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Introduction
With so many cryptocurrencies to choose from available across online casinos, wherever you find Neo as an option, make sure you consider using it. This is a digital currency with much-improved functionalities compared to veterans on the market, allowing for more cost-efficient and speedier transactions. Even though it wasn’t an instant success when it first launched, it managed to improve its offering and become one of the most attractive cryptos you’ll come across. Since it is a direct competitor to Ethereum and uses its smart contracts, but offers better speed, it comes with so many perks. As if that wasn’t enough, it is offered across most casinos that accept crypto. What is Neo and why choose to use it as your online casino payment method?
About Neo
Launched in 2014 under a different name, Antshares, this digital currency has had its ups and downs, no denying. Two experts on the crypto scene, Eric Zhang and Da Hongfei, with backgrounds in digital assets, designed it to work on Ethereum’s smart contract and implemented powerful new blockchain tech to create the most well-structured and useful digital asset management system.
When it was first launched, however, some discrepancies were noticed and that’s why the creators withdrew it from the scene for a while, putting in efforts to keep it alive all the while improving its features and functionalities. When it made its comeback, under the new name, it immediately got the attention of the crypto community. With much-improved features, it instantly became one of the most attractive assets traded by worldwide crypto enthusiasts.
What happens is, the crypto uses Byzantine mechanics and is based on the proof-of-stake protocol. As said, it functions through Ethereum’s smart contracts, but on its own blockchain, designed to facilitate the developers’ job regarding the use and launch of smart contract apps on the blockchain. Crypto developers find this fascinating, but since it might not be something that wows you, let’s get to the part where things get more exciting.
If you’ve ever used Ethereum or come across these smart contracts, you’ll know what to do. If not, let’s put it in simple terms: it is like a regular contract you make with another person, where one of you provides a service and the other one pays for that service. The minute you both do your share of the deal, the transaction, fueled by the native token, is successfully processed. GAS tokens are created in an instant, too, which are basically the fees that are charged for all Ethereum transactions, otherwise known as “gas fees”; by default, these are also charged when transacting with this crypto. These are, however, really insignificant fees, making this cryptocurrency one of the most cost-efficient available on the scene.
While yet to reach its peak, this digital asset is a great investment, for one, but it is also great for use across online casinos. It is offered across most casinos that process crypto transactions, and that's why you'll have no issues finding a proper site to join in no time and start using it right away. Let's go over the getting started process first, before we get into the actual depositing/withdrawing processes with it across online casinos.
Getting Started with It
Regardless of whether you have experience with crypto or not, you’ll see that getting started with Neo is a piece of cake.
We said that works in a similar way to any other crypto but offers improved features, like better speed and security. However, since it is a direct competitor to the giant Ethereum, its competition has pushed it aside, so you won't be able to find it on top exchanges like with popular cryptos. Instead, it is traded on Binance and a few lesser-known platforms.
So, let’s assume you use Binance since this is one of the most popular exchanges where you could trade the token. You'd first need to create an account with the platform, by pressing the Sign-Up button. Then, you’d need to enter the needed sensitive details, basic personal info basically, like the info required for opening any other account. You’d then need to link a payment to your account. You can choose to use a credit card, eWallet, or whichever other option from the ones offered at the exchange would work for you.
Next, you’d need to purchase some Neo coins. You can do that using any worldwide-used fiat currency, or trade it for a different crypto you may hold. You just need to specify how many coins you’d like to purchase and select the currency/crypto that you’d like to use to complete the purchase. In an instant, the coins will be ready to be withdrawn.
Now, we’ve come to the last step of the way; once you’ve purchased your coins, you’d need to store them. This is where you’d need to choose a good crypto wallet to create an account with it. Once the account is ready, you'll receive the private and public keys, which you'll, later on, use as your addresses whenever transacting with your coins. On that note, let’s finally go through the actual depositing/withdrawing procedures to see the coin in action.
How to Deposit at Online Casinos with Neo?
Neo is still to get in the spotlight across the online gambling industry, but yet, it is accepted across most sites that offer crypto. You’d need to look for decent candidates, casinos that offer it, in order to find one that you’d like to join. Such sites are FairSpin Casino and LynxBet Casino, for instance. Make sure you check out a few of your choices and decide on the one to create an account with.
Next, to make a deposit with Neo, you’d need to go through the following steps:
- Visit the casino’s Banking/Payments/Deposits section.
- Look for Neo’s logo on the list of cryptos offered and select it.
- In the new window, you’ll see the casino’s crypto wallet address; copy it.
- Log into your crypto wallet and paste the casino’s address.
- Specify how much you’d like transferred to your casino balance.
- In an instant, after you press Send, the coins will reach your balance.
How to Withdraw Winnings with It?
You saw how easy deposits with Neo are; withdrawals are just as easy. They are requested pretty much the same way, only this time you copy your wallet address and enter it in the designated field.
The casino will take its time to review your request, and if all is in order, and you’ve played through the bonus terms and requirements in case you’ve claimed a bonus, you’ll get your coins on your crypto wallet instantly.
Fees and Limits
We explained that there's a gas fee you need to pay when transacting with this coin. This fee applies to each and every transaction you make with it since it is the fuel that keeps the crypto going on the chain.
Now, this fee is only a teeny tiny fraction of the transaction amount, so you’ll barely notice it. However, keep in mind that exchange platforms also charge fees for selling/buying crypto through their platform. You better check with your chosen exchange to see how big or small the fees are when purchasing your Neo coins.
Allowed Countries
Based on the fact that this is a cryptocurrency, it means it is of decentralized nature, and by default, no authorities oversee it and it is accepted all over the globe. Crypto is encouraged in countries like Finland and Malta, so if a player from any of these two countries, you can rest assured that you can use it.
In fact, anyone with access to the internet is free to use it. Mind you, although you may use it regardless of your country of residence, some countries have banned or prohibited crypto transactions, like Russia or Turkey. Plus, drastic changes to regulatory framework are lurking at all times, so you might want to keep an eye on the crypto restrictions across the online gambling industry, too, before you decide to go with this solution as your payment method.
Accepted Currencies
As far as fiat currencies go, the ones offered at your chosen exchange platform will be the ones you’d be able to use to purchase your Neo coins. That being said, you should expect to find mainstream currencies offered, like Canadian, US, Australian, New Zealand dollars, euros, UK pounds, Swiss francs and other options.
As mentioned, however, you can trade a different coin you're holding to get a hold of Neo coins. For instance, you can easily trade Bitcoin, Ethereum, Bitcoin Cash and Dogecoin for this token, meaning you can also use crypto to buy Neo coins.
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FAQs
Are transactions with it irreversible like with other digital currencies?
Yes. As you’ve assumed, since this is a decentralized crypto like any other, even though offering much-improved features, due to its nature, transactions with it are irreversible. Once you send and approve the transaction you made with it, there’s no way you could ever get your coins back; that’s why you must double-check the respective wallet addresses before you hit Send.
Does Neo’s value fluctuate like with other cryptos?
Again, yes. This is, after all, a digital asset like other cryptocurrencies, so its value fluctuates based on the current market. You’d need to observe the market for some time to make the decision on when the best time to purchase it is.
Do transaction limits apply when making deposits and withdrawals with it across online casinos?
On its part, no. No transaction limits apply when using any crypto, for that matter. However, on the operator’s part, limits do apply. Due to responsible gambling rules and regulations, operators must limit transactions with all payment methods, not only this one or cryptos overall. Some operators offer better limits, so you better check a few sites that offer the solution to compare their limits and decide on the one that offers the best ones to join.
Can I explore its official website in different languages?
Considering its creators are Chinese, its official website is available in Chinese; but since this is a crypto offered to anyone across the globe, it is, of course, available in English, as well. No other languages are an option, mainly because technical language is used all across the website.
Is Neo on social media?
Yes. The solution is active on three social media platforms, Twitter, Facebook and Telegram. If you go to its official website, at the bottom of the homepage, you’ll find direct links to its profiles on each respective social media platform. Make sure you follow them in order to know more about the solution and be the first to know if or when new improvements will be introduced, as this is an ever-evolving cryptocurrency.