The momentum of cryptocurrency continues to grow. Even after the fall of the late 2017 boom, the markets continue to rise and thrive. If you’re an investor, you’re interested and you need to pay attention to the vast cryptocurrency market. There’s so many alternative coins available for you to choose from. How do you know which one to support? You have to do a little research and make sure you understand what market you’d relate to the most.
For those who live in Indonesia, you’ll know that the country’s central bank have already sent out warnings about cryptocurrency. They’re worried the level of risk in the cryptocurrency market will sway many citizens towards throwing their assets away and losing their funds. The central bank of Indonesia have made it plainly understood the country does not recognize cryptocurrency as a legitimate form of currency. However, many other locations in the world feel the opposite about this. Many cryptocurrency investors can inform you that while there’s a high risk in the market, a little research and foresight will serve you well.
One great currency to get started with is NEO. You’ll find two tokens associated with this cryptocurrency: NEO and GAS. You can directly purchase NEO by exchanging it for Bitcoin (BTC) or Ethereum (ETH). This means it is an investment token. GAS works differently and is earned by how much you invest in NEO and have it in your virtual wallet. You use GAS in smart contracts and on other applications that connect to the NEO blockchain.
Purchasing NEO From Indonesia
The first step you need to take when it comes to focusing on your NEO tokens is discovering what wallet you want to use. There’s a number of different wallets available for you to choose from on the open market. You definitely want to pick one of these out before you buy any NEO tokens. You do this step first so you avoid leaving it on an exchange website. The longer your funds remain on a website, the higher chance you have of losing them.
Here’s a list of recommended choices for you to choose from:
- NEO GUI
- NEO wallet
- Ledger Nano S
You’ll find a unique set of features with each of the wallets listed above.
NEO GUI was created by the developers of the NEO blockchain and is treated as the official wallet of the cryptocurrency. Because it’s the official wallet, by downloading the wallet you directly connect to the platform’s blockchain. As a result you’re going to have to devote a good portion of your computer’s hard drive to store it. While this may seem like a hassle it can provide you with a higher level of security on your wallet and keeps your information up to date. This wallet allows you to generate GAS and you can download it, as long as your desktop has a Windows 7 or better operating system.
The active members of the NEO community created the NEO Wallet. It acts as a web wallet you can access through a browser application. Because it remains on the internet it does not connect to the blockchain, meaning you do not need to reserve hard drive to store it. You can save, send, and receive NEO and GAS tokens from this wallet application. Additionally, you can generation GAS with this wallet. Due to this acting as a lightweight wallet, it works as great application for those interested in getting started with the cryptocurrency; it may not function well for those interested in staying it for the long term. You can connect to this wallet if you have a Chrome or Edge browser installed on your desktop.
Ledger Nano S is the most secure wallet of the three options because it is a physical device. This device operates similarity to a flash drive and it protects the codes you use to open up your wallet. Because it downloads this information, if a hacker wants to access your funds they need to physically hold this device. The only way they can do this is by directly holding on to it and plugging it into a desktop. Though, this means you’re forced to carry around another wallet with you and you have to keep track of it. Also, it costs 79.00€. Only those truly interested in staying in cryptocurrency for the long run may want to purchase this device and use it on a regular basis.
When you’ve chosen your wallet, you’re ready to purchase your first NEO tokens! You have to buy Bitcoin (BTC) or Ethereum (ETH) first.
Create Exchange Account and Upload IDR
Because you have to buy BTC or Ethereum first, you have to visit an exchange website. Here’s a limit of recommended websites for you to sign up at:
You should find success with any of these websites. If you discover an alternative website, certainly join it and create an account with them. The process of creating an account should feel the same across these websites. After you’ve finished signing up with them, you should receive an email where they want you verify the status of your account. You’ll need to do this before you can upload any IDR to your account and use it to purchase your desired cryptocurrency.
Upload IDR to Exchange for BTC or ETH
Prior to confirming how much IDR you should upload to your account, think about your final decision. You should know how much NEO you plan to walk away with by the end of this transaction. Because these exchange websites have such high rates for every transaction you make, you want your funds to count. You want them to matter every single time. You’ll have to figure out how much NEO you want to end with. Once you know this, take another step back and figure out how much BTC or ETH you’re going to need to get to that amount. Take another step back, and see how much IDR you need for those two values of BTC and ETH.
By this point, you should clearly see how much you need. Based on the market, you’ll see if you make off better with BTC or ETH. Purchase the one that gives you best the price; and this answer changes based on the market.
Create A Cryptocurrency Account and Upload Funds
Now you need to go to a cryptocurrency website. It’s different than the first one. Here’s a list of recommended options:
Any of these options should work for you. Once you get on this website, you’ll have to create an account and follow the same steps, much like the first website you visited. And you need to verify your account. After, find the public key of your new account and send your recently purchased cryptocurrency to your new account.
Exchange BTC or ETH for NEO To Send To Wallet
You’re almost there!
When your new account receives your cryptocurrency, use all of it to buy NEO. You should use up all of it, especially if you did your math correctly. When the transaction gets processed, send your NEO tokens to your wallet; do not keep it on the exchange website. And you’re done!