Payment systems are gradually changing, like the rest of the world around them - they are moving from the paper version to the digital one. Virtual money was needed to simplify human life as much as possible. This is the original noble purpose of cryptocurrency. The function of virtual money from the very beginning is conceived the same as the main task of ordinary bills and coins.
What is Neo?
NEO is a blockchain-based cryptocurrency - a method of storing data in which parts of the information chain about currency transactions are stored on different computers independently of each other. Each transaction with a currency is checked against these blocks of information and thus confirms the owner of the currency and the operation being performed.
This project was first developed in 2014 under the name AntShares, which was later renamed NEO. The company was founded by Chinese entrepreneur Da Hongfei, who is also the head of OnChain, along with his CTO Eric Zhang.
Developers are constantly working to improve the system and collaborate with large organizations like Microsoft. This is a big step towards mass distribution of the product.
When creating the NEO cryptocurrency, the developers sought to introduce high-tech contracts in all sectors of the economy and aimed to make it a unified payment method for these contracts. The developers are actively promoting the new platform - they managed to conclude cooperation agreements with existing cryptocurrency platforms and major international corporations such as Microsoft and Alibaba.
The advantages of NEO provide it with great prospects and show it in a more favorable light compared to Ether.
- Cooperation with large companies.
- Wide functionality and great application possibilities.
- Ongoing community discussions about system improvements.
- Attempts to find compromises with the Chinese government, despite the bans and sanctions.
- Publicity and openness.
According to the shortcomings, we can conclude that the network is centralized, which is unlikely to be liked by the ideological followers of cryptocurrencies.
It should be noted that you cannot mine NEO. The coins circulating on the market are issued by the developers, and the remainder of them is accordingly with them. Mining is represented only by GAS mining. However, due to the Proof-of-Stake algorithm, mining can only be done if you have NEO coins. The more there are, the more GAS you can get. To receive 1 coin per day, you must have at least 2000 NEO on your account. In general, it turns out that mining is automatic and you do not need powerful equipment and farms for it.
Where does NEO come from?
The platform is based on smart contracts and payment for them with internal tokens. In addition, there is the possibility of integration with third-party services and the ability to create new tools.
How does NEO work?
Operations within the network are paid by a commission, which is paid in local currency. To make a transfer, you need to put some "fuel" into the system. The developers decided not to reinvent the wheel and borrowed the mechanism of operation, and with it the name, from Ethereym - GAS. It is this "gas" that is the means of payment for transactions.
What makes NEO unique?
The NEO project sets itself apart from all other competitors in the market - the creation of the first dedicated independent community City of Zion (CoZ), which brings together developers, translators and designers working to develop the entire NEO ecosystem.
In the development of this community, there are a lot of ideas for improving the NEO company, while CoZ has already created a personal NEON wallet for storing crypto coins and the NEO blockchain explorer.
Where to buy NEO in the UAE?
Today you can buy NEO on the stock exchange and popular trading platforms. NEO is considered a reliable and proven asset with a very promising idea, which is why almost all the best cryptocurrency exchanges, including Binance, add it to their lists.
You can buy NEO in the UAE through a brokerage trading platform as CFDs (Contracts for Exchange Rate Differences). The whole process takes place through a computer or other mobile devices. To invest in NEO simply and easily, a trader needs a broker with low fees and a reliable platform.
How to start investing in NEO in the UAE?
The cryptocurrency market in 2021 has high volatility (volatility in coin rates). Therefore, when investing in NEO, novice traders need to learn how to assess the prospects for growth or decline in the price of tokens and coins. Fundamental analysis of cryptocurrencies is an effective forecasting method. It allows you to determine whether the rate of the selected assets will grow.
Starting a profitable investing in NEO requires some knowledge of the subject and the ability to analyze the crypto market. But it's not hard to learn it!
The essence of fundamental analysis is to assess the real price and growth prospects of an asset based on economic and financial indicators. The trader's goal is to understand whether it is possible to buy cryptocurrency now. For this, the following are studied:
- Methods of using a cryptoasset.
- The number of blockchain network users.
- Project development team.
- Technical indicators (hash rate, number of transactions).
- The economic situation in the world.
- User interest in cryptocurrencies.
Also, the news background is of great importance for the analysis. Almost every headline in the media can influence the market price of a cryptocurrency. The analyst needs to consider news and economic forecasts.
The price of a cryptocurrency cannot be predicted only by indicators of traditional financial markets. The cost of tokens and coins can be influenced by:
- Financial policies in the USA, Japan, China and other countries.
- Growth rates of the world economy.
- Raw material demand.
- The cost of producing goods and other factors.
The main thing when investing in NEO in the UAE is finding reliable fundamentals. Correct preparation will be the key to a successful start in many ways!
The data used in fundamental analysis must be reliable and objective. For example, the number of followers on social media or other communities is not a reliable metric. After all, it can simply be increased artificially.
In order to successfully invest in NEO, do not forget to choose a trading platform with convenient tools:
- stop loss, or stop limit, is a conditional order that allows you to automatically sell an asset at a price below the current market price if it drops to a specified level. Conversely, it can automatically buy an asset at a higher price if that price rises to a specified level.
- take profit is a pending order (order) to take profit. When a certain price value is reached, this order is triggered and you close your position and take profit. You set the size of the take profit yourself and you can move it in any direction throughout the entire duration of the position. Take profit is a limit order (that is, it is executed strictly at the price you set).
Online trading platform is the most popular way to buy NEO from UAE and is used by most of the traders. This trading platform has an intuitive interface, indicators and is equipped with all the necessary functionality for successful trading. Take control of your financial future now!
Is it safe to invest online?
NEO is a large-scale blockchain project that allows secure transactions within the system, without the participation of third parties, using secure crypto-encryption tools.
Is it a good investment?
Many investors are interested in NEO cryptocurrency, which is also called "Chinese ether". This blockchain project has very strong support from developers and many large investors in the world, who simply did not allow the coin to plummet in price. For example, in 2018 NEO actively resisted the downward movement of the market and tried to steadily keep its rate at about the same level as compared to other cryptocurrencies.
Should traders invest in the UAE?
NEO can be a very interesting investment project for the reason that this asset could grow more than 200 times in 2017.
How to buy NEO from the UAE right now?
If you want to start investing in NEO in the UAE on an exchange, then open a cryptocurrency wallet. It is better to store NEO cryptocurrency on the official NEON wallet than on an exchange. Since in this case, the security of your finances will be at the highest level, and you will also be automatically credited with the GAS token.
Leaving coins on the exchange can be fraught with consequences, since in this case you do not dispose of the private keys.
If you are looking to buy NEO on a trading platform, then you have more flexibility when trading CFDs as they are not tied to an asset. You just bought or sold a derivative contract. You can also make money when the price falls as you can take a short position.
An important advantage of investing through a broker is that it allows you to immediately add funds to your account by credit card, Paypal or bank transfer. In a few minutes you will see the funds in your account and you can earn on cryptocurrency trading.