Before you get to know all about how to acquire some NEOs in your portfolio, I think it’s great to give you a little introduction about what NEO is.
NEO is referred to as the Chinese Ethereum by many. It is the first decentralized cryptocurrency and blockchain platform which is launched in China.
How Is NEO Stored?
Like every other cryptocurrency, NEO is stored in an NEO compatible wallet. It doesn’t have so much for wallet options, but there are some out there for you to use.
- For Neo Desktop Wallet, use NEO GUI, NEON Wallet, NEO CLI.
- For Web Wallet, use NEOWallet.Net NEOWallet.CN, and the NEO Tracker.
- For Mobile Wallet, use O3 – Neo Wallet
- For Paper Wallet, use the Ansy.
Now that you know what NEO is all about and how you can hold them safely. Let’s see how you can get some.
There are two major ways you purchase the NEO cryptocurrency. First would be by buying from anyone who’s got some and paying them by fiat. Secondly, which is the reason for this article would be to exchange other Cryptocurrencies like Bitcoin or Ether for NEO on platforms called the Exchanges. One of such exchange platform is Bittrex.
Here are three steps you need to take to acquire NEO from Bittrex.
- Step 1: Set up a Bittrex Account
- Step 2: Send Bitcoin or Ether to your Bittrex Account
- Step 3: Purchase NEO on Bittrex
- Step 4: Send NEO to Neon Wallet and earn GAS by just holding NEO
Let’s take the step one after the other so you will know exactly what to do at every level.
Step 1: Set up a Bittrex Account
- Create an account using a valid username and password as directed on the registration page. Click here to Register.
- Once you are logged on to the platform, go to “Settings” at the top right corner of your screen.
- There you need to complete basic requirement and also verify your phone number as this will be required if you’ll want to withdraw/send out your NEO cryptos from the platform.
Step 2: Send Bitcoin or Ether to your Bittrex Account
- On Bittrex, go to your top right-hand corner tab, labeled “Wallets.”
- The cryptocurrency you plan to fund with will determine your next action, if Bitcoin, click on the “+” symbol by Bitcoin. Do the same if you are funding with Ethereum as well.
- Allow some few minutes for the platform to generate a wallet address associated with your account. When that is displayed, copy it and go to your wallet where you have Ether or Bitcoin stored to send to the wallet address generated by Bittrex.
- Leave some time after a successful transfer for your Bitcoin or Ether to reflect in your Bittrex Wallet.
Step 3: Purchase NEO on Bittrex
- Now that your Bitcoin or Ether is successfully transferred. You can view to confirm that in your “Wallets,” you are good to start the process of purchasing some NEO coins.
- Click on Bittrex logo; this will take you to the page where you see all market assets available.
- Click on either BTC-NEO or ETH-NEO depending on what you funded your account at Bittrex.
- Locate the “Trading” section on the page and in the Buy NEO box, enter the units of NEO you will like to purchase in the Unit Box. Add 0.025 units to whatever quantity you are purchasing as this is Bittrex withdrawal fee. It would be charged when you want to transfer your NEO out to your NEO Wallet.
- Right in front of bid label, click on the price drop down and choose bid option.
- Once the Total section for Bitcoin or Ether auto fills, click on the Buy NEO button at the bottom of that section.
Step 4: Earn GAS by holding NEO
- To do this, you need to transfer the NEO funds from Bittrex to Neon Wallet
- You may check this video tutorial or this one in order to check how to do this
- A great tool to check what your earnings would be for just holding NEO is NEOtoGAS
By the time you finished this tutorial, you should know how to exchange Bitcoin or Ethereum for NEO coins.
Image Source & Credits: TheMerkle