NEO CryptoCurrency: What it is and How to Buy NEO Coin
NEO Crypto-Currency: What it is and How to Buy it
What is NEO? NEO might be one of Ethereum’s greatest rivals. The chinese blockchain enables the creation of smart contracts while the NEO token gets staked for GAS which is used to pay for computational development.
Facts about the NEO Blockchain
See, developers have long known about how vulnerable Ethereum smart contracts are to hackers. As a result, NEO’s developers decided not only to offer smart contracts but also to seal the loopholes plaguing their Ethereum counterpart. When they did, NEO’s place in the digital currency market suddenly changed from just another blockchain to an Ethereum upgrade and rival.
And to mark the change, the blockchain’s shares changed from their former name Antshares to NEO. Its crypto-currency, formerly called Antcoins, also gained a new name GAS. As a result of these changes and upgrades, the share value increased from 0.14$ in January 2017 to $37 by October the same year.
The crypto-currency’s also performed impressively. Valued at $1.78 in July 2017, it has risen to $29 today. So to keep up with demand, developers have had to build extra infrastructure, especially wallets, which are in short supply.
How to Buy NEO
So until they build the wallets, you must buy NEO using a roundabout procedure, starting with you buying Bitcoins. But buy from where, you ask? Let’s find out.
Buying Bitcoins at Coinbase
Your first stop when buying Bitcoins or any digital currency should be the Coinbase Exchange. Although many more exchanges exist, they cannot compare to this one for a number of reasons.
One, with 12-million customers, $40 billion worth of trading, a footprint in 32 countries across 4 continents, it’s one of the largest ones out there. Two, it allows you to trade in every major currency, to use credit and debit cards, and to deposit using bank transfers.
It even supports PayPal. And what’s better, you’ll love its low fees ranging from 1.49% to 3.99%. Three, more importantly, this exchange is safe, having a strong reputation and track record. But to take advantage of these benefits, you must first open a Coinbase account.
Opening a Coinbase Account
This simple process begins when you log onto Coinbase.com using your name, email address, and a password you create. Soon after, Coinbase asks you to confirm your email address after which you open either a business or a personal account.
Next, you verify your phone number in a two-step verification process before setting up a payment method. Note, however, that verification times for each vary. For instance, Coinbase verifies your US bank account in about 5 days and your EU accounts in about 3 days. However, it instantly verifies your credit and debit card. PayPal verification is just as easy.
After verifying your details, transfer funds into your Coinbase account and buy as much Bitcoin currency as you need. The next step is to buy NEO from the Binance Exchange.
Buying NEO at the Binance Exchange
So what exactly is Binance? A fairly new entry on the market, this Chinese exchange has already made waves in the industry for its low fees and remarkable Initial Coin Offering. What’s more, it specializes in digital currency to digital currency exchanges. When you first visit the Binance.com website, this specialty is immediately evident.
On the website’s dashboard, you’ll see a list of paired currencies. Click on one such pair, and you get a detailed in-depth analysis, consisting of graphs and charts. In fact, compared to other exchanges, Binance probably has the most detailed analysis of crypto-currencies over time.
Besides the graphs and charts, the exchange also delves deep into a pair’s history and order books. The level of detail depends on the view you choose - either basic or advanced. But like with any other exchange, you must first open an account before you trade.
Open a Binance Account
Again, like with Coinbase, you’ll find opening an account at this exchange easy and straightforward. Simply visit the Binance.com website, and sign up using your name, email-address, and password. But unlike Coinbase, whether you verify your account depends on the account you choose.
For instance, a Level 1 account needs no verification. But with it, you can only trade 2 Bitcoins a day. In contrast, Level 2 accounts, where you can trade up to 100 Bitcoins per day, require a photo ID. For higher daily limits, you must personally contact Binance.
After verification, fund your Binance wallet by clicking on the Funds tab, then the Deposit tap. Once here, use your Coinbase wallet address to deposit Bitcoins into your Binance wallet.
Next go back to the dashboard’s exchange and pick a Bitcoin/NEO or Bitcoin/GAS trading pair having the price at which you wish to buy the currency. Or, enter your price manually. After completing your order, your new currency will be deposited in your Binance wallet. That’s it.
At the beginning, we asked: What is NEO? Now, you not only know about this blockchain, you also know how to buy it. In summary, first buy Bitcoin currency at Coinbase exchange. Remember, this will be after you open an account at the exchange. Next, open a Binance exchange account from where you’ll exchange your Bitcoins for NEO or GAS.
DISCLAIMER: Cryptocurrencies like Bitcoin and Ethereum are highly volatile and risky. We cannot give you advice about what to invest in or how much to invest. You should take the information we provide in our courses and blog posts, do your own additional research on specific cryptocurrencies, and plan to decide what kind of investments work for you. We highly recommend talking to a financial advisor to understand the level of risk that you are comfortable with.
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