Weeks ago, all I saw on Reddit was posts saying to buy NEO, buy NeoGAS… What is NEO? NEO is popular in the cryptocurrency space. NEO has a goal to be the top performing blockchain by 2020 and so much momentum. The NEO blockchain is one of the best projects in this growing blockchain industry. Many of the early supporters of NEO were rewarded in late 2017 after the price of NEO went up by more than 1000%.
What is the NEO Blockchain?
NEO, formerly AntShares, was founded in 2014 by Da Hongfei and Erik Zhang. NEO is often referred to as China’s first blockchain platform or the Ethereum of China (although it is much more than that). According to the official NEO website, NEO is a “non-profit community-based blockchain project that utilizes blockchain technology and digital identity to digitize assets, to automate the management of digital assets using smart contracts, and to realize a “smart economy” with a distributed network.”
What is NeoGAS?
NeoGAS, or GAS, is what fuels the smart contracts for the NEO blockchain. Holders of NEO will slowly generate GAS (1 NEO will generate 1 GAS in 22 years). GAS is the currency that will be exchanged inside the NEO blockchain ecosystem. GAS will economically incentivize the various projects taking place in the ecosystem.
For more information about the NEO Blockchain, check out the official site.
How to Buy NEO or NeoGAS?
This is one of the easiest methods for buying NEO or NeoGAS. In this method, we will use Coinbase, GDAX, and Binance. It is possible to skip Step 1 if you already have a verified GDAX account.
Step 1 Coinbase – How to Buy NEO
Use the Coinbase app to buy some Ethereum (ETH) or Bitcoin (BTC).
Step 2 GDAX – How to Buy NEO
Go to GDAX and sign in using your Coinbase information.
You’ll have to verify if this is your first time using GDAX.
In your GDAX account, deposit BTC or ETH from your Coinbase account. To do this, select either BTC/USD or ETH/USD from the drop-down, and then select DEPOSIT.
In the DEPOSIT FUNDS window, select the COINBASE ACCOUNT tab. Enter the source (either ETH or BTC wallet) and then enter the amount.
Select the blue Deposit funds button to finish this process.
This process is fast! After you have the Bitcoin or Ethereum in your GDAX account, you can send it to Binance after getting the Binance Deposit Address for your account.
Step 3 Binance – How to Buy NEO
Go to Binance and REGISTER for a new account.
You’ll need to verify if you plan to do big orders.
In your Binance account, select FUNDS and then DEPOSITS.
Select either Bitcoin or Ethereum (whatever you bought on Coinbase) and then you’ll see the Bitcoin Deposit Address or Ethereum Deposit Address. Copy the address and head back to GDAX.
Step 4 – How to Buy NEO
On GDAX, select either BTC/USD or ETH/USD and then select WITHDRAW.
In the WITHDRAW FUNDS window, click the BTC Address or ETH Address tab. Paste your copied Deposit Address from Binance. Make sure the address for BTC or ETH on GDAX matches with Binance. Enter your Amount. Click on the blue Get Code button to get your verification code.
Select the blue Withdraw funds button to finish this process.
Step 5 – How to Buy NEO
Wait for the Binance notification email that your funds have been deposited into your Binance account. This can take up to 30 minutes.
Step 6 – How to Buy NEO
Now you can go invest in the NEO blockchain! Go to the Binance exchange and buy NEO.
Binance Security Tips For Buying NEO or NeoGAS
- Always type [binance.com] in the address bar to reach the Binance exchange. Do not rely on search engines to always display the real Binance website.
- Click the green lock in the address bar to check for the SSL Certificate.
- In the Binance settings, enable Google Authentication and download the Google Authenticator app.
- In your email account settings, Enable 2 Factor Authentification.
If you are interested in other popular blockchain coins and tokens check out our post, Top Altcoins, and Blockchain Coins.