NEO is one of several altcoins you can trade on major cryptocurrency exchanges for profits. It is a viable investment option for cryptocurrency enthusiasts.
If you are like most smart investors, you want to research an investment option thoroughly before making a commitment. In the case of cryptocurrency investment, you will want to study any digital currency and its platform thoroughly before investing. If you are such a person, then you are here because you want to know if NEO can make you rich in ten years.
While we can’t give you a straight answer to the question above, we can do so much to help you discover the right answer. Our goal is to provide our readers with the right information to make the right decisions when it comes to online trading, and we are thorough with the way we do it.
We are going to discuss the most important things you need to know about NEO if you intend to buy or invest in it. As stated already, you will get enough information to make the right decision about investing in NEO. We only require that you read carefully to get all the critical information we will provide in a systematic manner.
We want to stress that every aspect of this guide is important. So, you should read to learn and use it as a guide to make an informed decision in the end.
What Is NEO?
NEO is an open-source, decentralized blockchain platform that facilitates the development of smart contracts and digital assets. Launched in China in 2014, NEO has been described as a direct competitor of Ethereum. The platform prides itself as a rapidly growing and developing ecosystem that will eventually become the foundation for the next generation of the internet.
NEO is recognized as Chine’s first cryptocurrency. When it was launched in 2014 by Da HongFei and Erik Zhang, the platform was called Antshares. It has always been described as the Chinese Ethereum because of its core functionalities. The network supports smart contracts and supports the creation of digital assets for enterprise solutions.
NEO is one of the few cryptocurrency platforms that have more than one native currency. The primary currency is simply called NEO, while the second currency is known as gas. If you are considering investing in NEO, then you are going to focus on NEO. The other currency, GAS, is basically used to power transactions in the NEO network. Transaction fees are paid with GAS, and NEO tokens are also held as GAS within the network.
For the purpose of this post, we have to focus on NEO. You also need to understand that we will often refer to the NEO network because it is the foundation of the assets you are thinking of investing in.
Why NEO Is Considered To Be Unique
If you are an ardent follower of the cryptocurrency universe, you will know already that NEO is not like other cryptocurrencies. Firstly, it is the first Chinese cryptocurrency, and it is considered to be very similar to another unique crypto, Ethereum.
It is important that we briefly touch on the areas NEO differs from other cryptocurrencies so that you understand exactly what you are getting into by investing in the token:
NEO was the first major cryptocurrency project to be accepted by the strict Chinese Government. Even after shutting down several crypto startups and exchanges, the Chinese Government accepted and supported NEO. We can assume that this is because the platform addresses real-world problems, and its token is considered valuable. It is seen by industry insiders as the right solution for China.
Focused On Regulatory Compliance
Most cryptocurrencies are found wanting when it comes to regulatory compliance, especially in strict economies like that of the Chinese. NEO has surprisingly proved to be compliant in such a tough environment.
NEO is fully committed to being compliant, even if it means sacrificing the privacy of users. In fact, the platform requires every business or individual user to have a unique and verifiable “digital identity.” Even the nodes in the network need identification to contribute to transaction verification and other important activities.
For a cryptocurrency that is native to China and operates from a perceived "harsh environment," NEO is very flexible when it comes to handling the problems of users. The platform allows users to choose the level of decentralization/centralization they need for their projects. They can also decide on other important factors like on-chain/off-chain governance. The flexibility makes the platform adoptable for different kinds of projects in the corporate sector, as well as the Government.
As mentioned earlier, NEO is one of few cryptocurrencies that use two tokens (NEO and GAS). The use of two tokens may confuse beginners, but it is not really a big deal. The two tokens serve different purposes, and you need to focus on NEO if you just want to invest in the cryptocurrency and make a profit.
Unique Consensus Mechanism
NEO has a unique consensus mechanism that improves the overall security of the network. The platform introduced the Delegated Byzantine Fault Tolerance (dBFT) to the cryptocurrency universe. This mechanism designates some nodes as Bookkeepers, which means they serve as the accountants responsible for the actual block verifications.
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Is NEO A Good Investment?
NEO is a unique cryptocurrency, alright. But that doesn’t automatically make it a great investment option for every cryptocurrency enthusiast. To correctly determine whether a cryptocurrency will be a good investment option, you need to look at its price history, its recent performance, as well as predictions from authority websites and experts in the industry. We are going to do all of that for NEO to equip you with the important information you need to make a quality decision.
NEO Price History
NEO was launched in 2014 as Antshares, and we can't verify the achievements of the platform and the performance of the coin in those early days. The coin was actually debuted on major exchanges on September 9th, 2016, at $0.18 per token. The price was almost stable throughout the rest of the year, closing at $0.14.
The beginning of 2017 was also a dry period for Antshares. The rebranding of the cryptocurrency to NEO was the magic the coin needed to gain market value. After rebranding in June 2017, NEO price reached $9.76 on June 22nd. Over the next weeks, it dropped slowly, reaching $6.86 on July 10th.
After the brief setback in July, NEO price started climbing rapidly, reaching as high as $47.58 on August 16th, 2017. It started declining again, reaching $17.38 on September 14th. The price improved significantly again towards the end of the year, closing at $72.99 on December 31st.
2018 started on a good note for NEO as it consolidated the uptrend. The coin reached its all-time high of $198 in January. It didn't take too long for the crypto bubble to burst, and that had the price of NEO crashing down. It reached $83.23 on February 6th before recovering to reach $136.75 on February 28th. The price tumbled further, and by August 12th, the coin sold for $18.99.
2019 was also a difficult year for NEO. In fact, it seemed the coin was headed to oblivion throughout the year, mostly selling below the $10 mark or a little above it. NEO started 2020 at $8.68 per token. It started gaining as the month passed, and by September, it was worth around $21.49.
Recent Performance And Current Position Of NEO
NEO started 2021 on a good note. By February, the coin had surged to $44.23. Through March and April, it benefited from the successful market bull runs, reaching $109.07. May was even more exciting as its price soared to $122.45. By December 2021 NEO commanded a price of $25.74.
At the time of writing this piece, NEO price was $24.37, according to Coindesk. Of course, that is a far cry from what it was worth a year ago. The 24-hour low price is $23.60, while the 24 hour high is $24.87.
According to Coin Market Cap, NEO has a market capitalization of $1.7 billion, but the fully diluted market capitalization is $2.4 billion. It is the #70 ranked cryptocurrency in the world. Currently, there are 70,538,831 NEO in circulation. The maximum supply of the coin is expected to be 100,000,000 NEO.
NEO Price Prediction
There are several factors that affect the price of NEO, just like other cryptocurrencies. These factors are considered by experts when making price predictions. However, it is important to state that the cryptocurrency market depends so much on speculations. While predictions are considered viable, there are chances that they will fail.
According to Trading Beast, the price of NEO will rise by the end of 2022. The website expects that the coin can reach $23.14 by December. They are also predicting that NEO will not experience any major growth in 2023 and instead drop to $41.86 before the end of next year.
Wallet Investor is very optimistic about the growth of NEO in the coming year. They predict that the coin can rise to $57.66 in the next one year. They also predict that the coin will continue to gain more value going forward. They predict that it will be worth as much as $239.818 in the next five years.
Digital Coin Price also expects NEO price to improve with time. According to their prediction, the token will be able to finish the year at $31.14. They also expect the price to continue to rise, reaching $43.22 in 2023 and $36.41 in 2024. They believe that NEO will be worth as much as $77.58 in 2028.
Long Forecast doesn't expect the price of NEO to improve much in the coming years. The site predicts that the coin will be able to finish the year at about $17.01. According to their prediction, NEO may be able to reach $26.49 in 2023 and $24.04 by December 2024.
Coin Price Forecast is also very positive about the long-term value of NEO. In their latest prediction, they expect the coin to reach the $34.31 mark again this year. By 2027 (five years from now), they expect the coin to be worth about $59.08. In the next ten years (2032), they expect NEO to be worth as much as $91.07.
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Where Will NEO Be In Ten Years?
It is very difficult to determine what the price of a cryptocurrency will be in the future. Due to the nature of the market, predicting market trends is extremely difficult. It is possible, however, to provide insight into what the future might hold for a particular digital asset.
Judging from all the price history of NEO, its recent performance, and predictions from other authority websites, it is safe to conclude that the coin has a bright future. While we can't specifically mention how much NEO will be worth in the next ten years, we can state that the price is likely to be significantly better than what it is at the moment.
How To Invest In NEO
Businesses and programmers can build dApps on the NEO blockchain to address business challenges or create new solutions. For the average investor or trader, investing in NEO simply means buying the token and selling it when there is a chance to make a profit.
If you intend to buy NEO with the hope that it will make you rich in ten years, then HODLing is the right strategy for you. This simply means you will buy the coin and leave it untouched for several years with the hope that it will rise significantly.
HODLing is a strategy for patient investors. It is also best to invest a reasonable amount when you intend to HODL a cryptocurrency. It is important that you buy when the price is relatively low.
Major Reasons To Invest In NEO
From what we have covered so far, NEO looks like a very solid cryptocurrency. Though it is operating from China, the platform is powerful and dependable. It is also compliant, which is necessary for any cryptocurrency project in China. Besides being on good terms with the Chinese Government, NEO has several other good qualities. Here are major reasons to invest in the coin:
Supported By a Superior Smart Contract Blockchain
NEO as a platform is powerful and reliable. As we have hinted severally, it is comparable to the Ethereum platform. In fact, it is called the Chinese Ethereum by several people because of its capabilities. In some ways, the platform even outperforms Ethereum. Such a dependable platform has a decent chance of becoming bigger and attracting more investors and partners.
It Allows For Free and Fast Transactions
Transactions in the NEO network are free once you are using the native currencies (NEO and GAS). Fast transaction is highly celebrated in the cryptocurrency space because of its usefulness in cross-border payments. NEO improves the experience for users by making it free when the native currencies are used. The gesture has already attracted many traders and investors and will continue to do so. Of course, that will improve the price of the coin.
It Is Thriving In the Chinese Economy
It is no secret that the Chinese Government is strict on cryptocurrencies. NEO has managed to stay relevant, even as the country clamps down on other crypto companies and startups. This is primarily because the network is compliant, and the team enjoys the support of the Government. There are strong indications that the coin will continue to wax stronger.
It Has Already Made Several People Millionaires
NEO is already a millionaire maker. The coin has come a long way from its debut price of $0.18. Some of its earliest investors made a lot of money between 2017 and 2018. Imagine getting 1000 NEO at the cost of $180 in September 2016. That same 1000 NEO was worth as much as $198,000 at the time NEO reached its all-time high in January 2018. A $1000 investment in the early days would have made you about $2,475,000 within the same period.
Reasons To Think Twice Before Investing In NEO
NEO is an incredibly dependable cryptocurrency, but you have to be careful with every investment decision you make. It appears that NEO is a safe investment, but there are a few reasons you may want to think twice before investing in the token. The major reasons include:
- It operates from China, and there is still a chance that a clampdown will come in the future
- NEO has been unable to match Ethereum’s strides on the global stage
- NEO will likely face stiff competition from new crypto platforms for smart contracts.
Should You Play The Long-Term Game With NEO?
From all indications, NEO is a wonderful platform, and investing in the coin can make you rich. But is it safe to play the long-term game with the coin?
Well, it appears NEO will be around for a long time. It also appears NEO will be much more valuable in ten years. So basically, playing the long-term game with the coin looks like a smart decision. But you also need to consider the fact that the entire cryptocurrency universe is volatile.
It is good to make smart investments, but you shouldn’t invest with everything you have if you are aiming for long-term profit. Also, you don’t have to wait for ten years before cashing in on your NEO investment. Monitor the market closely and determine when the time is ripe for your investment.