This is a detailed guide to buy NEO which goes by the symbol NEO. Apart from learning how to buy NEO, you will also learn where to buy NEO. The guide will also explain where to store NEO and how to setup NEO wallet.
Just like Ethereum, NEO is also an ecosystem supporting smart contracts. NEO is often referred as China’s first Blockchain platform. NEO’s cooperation with the Chinese authorities has brought it into the spotlight. NEO is gearing the Chinese economy towards the smart economy. NEO uses a consensus mechanism called dBFT which stands for Delegated Byzantine Fault Tolerance. The blockchain participants are capable of assigning the role of bookkeepers to certain nodes on the system.
The bookkeepers are supposed to maintain a minimum balance of NEO to meet the requirements of the system and stay as the bookkeepers. These bookkeepers have to verify the blocks that are added to the NEO blockchain. If the validated blocks are accepted by a two-thirds of the nodes on the system, the bookkeeper’s validation leads it to a consensus. Smart contracts based on NEO are called NeoContracts. NEO and GAS are the tokens of the NEO ecosystem.
How to buy NEO
Step#1: Buy Bitcoin
First of all, you need to buy Bitcoin. You need to decide whether you want to buy Bitcoin from Coinbase or from Localbitcoins. Coinbase operates in 32 countries only while Localbitcoins operates in more than 200 countries. Your choice totally depends on your country.
Buy Bitcoin from Coinbase
- Open Coinbase website and sign-up. Go through the email confirmation, verification (provide your phone number and your ID) in order to complete the sign-up procedure on Coinbase.
- Log in to your newly created Coinbase account now and click on the Buy/Sell tab.
- Click on Bitcoin now.
- Select your payment method i.e. Bank Deposit, VISA or Wire Transfer.
- Fill up the on-screen details now to get the Bitcoin now. Your Bitcoin will appear in the Accounts tab.
Buy Bitcoin from Localbitcoins
- Open Localbitcoins.com and sign up. Use this link to sign up if you want to earn a little bit of reward. Go through the email confirmation and ID verification to be eligible to buy Bitcoin from LBC.
- Once done, Log in to your LocalBitcoins account.
- On the LocalBitcoins.com homepage, you will find options to buy Bitcoin Online, Bitcoin using Cash and some other options.
- The preferred option is to buy online. Choose the cheapest seller. Always check the limit of the seller and buy Bitcoin from the one that suits your limit.
- After selecting the seller, read the terms of trade and prepare your identity for verification.
- Begin the trade now. Transfer money to the seller and he will release your Bitcoin.
- The Bitcoin you just bought will appear in your LocalBitcoins wallet.
Step#2: Transfer Bitcoin to Binance
- It’s time to transfer the Bitcoin from Coinbase or Localbitcoins to Binance now.
- First of all, open Binance website and sign up. Use this link to sign up on Binance to earn a little bit of reward. Verify your identity as per the requirements of Binance.
- Now on Binance, click on Funds > Deposits > Select BTC and copy the Deposit address.
- Coinbase: Now open Coinbase and click on Accounts. Under accounts, you will find options to Send and Recieve Bitcoin. Click on Send and paste the Binance Bitcoin deposit address here. Enter the amount of Bitcoin you want to send and then send it. It will take a few minutes for you to receive Bitcoin in your Binance wallet.
- LocalBitcoins: Log in to your LocalBitcoins.com account and click on Wallet. Paste the Binance Bitcoin deposit address, enter the amount of BTC you want to send and then send it. You will get BTC in your Binance wallet in a few minutes.
Step#3: Trade Bitcoin for NEO (BTC -> NEO)
- Now that we have got the Bitcoin in Binance wallet, it’s time to trade it for NEO.
- Open Binance and log in.
- Now click on Exchange > Basic.
- From the right side, select NEO/BTC.
- Now from the right side, select the rate that suits you the most. It’s always recommended to place a low buy order. The red ones show the people who are selling. The sell orders from bottom to top are low to high and the green ones are buy orders, they are from top to bottom high to low.
- Enter the amount of NEO you want to purchase and also enter the rate at which you want to buy.
- Place the buy order. As soon as someone sells at your desired rate, you will get NEO in your NEO wallet at Binance.
Step#4: Store NEO in NEO Wallet
Now that we have purchased NEO, it’s time to store them in a wallet. It’s very common for exchanges to get hacked. It is always recommended to store your tokens in a wallet. The official wallets of the tokens are secure as the developers use cold storage to store them. Fortunately, NEO has its official wallet named as the NEON wallet. There are web wallets, desktop wallets, Android and iOS wallets and even hardware wallets. For NEO, we will go with the desktop wallet.
- Go to NEON Wallet page.
- Scroll down and click on the Windows icon. If you want any other wallet, you can choose that as well. For the tutorial, we are using the desktop Wallet for Windows.
- The Windows link will take you to their Github page. Download the latest version of the wallet now.
- Unzip the wallet zip file on your computer now.
- Launch the NEON.Setup.0.1.xxxx.exe file.
- It will open your NEON wallet.
- Now click on “Create a new wallet”.
- Enter the passphrase for wallet and then name your wallet.
- Now save the private key and other details. It’s suggested to print them. You will also get your Public Address right after creating the wallet. This address will be used to receive both the NEO and GAS tokens.
- Now open Binance > Funds > Withdrawals > Select NEO > Paste your Wallet address and send the tokens to your desktop wallet.
- If you want to access your funds, you will simply open the NEON Wallet and then click on Login using a saved wallet. From the drop-down, select the wallet that you just created and then enter the passphrase to log in. After logging in, you will be able to see your balance. There’s a send tab that can be used to send the tokens and there’s a receive tab that shows your public address with a QR code.
More information on NEO:
- Price Tracker – CryptoPit
- Official Website – NEO.org
- Reddit Community – r/NEO
- NEON Wallets – NEON Wallet | Github
- Exchanges – Binance
- White Paper – White Paper Link
Important Note: This guide is for educational purposes only. This should not be taken as a piece of advice. Our mission is only to help you buy a certain currency. Always follow the golden rule of cryptocurrency investment that says: Invest what you are willing to lose. Cryptocurrency is a highly risky investment. DYOR before investing.