How to Buy NEO – Beginner’s Guide
By : Ofir Beigel | last updated : 2/2/22
NEO, previously known as AntShares, is an outdoors source Chinese plan that allows the initiation of decentralized apps ( aka Dapps ). In this post, I ’ ll review precisely what NEO is, a bit about how it works and explain the procedure of buying it .
How to Buy NEO Summary
NEO is a classify of a taiwanese Ethereum – allowing the creation of decentralized apps through the consumption of smart contracts. here are the steps for buying neo :
- Get a NEO wallet
- Locate your NEO address
- Go to Binance
- Deposit Bitcoin / Ethereum to your account (you can also buy it with a credit card on Binance)
- Buy NEO with Bitcoin / Ethereum
- Find your NEO address and withdraw your tokens
If Binance doesn ’ metric ton work out for you here are some other options for buying neo :
That ’ s how to buy NEO in a nutshell. If you want a more detailed review about NEO keep on interpretation, here ’ s what I ’ ll cover :
1. What Is NEO in a Nutshell?
NEO, formally known as Antshares, was founded in 2014 by a chinese company called OnChain as a way to bring in concert smart contracts, a digital identity system, and the exchange of digital assets. With this novel imagination, AntShares became China ’ s first open-source blockchain engineering .
The long-run vision of NEO is focused on wholly reinventing commerce by merging the traditional economy with the digital economy into something coined the “ Smart Economy. ”
The goal behind the new Smart Economy is to merge digital assets, a digital identity, and ache contracts into matchless. This economic frontier is trustless and open to all, meaning that it isn ’ metric ton governed by a central authority. As such, rules, policies and the organization of club will be transparent and fair to all .
NEO can facilitate millions of transactions every day through its decentralized distributed ledger, forcing banks and companies to rethink the way they do business. NEO besides supports identical popular programming languages such as C #, Java, and Python .
The NEO platform has two different tokens : NEO and GAS ( once known as ANC or AntCoin ). Both tokens are capped to 100 million but that ’ randomness a far as the similarities go .
A full of 100 million NEO tokens were originally created. 50 million were sold to investors in an ICO and the remaining 50 million are locked in a smart narrow. The condense states that each class, no more than 15 million coins are released for uses such as funding NEO development and invest in other blockchain projects .
NEO tokens can ’ deoxythymidine monophosphate be divided into smaller units. NEO holders get voting rights in the NEO ecosystem, angstrom well as rights to dividends in the imprint of GAS .
The NEO network charges GAS as a serve fee for using the blockchain ( much like Ethereum ). GAS is created each time a new NEO obstruct is added to the NEO blockchain ( presently 5 tokens per parry ) .
GAS product is reduced by one nominal for every 2 million blocks generated until all tokens are generated around 2046 .
Unlike NEO tokens, GAS tokens can be divided into smaller units. GAS generated from a successful block will be distributed to NEO holders, while GAS received from transaction fees is awarded to node-keepers ( i.e. NEO miners that add blocks to the blockchain ) .
A more detail explanation of NEO and GAS can be found in this video recording :
2. Buying NEO in 3 Simple Steps
Step 1 – Get a NEO Wallet
The most legitimate place to get a NEO wallet is immediately from the NEO web site, as it features background, web and mobile versions. however, there are other options that are worth mention .
Ledger Nano S / X (hardware wallet)
If you ’ ra looking for the most batten target to keep NEO tokens, then the Ledger hardware wallet should be your first option .
Both the Ledger Nano X and the Ledger Nano S support NEO tokens and allow you to keep your coins offline away from hackers. The downside is that you ’ ll need to pay money to get the actual hardware wallet itself .
actual hardware wallet itself .
The Official NEO-GUI Wallet (desktop – full node)
The NEO Project offers a GUI desktop wallet that is available for Windows and Mac. unfortunately, anyone using Linux will have to look elsewhere, or download the command-line interface ( CLI ) version. additionally, this is a full node wallet meaning you will download the dispatch NEO blockchain to your machine which could take a while .
Atomic Wallet (mobile)
Atomic Wallet is a decentralize wallet that supports 300+ cryptocurrency assets. The wallet uses Atomic Swap technology for detached exchange between cryptocurrencies. Atomic Wallet provides blink of an eye commute and a “ bribe crypto with a credit batting order ” feature. available for Windows, Mac OS, Linux, Android and io .
Exodus (mobile / desktop)
Exodus is a software NEO-compatible wallet with a beautifully designed user interface. In accession to NEO, Exodus supports Bitcoin, Ethereum, and 100+ other crypto assets. early features include an in-app crypto exchange and synchronize of background and mobile wallets. available for Windows, macOS, Linux, io, and Android .
NEON Wallet (desktop)
One popular choice is the NEON wallet, a background wallet available for Windows, Mac, and Linux. This wallet has all the necessity features, as it can hold NEO assets—specifically NEO and GAS—while allowing users to send and receive them .
This wallet besides allows users to claim GAS if they ’ rhenium holding NEO .
NEON is developed by City of Zion and not immediately by NEO developers. however, many people prefer this wallet for its rest of use, functionality, and flexibility across all background operating systems .
In addition, a drug user ’ second individual keys are never stored on the NEON servers, offering the highest level of security system .
For the most separate, the NEON wallet is considered the best option by many who own and use NEO. however, City of Zion previously dealt with allegations regarding bugs in its wallets .
One exploiter claims his NEO were redirected to an stranger cover during a transfer from Bittrex. At this detail, it ’ mho hard to put the blame on NEON, as there doesn ’ triiodothyronine appear to be any solid proof .
NEO Tracker Wallet (web)
Read more: MobileGo
Users looking for a web wallet much choose the NEO Tracker wallet, which is developed by NEO Tracker. This web wallet is open beginning, offering both relief and functionality .
Users can send, receive and store both NEO and GAS, without storing any data on the NEO Tracker servers ( exchangeable to Blockchain.com ). It besides allows users to claim GAS if they ’ re holding NEO .
NEO Paper Wallet
Ansy offers a paper wallet that can be used to store or send NEO and GAS. Using a newspaper wallet is a good option for anyone who wants to store their value offline and hang onto it for an extended period of time .
however, users won ’ deoxythymidine monophosphate be able to claim GAS tokens when they are holding NEO in this paper wallet .
WARNING: Scam NEO Wallets
According to City of Zion, a developer that offers a number of NEO wallets, myneowallet ( .io ) is a scam, as it saves secret keys right in its database .
Another wallet that many believe to be a victimize is the neopaperwallet ( .org ). The accusation came in September of 2017 after many who used it allegedly lost their NEO. While at this point it ’ s impossible to say whether or not this is decidedly a scam, users should avoid it precisely to be safe .
ideally, entirely use NEO wallets that were created by NEO developers or are displayed on the NEO.org web site. Using any other wallet equitable international relations and security network ’ thyroxine worth the risk .
Locate your NEO address
once you have your NEO wallet you need to locate your NEO address. This is a thirty-four character drawstring of letters and numbers that starts with an “ A ” ( for Antshares ). hera ’ s an example :
Step 2 – Find a NEO Exchange
The easiest way to trade NEO would credibly be through eToro ’ south NEO trading platform. however, when you use eToro you can ’ t actually withdraw the coins. This means you can only buy/sell NEO for decree ( i.e. dollars, euros, etc. ) .
Because of the above, if you plan on using eToro you don ’ deoxythymidine monophosphate actually need a NEO wallet .
eToro disclaimer: This ad promotes virtual cryptocurrency investing within the EU ( by eToro Europe Ltd. ), UK ( eToro UK Ltd. ) & USA ( by eToro USA LLC ) ; which is highly volatile, unregulated in some EU countries and the UK, no EU or UK consumer protections & not supervised by the EU or UK regulative framework. eToro USA LLC ; Investments are subject to grocery store risk, including the loss of principal .
68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money .
CFDs are not available to US customers.
If you ’ re not looking to good trade but besides to buy and hold NEO, then you can purchase it from these exchanges :
- Binance (with USDT or a different cryptocurrency)
- Bitfinex (with fiat currency or cryptocurrency)
- Bittrex (with USDT or a different cryptocurrency)
- HitBTC (with USDT or a different cryptocurrency)
How Can I Buy NEO with a Credit Card?
You can buy NEO directly from CEX.IO using a credit card. Register an account on CEX.IO and link your card on the Card page, once it ’ randomness linked, you ’ ll be able to make instantaneous decree deposits in USD, EUR, GBP, or RUB then convert it to NEO .
alternatively, you can besides use Changelly to buy NEO directly with a credit rating card. however the cheapest way would be to buy Bitcoin with a credit wag and then exchange it for NEO through Atomic Wallet or Changelly .
Step 3 – Withdraw Your Funds
As constantly, I suggest that you withdraw your funds from the exchange once you ’ ve purchased your coins. It ’ south constantly considered best practice to have entire possession of your coins in a wallet that gives you control over your secret keys .
once the coins are safely in your wallet, you ’ ll have successfully completed the process of buying NEO .
3. Conclusion – Is NEO Worth Investing In?
For most people, purchasing NEO on a reputable rally and holding it in a secure wallet that allows them to claim GAS is a great means to take advantage of a long-run price appreciation .
NEO ’ s Smart Economy concept has the electric potential to revolutionize economic transactions and redefine the way the global interacts on a fiscal level .
On the early hand, I ’ ve seen many projects come and go in the past few years, and while NEO ’ s nominal remains pretty full-bodied, no one can truly say what the future holds for it .
As always, you ’ ll have to decide if NEO is worth investing in, but make certain to follow these guidelines :
- Educate yourself about NEO, don’t just blindly buy the token.
- Never invest more than you’re willing to lose, cryptocurrencies, in general, are an extremely risky investment.
- Always keep your NEO tokens off exchanges and in your own wallet.
Read more: MobileGo
Have you had any experience with NEO yourself ? If so, I ’ five hundred love to hear your thoughts about it in the remark section below .