What is Neo (NEO)? A Complete Beginner's Guide (2023)


What is Neo (NEO)? A Complete Beginner's Guide (2023)

Neo is a software network that aims to allow anyone to transact and create highly centralized products and services that some developers create in China. 

Neo is also known as the "Ethereum of China" because it shares many of the same characteristics with its more well-known counterparts, like the ability to create decentralized applications (dapps) for decentralized exchanges, futures markets, and social networking sites, among other things. When the NEO coin peaked at $196.85 in January 2018, it was the highest price to date for the coin; however, on the other hand, it ranks 20th in terms of market capitalization. 

Neo trading: 

Neo's goal is to create a "smart economy," There are two ways to trade Neo; you can either trade it against other cryptocurrencies or trade it against fiat currency. 

How to trade Neo:  

To trade NEO, you'll have to keep it on an exchange like some high-tech wallets; however, it allows you to trade cryptocurrencies using smart contracts. Your NEO will need to be sent back to an exchange if it is currently stored in a crypto wallet. NEO tokens can be sent to an exchange's NEO address from your crypto wallet by simply entering the exchange's NEO address in your crypto wallet, making crypto traders exchange cryptocurrencies on FujiTrades in a matter of seconds. Choose the best crypto exchange by FujiTrades and go for it. Here are easy steps on how to trade Neo: 

Find and select a neo trading site, after which you can make a neo trading account by adding money to your trading account and then choose your neo trading market by adding the neo trade at last.

How to mine Neo? 

Unlike other cryptocurrencies, Neo cannot be mined as mining is restricted to a limited number of consensus nodes, which energize the Neo network's high-speed transactions. As per Neo's documentation, the Neo Foundation has five out of the seven operating nodes, which means it earns the most mining fees from those nodes. 

neo mining fujitrades image
neo mining fujitrades

How can one buy or invest in Neo? 

To buy Neo, you have to follow this simple guide: 

  1. Make an online account 

An account with a crypto trading platform is required to buy crypto tokens, and there aren't many exchanges that support trading NEO, including Coinbase and eToro, but you can use Coinbase's app to keep up with the token's price. Binance is the most popular cryptocurrency exchange that supports NEO; however, you'll also have to provide some of your general information to make an account. 

  1. Purchase a crypto wallet (optional) 

If you don't intend to trade your cryptocurrency actively, you should keep the coins in a dedicated crypto wallet as it is one of the safest options.

  1. Make your purchase 

NEO can be purchased as a limit order or a market order which allows an exchange's order book to set the price of your NEO tokens based on two factors which are: the highest bid and the lowest ask. Your NEO can be purchased via limit order which can be bought at a set price that you specify when you place your order. 

Let's compare NEO to BTC - What's the future of NEO?

Neo and Bitcoin are both highly known and regarded in the cryptocurrency industry, where Neo made the top ten list of most valuable coins in 2018. In contrast, Bitcoin is the most popular cryptocurrency globally, which is ranked number one on the list hence, a more trusted cryptocurrency in the long run. It is important to note that both cryptocurrencies have "maximum capacity." In Neo, there is a limit of 100 million coins, whereas, in Bitcoin, there is only a limit of 21 million. Neo was created in 2014 and is the second-oldest cryptocurrency after Bitcoin as bitcoin was introduced in 2009, which means that BTC has a 5-year advantage over NEO and many other crypto projects.

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