A Guide To Investing In Neo Cryptocurrency

NEO is a next-generation smart economy platform and cryptocurrency. Known as the Chinese Ethereum, NEO has had a monumental rise to fame and is known for its explosive growth. In this article, we will discuss how to invest in NEO, including the different platforms you can use, the benefits and risks of investing in NEO, and how to store your NEO safely. We will also explore the broader topic of investing in cryptocurrency, including the pros and cons, legal and tax issues, and how to make informed investment decisions in this volatile market.

Buy NEO with BC Bitcoin

The easiest way to buy NEO is via BC Bitcoin. This is a great option for anyone looking to buy NEO with British Pounds or Euros in a simple and safe way. BC Bitcoin is a Hertfordshire-based Cryptocurrency Brokerage that allows you to Buy, Sell and Exchange a wide variety of cryptocurrencies, including NEO. They have achieved a 5-star Trustpilot rating, most likely due to their excellent customer service and simple buying process.

BC Bitcoin accepts debit and credit cards, as well as bank transfers including UK Faster Payments and SEPA transfers. Here is how to buy NEO with BC Bitcoin:

• Sign up for an account
• Head to the Buy Coins page and complete the form
• You will receive NEO in your wallet once the order is complete

The BC Bitcoin team can be easily contacted via phone, online chat, or email, which makes for a great customer experience. You can use their Contact Us page if you have any questions.

Trade BTC for NEO

If you already have Bitcoin (BTC) to hand, you can trade it for NEO on a cryptocurrency exchange. There are several exchanges that offer BTC/NEO trading pairs, including Binance, KuCoin, and HitBTC. Here is a step-by-step guide to trading BTC for NEO on Binance:

• Register for a Binance account.
• Deposit your Bitcoin into your account by going to Funds -> Deposits Withdrawals in the top menu.
• Click the + next to Bitcoin to reveal your wallet address, and send your Bitcoin to this address.
• Once your Bitcoin has reached your Binance wallet, go to Exchange -> Basic via the top navigation bar.
• Use the panel on the right side of the screen to search for NEO.
• Click the NEO/BTC link to reach the market page.
• Set your buy parameters and place your order.
• Once your order is filled, the exchange is complete, and your NEO will appear in your NEO wallet under the Funds tab.

It is important to do your own research and understand the risks involved before investing in any cryptocurrency. The price of NEO, like all cryptocurrencies, is highly volatile and can fluctuate significantly.

Additionally, it is recommended that you move your cryptocurrencies off of exchanges if you plan on holding them for the long term. This can be done by transferring your NEO to a compatible wallet, such as the NEON wallet, which has been audited and deemed safe by the Neo team.

Move NEO to a wallet

Once you have purchased NEO, it is recommended that you move it to a wallet. This is because, when you hold NEO in a wallet, you will also earn a coin called Gas, which is used to pay for transaction fees and implementing smart contracts. If you leave NEO on an exchange, they will keep the Gas.

There are several types of wallets, including hardware wallets, desktop wallets, and web wallets. Hardware wallets are a very secure option, as they are immune to viruses and hacks. The Ledger Nano S is a good option for storing NEO.

The NEON wallet is a popular desktop wallet option. It has been audited and deemed 100% safe to use by the Neo team. To use the NEON wallet, first, download the client. Then, install it on your computer and open the application. If this is your first NEO wallet, click 'New Wallet'. You will then be shown your public address and private key, which you should copy and store somewhere safe. If you lose your private key, you will lose access to your funds. Once you have copied these details, click 'Back to Login' and enter your private key.

To move your NEO into the NEON wallet, copy your public NEO address and use it on an exchange holding your NEO as the withdrawal address. Remember to withdraw whole numbers, as NEO is not divisible. On Bittrex, for example, there is a 0.1 NEO fee, so you should withdraw a whole number plus 0.1.

There are other NEO wallets available, such as the O3 wallet and the NeoLine wallet, which can be used to migrate to Neo N3.

Earn GAS

NEO is a blockchain-based platform that was launched in 2014 by Chinese developers Da Hongfei and Erik Zhang. One of the key benefits of holding NEO in your wallet is that you can earn GAS tokens, which can be used to pay for transactions on the NEO network. GAS is a secondary cryptocurrency that can be bought and sold independently on many exchanges.

Step 1: Choose a NEO wallet

Firstly, you need to choose a NEO wallet that supports GAS token generation. Some popular options include NEON Wallet, O3 Wallet, NEO GUI Wallet, and Ledger Nano S. It is important to choose a wallet that is secure and has a good reputation.

Step 2: Acquire NEO Tokens

You can purchase NEO from various cryptocurrency exchanges such as Binance, CoinEx, or KuCoin. After buying NEO tokens, you need to transfer them to a compatible NEO wallet that supports GAS generation, such as the ones mentioned above.

Step 3: Begin Staking NEO

Now that your NEO tokens are in your wallet, you can start staking them to earn GAS tokens. To do this, hold your NEO tokens in your wallet for a specific period, which varies from wallet to wallet. For example, some wallets require you to hold NEO tokens for at least 24 hours, while others may require a longer period.

Step 4: Claim Your GAS Tokens

Once you've met the staking period, you can claim your GAS tokens. Open your wallet and click on the "claim" button. Your earned GAS tokens will be added to your wallet balance.

By holding NEO, you can generate GAS tokens without actively trading or participating in the network. The amount of GAS generated depends on how much NEO you hold and for how long.

GAS can be used as transaction fees, and holding a sufficient amount can help you save on these fees.

Use Binance

Binance is a popular platform for buying NEO. It is a centralized exchange where you can buy several cryptocurrencies, including NEO. Before using the platform, you'll need to open an account and verify your identification. You can register via the Binance website using your email and mobile number.

Binance offers multiple payment options for buying NEO:

• Debit/Credit Card: This is the easiest option for new users. You can navigate to the "Buy Neo with USD" page on Binance, select NEO and USD from the dropdown menu, choose "Card" as the payment method, and confirm. If you haven't used a card before, you'll need to add one and enter the details.
• Google Pay or Apple Pay: Similar to the above method, but you choose either "Google Pay" or "Apple Pay" as the payment method.
• Third-Party Payment: There are multiple third-party payment channels available, which you can check on the Binance FAQ for your region.

After purchasing NEO, you can store it in your personal crypto wallet or simply hold it in your Binance account. You can also trade NEO for other cryptocurrencies, or stake it on Binance Earn for passive income.

It's worth noting that Binance has the lowest transaction fee rate among all major trading platforms. Additionally, the Binance exchange will reward you with Gas and not keep it for themselves, which is an added benefit.

Other Exchanges

While Binance is a popular option, you can also buy NEO on other exchanges such as Poloniex and HitBTC. However, it is not available on certain platforms like Coinbase. Many exchanges offer trading pairs that link NEO with Bitcoin, so you can convert your fiat into BTC and then trade it for NEO.

Frequently asked questions