What is NEO?
The Neo token is the base asset of the Neo platform. The Neo blockchain was created to store and keep track of smart contracts and decentralized applications (dApps). The Neo blockchain leverages proof of stake technology as its method of reaching consensus. The Neo network is capable of processing 10,000 transactions per second. Neo also enables smart contract operators to access and utilize data from external sources through their oracle functionality. Also, Neo is working to build seamless connections with other blockchains to provide participants of the Neo network with the ability to move data along multiple blockchains while only needing one smart contract. This functionality is packaged until the feature called NeoX.
Beaxy does not currently offer Neo trading directly to and from fiat currency. Instead, you can use Bitcoin (BTC) to buy and sell Neo with a verified Beaxy account. Follow the instructions below to set up and verify your account, add BTC to your account, and trade on the NEO-BTC trading pair.
1. Open an account on Beaxy
To begin the process of establishing a verified account, start by visiting Beaxy.com and clicking the register button in the top right corner of the page. You will see a form where you can enter the details that are required to register an account. When this is done, you will be able to log in to the Beaxy Exchange trading platform but you will not be able to make any financial transactions until your KYC application has been submitted and approved. To do this, click on your email address while on the trading platform. This will take you to the My Account section of the platform. Form there, click on the KYC tab, and submit the required documents. After submitting your documents, your account can be approved in a little as five minutes.
2. Purchase Bitcoin
When your account’s KYC status is approved, you can now make financial transactions on the platform. Remember, you will need BTC to trade on the NEO-BTC trading pair so the next step is to add BTC to your Beaxy account. If you already have access to BTC, simply go to the Deposit page, select Bitcoin from the dropdown to see your wallet address, and complete the BTC deposit. If you do not have any BTC, go to the Buy Crypto page located in the My Account section of the trading platform. On this page, you will be prompted to enter the amount of fiat currency that you want to pay for the BTC that will be added to your Beaxy account. After proceeding beyond this page, you will be taken to the Simplex portal where you can enter the details for your credit or debit card and complete the purchase . When the credit or debit card transaction is completed. The BTC you bought can be accessed from your Beaxy wallet.
3. Exchange BTC to NEO
Now that your verified account is funded with BTC, you’re ready to buy and sell Neo. At this point, find the NEO_BTC trading pair on Beaxy and decide how much Neo you want to buy or sell. Submit an order with the corresponding amounts and the process is complete!
NEO value and price
On 10th June 2020, the cost of Neo was 0.0.00110852 BTC, and its market cap was 740,176,751 dollars. It is ranked 19 amongst all cryptos with a daily volume of 422,182,367 dollars.
NEO advantages and disadvantages
Advantages
Smart Contracts
The Neo platform features comprehensive capabilities that support and enhance the development and implementation of smart contracts on the Neo blockchain.
Digital Identity
Neo Digital Identity enables any person or entity to register their details to a whitelist for purchasing and owning digital assets. The architecture that supports this functionality is called Public Key Infrastructure (PKI).
Disadvantages
Low adoption
The Neo blockchain is very well known in Asia but hasn’t reached major popularity in the western countries yet.
Competition
The Neo protocol’s primary feature is supporting the development and management of smart contracts. This means that they are competing to win over developers with other major projects such as Etherum, EOS, Rchain, and more.
Best NEO wallet – how to choose
Unless you’re preparing to place a trade, the security concerns associated with exchange-based wallets mean it’s not recommended to hold your funds on an exchange for an extended period of time. Instead, it’s generally a safer option to store your NEO in a more secure wallet such as a cold storage hardware wallet.
Storage
NEO-compatible options you might like to consider include: Ledger Nano S (hardware wallet), NEON Wallet (desktop wallet), NEO GUI (web wallet), NEO Tracker (web wallet), NEO Wallet (web wallet)
Additional Payment Methods
There are multiple ways you can buy NEO. The most popular way to buy NEO is by funding an exchange account with a bank transfer. This will require you to open an account on a crypto exchange that allows you to buy with fiat. When your account is ready, you can select to buy the amount of NEO that you want.
Some exchanges also allow you to buy NEO with a credit or debit card. This is a very convenient method that is great for newcomers who may not have the technical knowledge to fund their accounts with other cryptocurrencies.
You can also use Paypal to purchase NEO. This is also an easy way to buy as most are familiar with Paypal’s user interface. It should be noted that Paypal is accepted at fewer exchanges than normal bank transfers or credit card payments.
Conclusion
Buying and selling Neo is easy when you create and verify an account on Beaxy. In just a few minutes you can complete the KYC process and be ready to fund your account and start trading. This prepares you to be able to take advantage of fiat pairs that will be implemented soon as well as other cool and exciting features that are currently in development.