The cryptocurrency known as NEO (formerly Antshares)has been very highly publicized in the cryptoworld over the last few months.
That is why I am not going to spend time explaining what it is.
And if you already know what NEO is then you probably also know that NEO produces GAS when kept in your wallet.
All it really means is that you have an incentive to hold onto NEO for the long term and not sell it since you would be earning GAS just by having it in your wallet such as a NEON wallet.
The best thing about it is that you don't have to keep the wallet open in order to earn GAS. All you have to do is send your NEO into your NEON wallet and then it starts earning GAS automatically.
How cool is that!
You can go to: https://neotogas.com/ to easily calculate how much GAS you can earn.
Currently the return is about 8%, and GAS is currently trading at around $20 USD.
That is great!
So what am I mad at?
I am mad at the exchanges!
Just like most people, I assumed that when you keep your NEO on an exchange for trading purposes, you don't earn GAS. And it is just a price you have to pay in order to be trading your tokens.
But did you know that your NEO is actually still earning GAS when you keep it on an exchange?
The only difference is that the exchanges keep the GAS for themselves. Without telling you, of course!
That, to me, is very shady!
And even though I am a fan of Bittrex and have been using them for a while, I still can't help but feel cheated by their lack of transparency.
The reason why I found out that your NEO earns GAS even when on an exchange is because the exchange, Binance, actually pays out GAS to NEO holders when kept on Binance.
That is such a breath of fresh air! An exchange that actually looks out for it's users.
So here is the deal when you keep your NEO on https://www.binance.com
You earn GAS while you keep you NEO there. They pay out the GAS once a month.
You are able to freely trade your NEO without having to move it back and forth between your wallet and an exchange.
Binance charges ZERO, yes, ZERO transaction fee when you withdrawal your NEO.
But the biggest advantage for me?
Because I know that NEO is earning GAS for me even when it is sitting on Binance, this allows me to ride out the volatility of the market much better.
When NEO price goes up, I win, I get to maybe sell off some of my position and re-invest into a different coin.
When NEO price goes down, I still win, I get to hold on to my NEO while earning GAS and waiting for the price to go back up again.
Just having this mindset, I find that I am that much better at preventing FOMO and panic sell.
So my advice?
Check out Binance if you haven't! It is quickly becoming my favorite exchange!
Leave a comment and let me know if this is helpful, if you agree with me, or disagree.