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Best Place to Buy NEO in the UK
It allows you to buy cryptocurrencies with a UK bank transfer, credit card, debit card, and SEPA bank transfer. For UK residents, the cheapest option is a UK bank transfer – as card transactions are expensive for cryptocurrency exchanges and brokers to process.
With BC Bitcoin, you’ll normally pay 5% in fees to buy NEO with a UK bank transfer. This fee is reduced to 4% if you buy £5000 or more in a single order.
What is Neo (NEO)?
Often called the ‘Chinese Ethereum’, NEO (NEO) is a smart contract platform built to run decentralized applications (dapps) and support a global smart economy.
According to Neo, a global smart economy will use digital identities and blockchain technology to manage assets. Compared to traditional economies, a smart economy will utilize trade agreements written and enforced using smart contracts.
- Launched in 2014 as AntShares.
- Two native tokens, NEO and GAS.
- Compatible with other blockchains, including Bitcoin (BTC) and Ethereum (ETH).
- Uses digital identities to secure assets on the blockchain.
- Designed to support a ‘global smart economy’.
The platform launched in 2014 under the name AntShares, but was rebranded to Neo in 2017. The network has two native tokens: NEO and GAS.
The NEO token has a total supply of 100 million and is used for governance and investment purposes. NEO tokens can be thought of as shares in the network. All 100 million tokens are in circulation.
The GAS token is used to pay transaction fees on the NEO network and has a max supply of 100 million. As of now, just over 10 million GAS are in circulation. New GAS tokens are issued when new blocks are created and are distributed to NEO holders.
NEO is also known for having a high level of interoperability, meaning it can interact with several different blockchains. Currently, NEO is compatible with over 9 blockchains, including Bitcoin (BTC), Ethereum (ETH), Binance Smart Chain (BSC), and Cosmos (ATOM).
To interact with the NEO network, businesses and individuals must create a digital identity profile that uses facial recognition, finger print, and voice identification technology to secure their assets. Both real world and digital assets can be tied to these digital identities.
Here’s a look at how NEO works and how it plans to implement a global smart economy:
Here are the major differences between NEO and Ethereum:
- Scalability: Because Ethereum (ETH) still uses a proof of work consensus, it’s significantly less scalable than NEO (NEO), which uses a proof of stake consensus.
- Language Support: All smart contracts and dapps on the NEO platform can be programmed using several programming languages, including .NET, Java, Python, and others. By comparison, Ethereum (ETH) only supports its native programming language.
- Interoperability: NEO supports cross-chain capabilities. Ethereum has no such capabilities and relies on layer-2 solutions and side chains to accomplish this.
- Transaction Speed: At just over 30 transactions per second, NEO has the slight edge in this over Ethereum, which can handle up to 20 transactions per second.
- Cost: Transactions on the NEO network are either free or significantly less expensive compared to the Ethereum network.
Best NEO (NEO) Wallets
Unless you plan on keeping your NEO or GAS on an exchange, you’ll need to choose a wallet to store it in.
The NEO website recommends a few desktop wallets:
- NEO GUI Wallet: The NEO GUI is a full-node wallet, meaning an entire copy of the NEO blockchain must be downloaded to use it. Once downloaded, the wallet allows for the storage of both NEO and GAS. The software is entirely open source and was developed by the NEO team.
- NEON Wallet: Made by City of Zion, a leading developer of NEO-based products, the NEON Wallet is a cross-platform desktop wallet available for Windows, Apple, and Linux. Once installed, the wallet is easy to use and offers a higher number of features.
- NEO Tracker: Neo Tracker is open source and lightweight, meaning you don’t have to download a full copy of the blockchain to use it. Users can earn GAS just by holding NEO in their NEO Tracker wallet.
If you’re looking for better-known wallets for storing NEO or GAS, consider the following options:
Thanks for checking out this short guide to buying NEO in the UK!
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