The Complete Guide On How To Buy NEO Cryptocurrency
The race to craft the next best blockchain/cryptocurrency is on. Bitcoin opened the door by demonstrating that it was possible to send funds in a decentralized manner by bypassing profit-seeking organizations, such as banks, to cut costs, as well as the time required to process payments.
Ethereum followed closely behind and created a new way of looking at cryptocurrencies by creating a platform for smart contracts and decentralized applications (dAPPS). Now, the next contender is here: “NEO.”
NEO has won the nickname of “Chinese Ethereum” because it offers services that closely resemble those of Ethereum, including smart contracts and a platform for dAPP development. Its impressive features have resulted in massive growth, which has seen the native coin price skyrocket from about $0.10 in September 2016 to $19.50 by the close of the third quarter of 2018.
To take advantage of the NEO platform, you first need to buy its native coins. This post is a complete guide which details how to buy neo cryptocurrency and will help you answer the question “Is NEO a good investment?”
What is NEO?
Originally referred to as AntShares, NEO was first launched in 2014 by Erik Zhang and Dong Hongfei. However, it was not until June 2017 that AntShares rebranded as NEO to give the platform a new and more professional appeal.
NEO was the first open-source blockchain to be launched in China. And, the core goal for its development team is to link users’ digital identity protocols to enhance the way electronic identity works.
The platform has two tokens: NEO and GAS. The NEO token is used for governance by giving holders the right to vote. However, GAS is a utility token meant to power the blockchain system through the payment of transaction fees and the deployment of smart contracts.
The price of NEO (the main token) in the markets has demonstrated desirable growth. Between its launch in 2014, and May 2017, the price remained well below the $1 mark, before taking on a steady growth path after being rebranded as NEO.
By mid-January 2018, the value had grown by about $160,000% and hit a high of $161.90. This was the highest mark in NEO’s history, which experts regard as an indicator of the crypto’s true potential.
However, the growth achieved in the last half of 2017 did not last. The price took on a downward trend, sinking to $44.90 in April 2018 and sank even further before stabilizing at $18.50 in the third quarter of 2018.
What is the Best Way to Buy NEO Cryptocurrency?
To be sure of the best way to buy NEO cryptocurrency, users should look at the process from a broad perspective. Take time to think about what you want to do with the coins in order to make the right decision. Here are the major steps on how to buy NEO coins.
1. Acquire the Right NEO Wallet
A NEO wallet is a digital location for storing NEO after making a successful purchase. The wallet works with a set of codes that provide the user with access and total control over their stored NEO tokens.
When picking a wallet, it is advisable to look for the most secure option that will keep the NEO tokens free from cyber attackers. Here are the best options to consider when picking a NEO wallet:
- The NEO Community Wallet: This wallet was created to provide fast and direct access to the NEO blockchain.
- Ledger Nano S Wallet: This is a cold/hardware wallet designed to help secure the NEO tokens from attacks by keeping them stored offline.
- NEO Tracker: This is a light online-based wallet designed to allow users to access the blockchain and run transactions without having to download the entire blockchain.
2. Buying NEO Using Fiat Currencies
If you have funds in fiat form (credit cards or bank savings), you have to look for the exchanges that list NEO, as well as supporting conventional currencies. Some options to consider at this point include HitBTC, COSS, and Livecoin.
Like any other exchanges, using these requires the buyer to open a trading account, and verify it, before being allowed to buy NEO with fiat. Then, the user has to fund the account and pick the right cryptocurrency pair to buy NEO.
3. Buy NEO from Crypto only Exchanges
If you want to buy NEO from exchanges that do not support fiat, the next option is using other coins such as Bitcoin and Ethereum to make your purchase. The unique thing about these platforms is that the transaction fee is relatively low and transactions complete faster compared top platforms that also support fiat. Here is the process:
- Start by identifying an exchange that supports NEO, and open a trading account. Some good examples include Bittrex, Binance, Bibox, Cryptopia, and KuCoin
- Verify the trading account using additional personal information such as a phone number, proof of location, and date of birth
- Deposit the coins you have and want to use to buy NEO
- Identify a good trading pair and start buying NEO
Once the purchase is complete, the NEO coins will be credited to your account. Therefore, you will need to withdraw the coins to your NEO wallet.
The following video demonstrates how to buy NEO at Bittrex
The Final Take
If you understand NEO, and the different crypto trading channels, the process of deciding on the best way to buy NEO cryptocurrency is relatively easy. Since its inception, the early NEO adopters have reaped a significant return on investment (ROI) as NEO continues to gain growth and momentum.
Now, it is your turn. Though the value of the token has remained relatively low due to the current turbulent regulatory environment in China, the situation is not expected to last long.
When the Chinese administration finally settles down with a more stable policy, the value of the tokens is expected to skyrocket again. Therefore, those who buy NEO cryptocurrency today should expect to reap a high return on investment (ROI) in the future.
As you evaluate the above strategies on how to buy NEO cryptocurrency, you also need to be aware of scams and the associated risks of trading crypto. Your NEO Cryptocurrency to buy is an investment, therefore, take every precaution to protect them.
You need to be especially careful when operating in the crypto exchanges because they have become the primary target for attackers. You should also store the tokens in cold storage and keep the private keys as safe as possible.