NEO is one of the newest players in the battles of cryptocurrencies.
It is built upon an open source distributed and decentralized networking platform which is highly upscalable. Just like the veteran cryptocurrency Ethereum, this Chinese counterpart also is Turing complete.
That is why many cryptocurrency enthusiasts call it the Chinese Ethereum. At first glance, NEO may feel similar to Ethereum but believe me when I say that it is not. It may be similar to Ethereum in some ways but it is different in many ways too.
What Does Make NEO “The One”?
Just like Ethereum, NEO also has a virtual machine which enables us to create smart contracts and decentralized applications. Computer scientist Nick Szabo first coined the term smart contracts in 1996.
A smart contract is a computer protocol which facilitates, verifies or enforces the negotiation or performance of a contract.
In most other distributed platforms the users need to code the smart contracts in a specialized language. But what makes NEO stand out of the pack is the ability to code smart contracts in any popular languages.
That means you can create smart contracts in C, C++, Java – whatever floats your boat!
The tagline of NEO is “smart economy”. The company explains the concept of a smart economy by mentioning that it is the perfect combination of digital identities, digital assets, and smart contracts.
While Ethereum is trying to be the supercomputer cryptocurrency platform by the wise use of smart contracts and decentralized applications, NEO is one step ahead.
NEO is quantum computing safe and that makes it a potential candidate for the coin of the future.
More Information About NEO
Previously known as Antshares, the main development team rebranded the platform as NEO in June 2017. The company chose the name NEO because in Greek it means something new or young. This indicated a new start for the platform.
NEO reached a high asking price of $52.63 in August but the price nosedived as soon as the Chinese government banned all kind of ICOs. But it started picking up its price once again and reached $82.10 on 19th December. Currently, the price of NEO is somewhere around $112. So in a market where most cryptocurrencies are suffering from loss of value, it seems to me NEO is consistently keeping its head up.
As of this moment, NEO has a market cap of $7.3 billion USD. Back in December, this number was $4.5 billion. So even NEO’s market cap has grown around 60%!
Frankly speaking, buying NEO can be a bit messy process at times. It may be because NEO was developed by a Chinese company.
The company did not partner up with a whole lot of exchanges to sell the tokens. The NEO platform has two different cryptocurrencies, NEO and Gas. They both are capped at 100 million tokens each.
Right now the best way to buy NEO is to exchange your existing bitcoin or altcoins to NEO using an exchange. Don’t have Bitcoin or Ethereum?
Down below, I have listed the best exchanges to buy NEO.
Binance provides a fast and extremely powerful interface for buying NEO coin. The interface may look a bit complicated and overwhelming at first, especially for beginners. But believe me, there is a reason Binance made it to this list. Binance is the only exchange/ online wallet right now that gives you Gas. Remember Gas?
Binance made a deal with the original NEO development team and together they decided to break the status quo. The Gas tokens are awarded to users based on the amount of NEO tokens they have in their wallets and the time durations.
Binance awards the token once per month and it gets credited to the user’s wallet. If you are really impressed with NEO’s future plan and have strong faith on it, then using Binance is the wisest thing to do.
Bittrex is a very popular cryptocurrency exchange and it is used by millions of people worldwide. Moreover, the site is very user-friendly and the exchanging process is a breeze. All you need to do is to create a free account on their website and add some funds. You can add the funds in the form of Bitcoin, Ethereum, and several other cryptocurrencies.
After you are done adding funds to your Bittrex wallet, it is time to convert them to NEO. You will be able to convert your cryptocurrencies to NEO in a matter of few clicks. Just need to navigate to the marketplace and create a new order. You can place a new buy order by entering the amount of NEO you want to buy.
Bittrex will suggest a reasonable buy price for you. After that, you need to click the buy button to place the order and confirm when prompted. The system will accept your order within a few seconds. If you are lucky enough the order will get filled fast and you will receive NEO coins in your Bittrex wallet.
After receiving the NEO coins in your Bittrex wallet you should transfer them to your main NEO wallet. It is not wise to keep your hard earned cryptocurrencies in an exchange portal’s wallet. You should also be aware that Bittrex charges a handsome commission of 0.25% on every transaction you make.
CoinSwitch is the all in one solution when it comes to converting one cryptocurrency to another. They not only exchange cryptocurrencies themselves but also provide the exchange rates of other exchanges.
Currently, they do not support Bitcoin or Ethereum to NEO. But you will be able to convert using Changelly, Bittrex, and Cryptopia just using CoinSwitch’s portal.
Also be sure that you keep your coins in the safe wallet. Not any kind of exchange. I would recommend you to go with hardware wallet such as Ledger Nano S.
I hope you liked this detailed article on how to buy NEO in 2018 useful. If the information provided in this article help you some way or other then please be sure to share this to let your friends know about us.