NEO is usually referred to as the Ethereum of China. It is widely known as the first Chinese open-source blockchain.
What does that mean is that the original code is made freely available and may be redistributed and modified.
There are commonly three core factors of NEO blockchain which we discussed yesterday in How Does NEO Blockchain Work? They are,
- Digital Assets
- Smart Contracts
- Digital Identities
The vision of NEO is in favor of the notion of linking your digital identity to your real-world identity. This is an essential part of the NEO ecosystem.
NEO will use new terms of digital identification protocols for enhancing the way electronic identity exists.
Another important part to comprehend about NEO is the difference between the NEO token as well as the GAS token.
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Here Comes Trading NEO Coin, Sit Tight!
Well, there are a few leading exchanges on which you can trade NEO coin, and there are all differently charging the transaction fees. Here, we will learn trading NEO coin using Coinbase.
What you need first is the Ether (ETH), for trading. So, you will need to set up a Coinbase account in case you haven’t got one already.
To buy Ethereum on Coinbase –
- Login to the Coinbase exchange using your username, password and OTP received on your mobile.
- Once logged in, go to Buy/Sell.
- Select Buy/Sell on your Coinbase Account and choose Ethereum next. Enter the USD equivalent of Ethereum in the USD box that you’d purchase.
- After you type in the amount of Ethereum you are willing to purchase, choose “Buy Ethereum Instantly” box.
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Time To Convert from Ethereum to NEO
Coinbase only allows you to purchase Bitcoin, Ethereum and Litecoin. Thus, you need to send your ETH out to another exchange so you could buy NEO coin.
Here, we will learn how to use Binance to buy NEO coin with ETH you purchased on Coinbase.
- Go to Accounts on Coinbase and choose the Send button below ETH wallet.
- Once done, a pop up message will appear containing input boxes where you need to enter your address.
- Now, you will need to go to Binance. On the home page, choose Funds, and then choose Deposits.
- On the Deposits screen, search for Ethereum in the box by typing in ‘ETH. choose ‘copy address’ on the right side of the screen.
- After selecting the address, head back to the other Coinbase tab. Pase the ETH Deposit Address from the Binance into the Recipient box in the Coinbase menu. Enter the amount of USD or ETH you are willing to send to your Binance account. Click the box saying ‘Continue.’
- After clicking on ‘Continue’ button, you will see another pop-up message confirming your transaction. You will need to go through the 2-step verification code provided by your authentication app on mobile. Then, choose ‘Confirm.”
- Once you select ‘Confirm,’ another pop-up box will show up allowing you to see the status of your transaction on Etherscan.
- At this point, you can go back to your Binance tab and choose Funds, select History in the drop-down menu. This lets you to view Deposit History to check when your transaction is completed.
- In order to execute a trade at market price, just make sure that you choose the coin that you are willing to trade, for example, NEO. You also need to ensure that you have the Market box selected as the arrow to the left show. The right arrow shows where you enter how much NEO you are willing to sell. The box next to it is the box where you can enter how much NEO you are willing to buy.
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To buy NEO coin by using the Market option implies that you are buying or selling NEO at whatever the market price is being offered currently. The limit option is what gives you more specific buying and selling choices.
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