Guys, I have been holding NEO from the time it was ANTShares. They have now rebranded themselves to NEO.
And I have to admit that I was too lazy to send my NEO coins to the NEO wallet.
Now, I should have done this a long back but I do not know why I never cared.
Not that I did not try, but I was not getting any proper guide to transfer NEO from BITTREX to the NEO wallet. Plus, I did not want to get scammed by downloading a fake NEO wallet from Github or any other source.
Coming back to the point, just two days back, I transferred 80 percent of my NEO coins from the exchange (read BITTREX) to my NEO wallet.
I am now thrilled to see my NEO wallet generating free GAS every day.
Hence, I thought to write this guide for you.
If you are like me and you hold NEO in your BITTREX account, you should shift your coins immediately to the official NEO wallet and this guide should help you do that.
If you are still lazy, let me give you some reasons why you should move your coins from BITTREX to NEO wallet.
In case, you do not hold any NEO coin, here is a guide that will help you buy NEO coins from Bittrex: Read NOW
Why should you move your NEO from Bittrex to NEO wallet?
- Security – Security is the most important reason you should shift all your NEO coins to a wallet or a cold storage (with no access to internet). It can be a hardware wallet or the official NEO wallet.
- GAS – Not sure what GAS is? And how are NEO and GAS related? I will explain it some other time. However, for now, just know that if you keep your NEO coins in the official NEO wallet, it will generate free GAS for you.
Just a month back, the price of each GAS was very less (not even a dollar). And now, as I write, it is priced at 33.84 USD. You can check the current price by clicking here.
The price of GAS blooming to 33 USD is one of the reasons why I shifted my NEO to the official NEO wallet.
It already generated 0.087 GAS for me.
If you do not want to lose out free GAS, I strongly recommend you to do it now. It will not take you more than 3 minutes.
Now, let’s discuss, how you can transfer your NEO from Bittrex exchange to the official wallet.
How to transfer NEO from Bittrex to the official NEO wallet? Step by Step GUIDE
- Go to Neo.org/download and download the NEON wallet (Bottom RIGHT). Note down the private key. DO NOT DOWNLOAD FROM ANYWHERE ELSE. YOU MAY GET SCAMMED.
2. When you click on it, it will direct you to a GITHUB page – https://github.com/CityOfZion/neon-wallet/releases
3. Scroll down to Downloads and download the setup (based on your OS):
a. Download NEO setup for Windows
b. Download NEO setup for Mac.
c. Download NEO setup for Linux.
4. Now once that is downloaded, click run it. It will look something like this:
5. Click on the NEW wallet. As soon as you do that, it will show you your private key and a public key.
6. Note down the private key. Take a screenshot and print the screen on a paper and do not save it on your desktop.
7. Make 2-3 copies of the paper and store them in different places so that you do not lose it.
8. Now, copy the public address. Go to Bittrex and send NEO to your new public address (i.e. the public address of your NEO wallet). While sending, please keep in mind that if you want to send 50 NEO, Send 50.025 (0.025 is the transaction fee, at present). It may change. So keep an eye on the transaction fee. Just make sure the amount of NEO you get in your wallet should be a natural number.
About NEO wallet:
Developer: City of Zion
Supporting Languages: English
Supporting OS: OSX/Windows/Linux
What would happen if you send 50 NEO coins to your wallet?
You will only receive 49 coins in your wallet. 0.025 NEO would be deducted as a transactional fee. Remaining 0.975 NEO would be lost and you may never get back the lost NEO.
Update- Bittrex is depositing the lost NEO to their customers.
Congratulations! You now have NEO coins in your wallet. It will now start generating free GAS for you. Enjoy!
Question 1: Can I log out from my NEO wallet?
Yes. it is advised to log out from the NEON wallet once the transfer is complete.
Question 2: How can I log in to my NEO wallet again?
Just enter your private key and you will be able to login in no time. So, be very cautious. Do not lose your private key. If by any chance you lose it, you will never get back your lost NEO coins. Never.
Question 3: If I log out from the NEON wallet, will it keep generating GAS for me?
Yes. It will still generate GAS for you. Just log out and relax.
Question 4: How much time does it take for NEO to appear on my wallet?
For me, it took me less than a minute. However, it may take some time. So, please be patient. If you have done everything correctly, NEO will appear in your wallet.
Question 5: What if I lose my laptop, will I be able to get hold of my NEO coins?
Yes, only if you have your private key. So, keep it safe.
Question 6: I am not able to login to my NEO wallet. Can anyone help?
Are you sure what you are entering is correct? Please double check that it is not your public key that you are entering. You need to enter your private key to be able to login to your NEO wallet. Otherwise, I do not see why you would not be able to login to the NEON wallet.
Question 7: My NEON wallet for MAC won’t open. Can anyone tell me what’s wrong?
Are you trying to log in via your finder? If yes, uninstall and reinstall it. And then restart the computer. This should help.
Would you be interested in knowing how much GAS can your NEO coins generate?
How many GAS can my NEO coins generate?
Okay, let’s do some quick maths.
1 NEO takes 20 years to generate 1 GAS.
So if you hold 1000 NEO, it will take 20 years to generate 1000 GAS. Or, in other words, you will be generating 50 GAS every year.
If the price of 1 GAS is 33 USD, just imagine the price of each GAS to be after 1 year.
Even if the cost of 1 GAS touches 100 USD, you will be making 100*50= 5000USD every year for free. Just like dividends. Cool, no? Hurry up, and transfer your NEO to the NEO wallet now and keep claiming free GAS.