This is a detailed guide to buy GAS which goes by the symbol GAS. Apart from learning how to buy GAS, you will also learn where to buy GAS. The guide will also explain where to store GAS and how to setup NEON wallet.
GAS is a token of the NEO platform. It acts as the fee to the network for running smart contracts. The more the resources are consumed to deploy a smart contract, the more the fee is. GAS is distributed among the bookkeepers as their rewards. Although it is a token of NEO, it differentiates from the original NEO token in a way.
The token NEO itself represents the shares of NEO in the market, therefore, it cannot be divided. On the other hand, the GAS token is dividable. Approximately 8 GAS is generated per block in the blockchain construction. The GAS per block is reduced by 1 every with every 2 million blocks generated. GAS’s production will come to an end as soon as it reaches 100 million. To sum it up, GAS can be referred as the network fee only.
How to buy GAS (GAS)
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 GAS (BTC -> GAS)
- Now that we have got the Bitcoin in Binance wallet, it’s time to trade it for GAS.
- Open Binance and log in.
- Now click on Exchange > Basic.
- From the right side, select GAS/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 GAS 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 GAS in your GAS wallet at Binance.
Step#4: Store GAS in NEO Wallet
Now that we have purchased GAS, 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, GAS has its official wallet named as the NEON wallet. This is because GAS token belongs to NEO, so a NEO wallet can store GAS as well. There are web wallets, desktop wallets, Android and iOS wallets and even hardware wallets. For GAS, 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 GAS > Paste your Wallet address and send the tokens to your desktop wallet.
- If you want to access your funds, simply open the NEON Wallet and then click on Login using a saved wallet. From the drop-down, select the wallet you just created and 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 receiving tab that shows your public address with a QR code.
More information on GAS:
- 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.