Tutorial by Moritz Steck
Quick Summary: In our experience, Sywftx is the most efficient way to buy NEO in Australia. It’s quick, safe, and easy!
If you need more information before getting your hands on NEO, we’ve got you covered. In this guide, we let you know what the NEO coin is and if you should buy it.
How To Buy NEO In Australia
Just be aware that you have to go through an identification process. This usually includes uploading pictures of yourself and your ID.
This is for your own protection, so we highly recommend using an exchange that follows those security procedures.
In the following, we’ll go through the process of buying NEO on Swyftx:
How To Buy NEO With Swyftx
Swyftx is rather easy to navigate, but if you are completely new, here are the steps you need to follow when you want to buy NEO with Swyftx:
Step 1: Set Up An Account With Swyftx
Naturally, you will need an account with Swyftx before you can buy NEO tokens.
Head over to Swyftx (you even get a $20 USD bonus when signing up with our link) and create an account.
During the sign-up process, you will have to go through a verification process, so make sure you have your ID at hand. You’ll have to send several images to Swyftx before you can start trading.
This is all for your protection and every legit cryptocurrency exchange has a verification process like that.
Step 2: Deposit Money Into Swyftx
Before you can start buying or trading anything, you have to deposit money into your Swyftx installation. Simply connect a bank account and choose the amount of AUD you want to deposit.
Step 3: Check Out The NEO Chart (optional)
It is always a good idea to check how a currency is doing before buying it.
Conveniently, you can watch live charts directly in Swyftx.
When I took this screenshot, NEO was on a downwards trend, so depending on when you read this article, it might look completely different now!
Step 4: Buy NEO in Swyftx
When you are ready, search for NEO in your Swyftx app or dashboard, choose the amount of NEO you want to buy and confirm the purchase.
And there you go! You are now a proud owner of NEO. Congratulations!
Step 5: Swap Bitcoin to NEO
Instead of buying NEO with FIAT (AUD), you can also swap Bitcoin or other cryptocurrencies to NEO. This is especially convenient, if you already own other coins or tokens.
What Exactly Is NEO?
When it first launched in 2015, it was still called “AntShares” but was later rebranded to NEO in 2017.
So, it has a rather long history already and has been able to establish itself over the years.
A huge difference to other coins or tokens is that 1 NEO can’t be divided into smaller pieces. You can’t buy or sell 0.5 NEO. The smallest amount you can trade with is 1 NEO!
What Does NEO Do?
The big goal of NEO is to build a decentralized “Smart Economy of tomorrow” (1).
That means that with the help of the NEO platform, you can easily create digital assets and smart contracts without the need for a legal system or governance.
Naturally, NEO is aware of the fact that the blockchain industry still has to stick to laws and rules. They are not building a lawless playground for criminal activities. Instead, they want to make it easier to build a smart economy.
The Two Tokens System Of NEO
NEO was the first public blockchain platform that offers a dual token mechanism.
There is the token “NEO” and the token “GAS”.
When you hold NEO tokens, you can vote in the NEO Council to help form the future of NEO. NEO also grants you the right to claim GAS, which you need to perform transactions on the NEO network.
Due to the fact that 1 NEO can’t be broken into smaller pieces, they are also rarer than other coins which makes it one of the rarest public blockchain tokens.
You’ve probably heard of “gas fees” before but in the case of NEO, “GAS” is actually another token you can earn by holding NEO.
But just like “gas fees”, GAS is spent when you hold tokens or create smart contracts.
The best way to earn GAS, by the way, is by voting, as they want to rewards anyone who’s taking an active role in their community.
The Need For Speed
One thing that separates NEO from other cryptocurrencies like Ethereum is its speed. NEO is able to perform 10,000 transactions per second! Ethereum, on the other hand, can only perform 15 transactions per second.
When I found out about this it just blew my mind.
If you have been moving Ethereum around a lot, you might have noticed that it can take quite a while before the transaction goes through.
Now you know why!
You won’t have these issues with NEO!
Should You Invest In NEO?
NEO has taken quite a hit in 2021, but it is a really fascinating and smart project. If you want to invest in something that could really make a difference in the future and change the world, NEO might be just the thing for you!
Since it is a cryptocurrency, we must warn you that it is highly volatile, too, of course. Just like any other cryptocurrency.
Only invest what you can lose, should it go south!
What Are The Best Exchanges To Buy NEO?
As we mentioned earlier, for Australians Swyftx is the best way to buy NEO!
Final Conclusion on NEO
NEO is an amazing project that is quite different from many other crypto projects out there. NEO is open source and they have a real goal; to create a smart economy that is safe but decentralized.
So, if you want to buy NEO and live in Australia, head over to Swyftx and start trading now. You might even be interested in getting involved more and help shape the smart economy of tomorrow!