Crypto continues to soar high in the market. However, some celebrities, including NBA star Shaq, claim that the blockchain network is still unreliable.
Despite the crypto market‘s massive success, there are still some individuals, including the NBA Hall of Famer Shaquille O’Neal, who still doesn’t believe that crypto is a real deal. As of the moment, many billionaires, include Elon Musk, are trying to increase the value of blockchains like Dogecoin, DogeWife, Ethereum, Bitcoin, and other popular cryptocurrency brands.
However, Shaq claimed that the crypto network is still an unreliable source of income. He said that he doesn’t understand how it works, which is one of the main reasons why the NBA superstar is not investing in the rising market. This is practical since it is hard to put money into something that you have no idea about. Many people are also hesitant since they are afraid that the cryptocurrency market would suddenly drop, which could lead to massive revenue losses.
On the other hand, crypto experts are also saying, over and over again, that the blockchain network could change from time to time. However, with the right knowledge and financial skills, people could certainly double or triple their money by investing in the right companies at the right time.
Shaq Doesn’t Believe in Blockchain
The former Los Angeles Lakers star says he’s not knocking others for trying it. In recent months, a slew of professionals athletes ventured into crypto, from seven-time Super Bowl champion Tom Brady and New York Giants running back Saquon Barkley to three-time NBA champion Stephen Curry.
However, the big guy said that he still finds the overnight success stories of people investing in crypto unusual. He added that “every time somebody tells me one of those great stories, I like it. But from my experience, it is too good to be true.” Shaq added that “I always get these companies that say, ‘Hey, we’ll give you $900,000 in crypto to send out a tweet.’ So I have to say, ‘OK, if you’re going to give me a million dollars worth of crypto, then why do you need me?”
Aside from him, Barkley, another former NBA player, said that if he asked Shaq to invest in crypto, he should definitely fire him on the spot. Right now, financial experts have warned investors that the cryptocurrency market has always been volatile, recommending that people invest only money they can afford to lose.
Although this is the case, the revenues that you could receive from your crypto investments would still depend on skills in predicting the rising value of BTC, DOGE, ETH, and other blockchain companies. But, you still need to be cautious when it comes to releasing huge amounts of money. This is why researchers suggest investing money that you can certainly lose.
How To Earn Money in Cryptocurrency
If you want to start earning money in digital currency investments, the first thing you need to do is to create a virtual blockchain wallet. Before you do that, there are two things you need to remember before making your own blockchain wallet.
- Most software wallets can be recovered if you lose your phone
- Most hardware wallets can’t be recovered if you lose them
On the other hand, here are other things you need to know so that you can understand the connection of digital currencies with actual money;
- Holding cryptocurrency in a software wallet is like carrying cash in your real-world wallet. It’s readily available to you and waiting to be spent.
- Putting cryptocurrency in a savings protocol is like putting cash in a savings account. The savings protocol pays you interest for using their service – similar to how banks pay interest for some savings accounts.
- Depositing cryptocurrency in a vault and borrowing from yourself is like putting cash in a retirement account and taking a loan from it.
- Trading tokens on a cryptocurrency exchange is like trading stocks on a stock exchange. Tokens represent blockchains and protocols like stocks represent corporations.