NEO is a cryptocurrency that is similar to Ethereum, the NEO cryptocurrency is often referred to as the “Chinese Ethereum.” The NEO coin runs on its blockchain the NEP-5, the NEP-5 blockchain is often compared to the ERC-20 blockchain.
The NEO coin doesn’t charge transaction fees when sending payments, the NEO transaction per second is very fast when it comes to confirming transactions. NEO’s transactions per second are about 10,000 according to the developers after NEO 2.0.
How to buy NEO immediately
Follow these steps to buy NEO instantly:
- Create a Binance.com account
- Fund your account with fiat currency, Bitcoin or Ethereum
- Purchase NEO
- Get a NEO address
- Withdraw your NEO
If Binance doesn’t work in your country you can use a VPN or use one of the exchanges below:
- Cex.io (works in the United States)
- Changenow.io (Instant swap exchange, *no ID required)
What is NEO?
NEO is a cryptocurrency that was created in 2014, formerly known as Antshare the project rebranded its name to NEO in 2017. The NEO cryptocurrency is similar to Ethereum, developers can create NEP-5 tokens on the NEO blockchain just like how Ethereum works.
What makes NEO different from Ethereum is that NEO transactions are free, comparing that to the Ethereum blockchain which can cost up to $200 for its transactions.
Things you should know about NEO
NEO free transaction
Unlike other cryptocurrencies like Bitcoin, Ethereum, or Litecoin, the NEO transactions are %100 free and fast. The NEO cooperation pays the gas fees instead of the users, making NEO one of the best Blockchain-based cryptocurrency available.
Although creating NEP-5 tokens on the NEO blockchain cost a lot of money when compared to the Ethereum blockchain. To create a NEP-5 token it would cost 490 GAS which is worth $5000 at the time of publication.
NEO smart contract
A smart contract is a program or automated contract that is executed with the specific instructions written on its code. To put in a simple way, smart contract is like vending machines, that are programmed to execute a specific action. A vending machine doesn’t need an employee to operate it, that how a smart contract works.
The NEO 3.0 upgrade is aiming for scalability, faster transaction and most especially being assemble for important companies. The NEO 3.0 is an entirely new upgrade that aims to accept over 100,000 transactions per second on the NEO network. Extended API would also be included so that developers can create a smart contract on the NEO blockchain.
Follow these steps to buy NEO
Step 1 – Get a NEO wallet
NEO hardware wallet (recommend)
If you planning to buy a high amount of NEO, then the NEO hardware wallet might just be the best to choose. A hardware wallet is designed to store the only cryptocurrency and is by far the most secure cryptocurrency wallet to buy. These are the list of the most secure hardware wallet:
The hardware wallet mentioned above supports over 2000 cryptocurrencies and may need a PC to set it up for the first time. Do not share your recovery phrase with anyone as it contains access to your funds.
NEO mobile wallet
O3 wallet: The O3 Mobile wallet isn’t the official GAS and NEO wallet, but is a well-known NEO wallet for mobile applications. The O3 wallet only supports GAS and NEO like other wallet which supports hundreds of cryptocurrencies.
Trust wallet: Trustwallet is owned by Binance.com, the wallet supports over 1000 cryptocurrencies. Users can also purchase cryptocurrency using a credit card and exchange it on the Binance smart chain. You can store your NEO on the Trustwallet.
Atomic wallet: The Atomic wallet is similar to a trust wallet but it doesn’t support Dapps. Atomic wallet support over 300 cryptocurrencies, users can swap currencies and also stake. The Atomic wallet is also one of the best wallets to store NEO.
NEO desktop wallet
NeoLine extension: The NEOLine extension can be easily downloaded on your browser, it supports both NEO and GAS and is a good wallet to store your NEO using a browser extension.
Exodus wallet: The Exodus wallet is one of the most popular desktop wallets available, it supports multiple cryptocurrencies. NEO and GAS are also supported, you can stake NEO on the Exodus wallet and earn GAS as your stake.
NeonWallet: The NeonWallet is a well-known NEO wallet, it supports NEO and GAS, you can claim GAS on the NeonWallet. To download NeonWallet visit the official NeonWallet website, choose your supported device, and download the NeonWallet.
Step 2 – Locate your NEO address
If you have a NEO wallet installed on your computer or mobile device, you can easily locate your NEO wallet address.
Here is what a NEO wallet address looks like:
Step 3: Find a supported NEO exchange and purchase NEO
To buy NEO you would need to find a NEO exchange to exchange your trade. Most of the exchanges mentioned below may only accept deposits in Bitcoin, if you don’t own Bitcoin you can purchase Bitcoin on Localbitcoins.com.
On Huobi traders can purchase NEO with BTC. To purchase NEO you must first purchase BTC with a credit card. Huobi is the second-largest cryptocurrency exchange in the world, the exchange supports over 300 cryptocurrencies.
With Okex users can purchase NEO with BTC, the exchange accepts deposits with a credit card. Okex supports over 200 cryptocurrencies and is one of the fastest-growing exchange on the market.
Cex.io supports US residents, you can purchase NEO on the CEX.io easily. The exchange supports over 50 cryptocurrencies and is one of the best exchanges to purchase NEO in the United States.
Create a Cex account
Step – 4 Send the NEO to your wallet
It is not a safe option to store NEO or your cryptocurrency assets on an exchange, because cryptocurrency exchange can be easily hacked which may result in loss of funds. A list of NEO wallets can be found above.
Conclusion – Is NEO a good investment?
Yes, NEO is most time concerned to be a “hidden gem,” because its technology is similar to Ethereum. NEO transactions are very cheap and no transaction fees are applied. NEO is a top fee-free cryptocurrency, when comparing NEO to Ethereum or Bitcoin, NEO so far is a great technology and is called the smart economy.
With the upcoming NEO 3.0 upgrade that aims to improve scalability and smart contract, NEO could turn out to be the best smart contract.