Everyone dreams of ‘passive income’ (making money for no effort) but it usually stays annoyingly out of reach. The world of Cryptocurrency has provided me with a few major successes, but NEO could top them all.
If you have been reading my blog for any length of time, you’ll know that I have been a keen follower of NEO (or “AntShares” as it was called when I first invested).
My aim was to diversify Bitcoin/Ethereum profits and, perhaps, hit a winner but NEO is turning out to be something much more exciting!
My NEO Story
Here’s the short version…
I bought 2,000 AntShares on 8th May 2017 for $0.41 each and sold half of them less than a month later at double the price. That left me with 1,000 AntShares which had cost me exactly… nothing.
I moved them out of Bittrex and into a wallet, where they sat for a while.
The NEO price soared from $0.41 to a high of $47 (more than 100x increase!) but, with the general market volatility, it is currently around $20.
I’m still delighted with that, of course… $20,000 worth of NEO for free!
Then, a new wallet was released… one which comes with a really nifty bonus.
NEO Wallet
The new NEO wallet stores my coins, plus it ‘stakes’ them. Staking generates ‘GAS’ coins, which are used to fuel transactions. In short, I gain GAS just for having NEO in my wallet!
The price of GAS has been as high as $35 and it’s currently a little above $10 as I write this.
Click here for the latest price
How Much GAS is Generated?
That depends on how much NEO you have in your wallet.
There’s a calculator which will work it out for you. It shows that with my 999 NEO (I paid a little in transaction fees to move it into my wallet) I will earn 121.350528 GAS per year.
At the current value, that’s 121.350528 x $10.27 = $1,246.27… for doing nothing!
You can see below that my wallet is already generating GAS, $171.94 worth at the current price.
Can GAS be Sold?
Absolutely! Transfer it to an exchange which supports GAS and you will be able to convert it into BTC.
I’m holding mine at the moment as I believe that as NEO grows, so will the demand for GAS and – therefore – the price. The more GAS I can secure now, the better off I’ll be when (if) the price goes up.
Note: As with any investment, there’s no guarantee that the price will rise. Do your own research before you decide to commit any funds.
Conclusion
Firstly, I wish I hadn’t sold half of my NEO at $0.82! Yes, I made it a risk-free investment, but hindsight is a wonderful thing.
I’m now pondering whether to invest back into NEO. I think there’s long-term upside, plus if I were to buy another 1,000 then I’d double my GAS return. In addition, I would like to diversify my larger Bitcoin and Ethereum holdings and NEO might be a good way to do that.
Time will tell if I make the right move or not.