How to Buy Neo
Neo, formerly called Antshares, is decentralized, open-source blockchain technology. However, the centralized approach that Neo uses is a lot different than the approach that many other cryptocurrencies use.
Neo is similar to Ethereum (hence why it is often referred to as the “Ethereum of China”) in that is uses two different tokens. While Neo may be similar to ETH, there are distinct differences between the two.
Currently, Hitbtc is the only exchange where you can purchase Neo with fiat currency. This token can also be purchased using more widely-accepted cryptocurrencies, which can then be exchanged for fiat.
his token can also be purchased using more widely-accepted cryptocurrencies, which can then be exchanged for fiat.
What is Neo?
Developed in China in 2014 by Da Hongfei and Erik Zhan, Neo was originally known as AntShares. In 2017, it was rebranded and became Neo. A platform that’s an extension of the blockchain, Neo supports its own form of cryptocurrency. It also allows for the creation of digital assets, as well as smart contracts.
The main objective of Neo is to become a decentralized, digital, and distributed platform that can be used to manage non-digital assets. In other words, it will serve as a digital alternative that can be used for the transfer of non-digital assets; for example, paying a car payment using a smart contract that automatically activates when the payment is due instead of using a bank to make payments.
Neo uses smart contracts to automate the management of digital assets. Eventually, Neo intends on creating and launching a distributed smart economy system that is based on the blockchain network.
Like ETH, Neo has two native tokens, and each one has a different function:
- Neo tokens. These tokens signify that you have ownership in Neo’s blockchain Neo tokens are utilized to establish blocks and manage the network. When you have Neo tokens in your wallet, you’ll receive Gas tokens; the second native token of the Neo platform.
- Gas tokens.Gas tokens allow you to use Neo’s blockchain. Similar to Ether on the Ethereum network, Gas tokens are what make transactions possible on the Neo system.
To summarize, Neo tokens are non-divisible and they are what generates Gas tokens. Gas tokes, which are their own distinct asset on the Neo network, can be used to pay for transactions.
Where to Buy Neo
Neo can be purchased on several global exchanges, including:
How to Buy NEO
In order to purchase NEO tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for NEO. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.
Use the link here or click the image above to get $10 in Bitcoin when you purchase or sell your first $100.Register on Coinbase
Step 1: Create a Coinbase account
Select the “sign up” tab and complete the form by entering the requested information, including:
- Your name (exactly as it appears on your photo identification)
- Email address
Step 2: Verify your account
- Issue your phone number
- Upload an image of your photo ID
- Verify your credit or debit card, or your bank account information
Step 3: Select the “Buy/Sell” option on the menu, once our account is verified
After verification, select the “Buy/Sell” option on the menu
- Choose “Ethereum”
- Input how much you would like to purchase
- Select the “Buy” button
Step 4: Confirm your purchase
- Select the “Confirm Buy” button
Step 5: Open an account on an exchange that accepts Neo
For the purposes of this example, we are going to use the Binance exchangeRegister on Binance
Step 6: Register your Binance account
- Enter your email address and a strong password
- Select “Register”
- You’ll receive an email to confirm your account
Step 7: Login to your Binance account
Step 8: Transfer ETH from Coinbase to Binance
- Under the “Wallet” tab, select “Deposits”
- Copy the ETH deposit address you are provided with
- Log back into Coinbase
- Select “Accounts”
- Click “Send”
- Enter your ETH deposit address
- Input the amount of ETH you want to transfer
- Select “Continue”
Step 9: Exchange ETH for Neo Coins
- When your ETH has arrived in your Binance account, you can exchange it for NEO tokens
- Select ETH currency
- Search for NEO in the search box and select it
Select whether you want to “Limit” order (you can choose the amount of NEO you want to purchase) or “Market” buy, which will autofill your order at the best price
Step 10: Select the “Buy” button
- Once you have chosen the amount of NEO you would like to purchase, select the “Buy button”
- Your NEO order will be immediately filled; your ETH will be transferred into NEO
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Why Buy Neo?
There are several reasons why both seasoned crypto investors and new investors alike should consider buying Neo. Some of the most notable reasons to purchase Neo include:
- It offers stability, thanks to the decentralized platform, which means there’s less latency for transactions. Less latency translates to more transactions at a much faster rate; in fact, the Neo platform can process as many as 10,000 transactions per second.
- Neo supports a myriad of programming languages.
- The smart economy Neo offers through its smart contracts, you will have the ability to turn non-digital assets into digital assets. Once your assets are digital, they can remain on the blockchain so you can benefit from decentralization, truthful, and traceable transactions.
- The supply of Neo tokens is limited to just 100 million; 50% of those tokens were bought by initial investors and the remaining half was placed in a smart contract of which 15 million are released per year. In other words, Neo has a lot of value.
How to Sell Neo
To sell Neo, you would need to first open an account on the altcoin exchange and deposit Neo into the account. You can then sell your Neo tokens for other coins that can be sold for fiat, such as BTC or ETH. Next, sell your more widely accepted digital coins for fiat currency, withdraw the money, and deposit it into your bank account.
Which Wallets can I Use for Neo?
- Ledger Nano S
- Neo GUI
- Neo Tracker
- Neo Wallet
- Neo CLI
- O3 Mobile
If you’re looking for an up-and-coming digital currency to invest in, Neo would be a smart choice. It offers numerous benefits and it is expected to see a significant increase in value.
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