If you are someone who’s been passionate about cryptocurrencies for a long time, you might know about a project called Antshares, founded in 2014. The project became China’s first open- source blockchain technology but, more importantly, it later changed its name in what is today one of the strongest blockchain projects, NEO.
In 2017 alone, NEO ascended to great heights and offered its investors an ROI of more than 21,000%.
What is NEO?
NEO is widely regarded as the “Ethereum killer,” China’s answer to the almighty, all-encompassing creation of Vitalik Buterin. Just like Ethereum, NEO uses smart contracts, but it’s more defined as a distributed network for the smart economy.
The main goal behind the new Smart Economy is to merge digital assets, smart contracts, and digital identity to create one comprehensive concept. NEO allows for the flow of assets with limited friction. It facilitates millions of transactions via its decentralized ledger, revolutionizing the financial field and banking system with each passing day.
Before we move forward, it’s important to note that NEO uses two different tokens: NEO and NeoGas (GAS). The GAS token is used to fund operations on the blockchain like registering smart contracts or changing assets. The GAS is charged by the network as a service fee for using the blockchain.
Should you invest in NEO?
As with all crypto investments, a lot of thought should go in the process of determining whether they are worth it or not. There are numerous reasons why you might want to invest in NEO. For starters, NEO’s technology has proved to be so successful (not only in China) that it sparked the interest of the biggest tech giants such as Microsoft, which uses NEO to revolutionize its Microsoft Azure platform.
Last but not least, there the fact that NEO is a very big thing in China at the moment. As we’re sure you know, China is one of the leading forces and growing markets especially concerning the FinTech sector (financial-tech).
How to buy NEO
Step 1: Get a NEO Wallet
The most obvious aspect to consider when choosing a wallet for your NEO funds is security. NEO offers three official wallet in the form of desktop, web, and mobile apps. However, other good options include NEON Wallet, NEO Tracker Wallet, NEO GUI, O3 Wallet, and the popular Ledger Nano S (hardware wallet).
Step 2: Choose an exchange
Since NEO is such a popular crypto project, there’s no shortage of cryptocurrency exchanges from where you can buy NEO such as ZB.COM, Bibox, Binance, BitMart, DragonEX, Exrates, BitMart, Bitfinex, and LBank. The only real issue is if you want to trade lesser known tokens for NEO, but if you’re thinking of using BTC, ETH, and even USD to trade, then you have nothing to fear.
Step 3: Create an account and verify it
Most exchanges require you to register an account. Usually, the exchanges require you to add an email address, to select, a password, and to verify the account via email. Most exchanges will also require you to undergo a more or less complex KYC and AML processes.
Step 4: Deposit funds
Depending on what your needs are, you either chose a crypto-to-crypto or a fiat-to-crypto exchange. Find your way to the “Deposit” section of your account and select the sum you want to deposit. You will then be provided with an exchange address which represents your online exchange wallet. Make sure you check carefully the address you are sending your funds to. Depending on your preferred currency (fiat or cryptocurrency) and the network’s load, it might take a while before you can check the balance of your wallet.
Step 5: Buy NEO
Once your balance has been confirmed, and the funds are in your wallet, you can start buying NEO. Look the BTC/NEO pair, and establish the market limit order, enter the exact sum of NEO you want to purchase, and how much you want to spend. Follow through by confirming the order. Once the transaction has been completed, the NEO tokens you acquired will appear in the wallet made by the exchange.
Step 6: Move the NEO tokens to your own wallet
Do not leave the NEO on the exchange’s wallet, as secure as it may be. There have been numerous attacks and hacks over the years, where users who left their funds in the wallets of exchanges lost everything. If you’re really serious about investing in NEO, get yourself a hardware wallet as it will ensure the ultimate safety of your tokens.
We hope this general guide shed some light on what it takes to buy NEO using BTC.
Featured image: Coindoo