase my voting power, I really didn't consider the investment side of things until much later. (for this Hive will always have my heart)
The smaller payments, as you say, cause less stress in the decision making process and I also find it much easier to watch the highs and lows, knowing that its not really affecting my small stack too much. Being money that I won't miss, they could all go to $0 and it would still only be a lesson and not a total disaster.
Funny story, last week I was at my local club with some friends when they asked if I going to play the pokies (slot machines). At first I thought, 'yeah, why not?' but I decided against throwing my money into that hole and instead, went home and bought $20 worth of ETH.
BTW how often is too often? haha :P
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Same feeling here man! You pick things up as you realise all that's available just by staking - more than just interest on your account but voting rewards are pretty cool too!
Yeah man! That's exactly the same thing that happens to me haha! I got asked if I want to go for a few drinks (when lockdown restrictions were less) and I'm like... well... I could use that 20 to buy some Bitcoin with so I'll just stick to tap water or be the designated driver, can even ask for a little petrol money as well to fuel the next lot of micro purchases of BTC!
LOL! What's too often? I honestly don't know, I mean, I now check once every 10 minutes as opposed to every minute so my restraint is improving 10x although wouldn't call myself a role model on that front :D
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This really made me LOL; so you mean it's completely normal behaviour haha
Having said that, checking in a bit too often has given me some understanding of the ups and downs that happen even just within a day.
I've made some rookie mistakes and realised that at times, if I'd waited an hour, I could have bought at the daily low point... but I've also had some beginners luck with couple of lower-priced alts.
More importantly, as my investment grows I'm starting to think more and more about security which is probably the most important step for me to easily learn right now, so I don't have to learn it the hard way ;)
Looking into buying a hardware wallet and then, once I understand how that works, I'm thinking I might buy one for my sister too, give it to her for her birthday.
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