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GAS is a cryptocurrency used to complete transactions on the NEO blockchain. When you hold NEO in your cryptocurrency wallet, you’ll also be rewarded with GAS generated by the construction of the blockchain.
If you’re interested in buying GAS, it’s important to first understand how it works, how it ties into the NEO ecosystem, and how you can buy GAS in Australia.
You can buy GAS on a wide variety of popular cryptocurrency exchanges, including:
This is our quick guide to just one way to buy GAS. Compare some other options in the table below.
If you want to buy GAS, here’s an example of how you can do it:
Local cryptocurrency exchange CoinSpot permits the exchange of Australian dollars (AUD) for GAS. However, before you can buy you’ll need to sign up for an account by entering your email address and creating a password. You’ll also be asked to verify your account by providing your full name, contact information and proof of ID before you can make a deposit in Australian dollars.
We also recommend that you enable two-factor authentication to provide an extra level of security for your account.
Click the “Deposit AUD” link shown on the CoinSpot account dashboard page. You can then enter the amount of AUD you want to deposit, or you can also deposit cash at a newsagency via Blueshyft.
Many cryptocurrency exchanges don’t allow you to swap fiat currency, such as AUD, for cryptocurrencies. This means that you’ll often need to acquire a cryptocurrency that’s available in a pairing with GAS, such as Ethereum (ETH) or bitcoin (BTC), and then exchange it for GAS.
Click on the “Buy/Sell” link at the top of the page and search for “GAS”. Click on “Buy GAS” and you’ll then be given the option to either type in the amount of AUD you want to spend or the amount of GAS you want to buy.
The final step is to review all transaction details, including the amount of GAS you’re buying and the total cost of the exchange, before confirming your purchase.
If you decide at a later date that you want to sell GAS, the process is very similar to the instructions outlined in Step 3 above. Of course, it’s important to remember that exchanges simply don’t offer every possible currency pairing, so it may not be possible to directly exchange GAS for the cryptocurrency you want.
Unless you’re looking to place a trade, keeping your GAS in your account with a cryptocurrency exchange for any length of time is not recommended. You’ll need to store GAS in a wallet set up to handle these types of tokens, such as:
You should never hold any cryptocurrency without first having a solid understanding of its function. In order to understand GAS, we first need to take a look at the NEO network.
NEO was originally launched as AntShares by Da Hongfei and Erik Zhang back in 2014. China’s first public blockchain, AntShares was rebranded to NEO in 2017. The NEO platform aims to rival Ethereum – it’s even commonly referred to as China’s Ethereum – and provides a smart contracts ecosystem to allow for the easy storage and exchange of digital assets.
However, to perform transactions on the NEO blockchain you need GAS. Formerly known as AntCoins, this cryptocurrency also underwent a rebranding in 2017.
GAS is used to power the NEO blockchain network, with users needing to pay GAS fees to deploy and run smart contracts. The fee charged is calculated based on the computing resources used by the contract.
GAS is also generated at a rate of 8 GAS per block as the blockchain is constructed. With each new NEO block generated, GAS is distributed to all NEO holders – this process is similar to the way a company might pay dividends to its shareholders.
All cryptocurrencies are complicated and speculative, so you’ll need to thoroughly assess all the potential risks involved in holding any cryptos before you actually make a purchase. If you’re thinking of buying GAS, make sure you consider the following factors first:
As a period of correction continues, experts believe that Ether will most likely be faced with volatility in coming few weeks.
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