What Is Gas In Cryptocurrency

What is gas in cryptocurrency

As everyone has probably noticed NEO (previously Antshares, cmc link: https://coinmarketcap.com/currencies/neo/) had a pretty good run the whole last week beginning at 250k satoshis at the 1st of August and hitting a top of 670k sats today, which is a new ATH. All this in light of the rebranding of the Antshares blockchain to NEO.

What is gas in cryptocurrency

Most of you also know that there's another coin on the same blockchain called GAS(previously knows as Antcoins/ANC, cmc link:https://coinmarketcap.com/assets/gas/).

What most of you don't really know is the significance and use of GAS.

So what's the deal with GAS?

As you can read on the NEO whitepaper http://docs.neo.org/en-us/white-paper.html#economic-model, NEO (the most known coin) only represents shares on the blockchain, they are not an actual coin.

What is "GAS"in Cryptocurrency? (EXPLAINED!!)

GAS is the actual coin on the blockchain that will be use to fund ICOs and the like.

Why do you think GAS is a way better buy than NEO right now?
  1. NEO/Antshares will mostly be used to create GAS but there's a catch: For every 1000 NEO(that'd cost you 18000$ right now!) you will stake you will be earning 0.4608 GAS/day (about 3.5$ a day) and that's only for a year, the second year you'll be earning 0.4032 GAS/day, the third 0.3456 and so on until the 8th year when you'll be earning 0.0576 GAS/day with those 1000 NEO (read more about this here: https://www.reddit.com/r/Antshares/comments/6j2zw5/everything_you_need_to_know_antshares_vs_antcoins/).
    This makes GAS way more scarce(especially the first year) than NEO and pretty costly to create.

    This drives demand up.

  2. As you can read here https://coinmarketcap.com/assets/gas/#markets, you can only buy GAS on 3 small chinese exchanges.

    What is gas in cryptocurrency

    2 of them are strictly chinese and 1 of them (binance.com) is international. On top of that, binance opened GAS trading just 17 hours ago!

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    That made GAS hard to get until 17 hours ago, even for the people who knew how valuable it is. Even now, most people haven't noticed that you can actually buy it on binance which can be used by everyone regardless of where they live.

    Also consider what will happen to it's price when it hit a major exchange.

  3. Most people have no idea that GAS is the actual currency that will be used on the blockchain AND NOT NEO!

    What is gas in cryptocurrency

    So they keep buying NEO driving the price crazy high, ignoring the equally (or even more) important GAS. Currently NEO has 40 times the market cap of GAS.

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    That's a huge gap for NEO to grow.

Alright. So how do I buy?

What is gas in cryptocurrency

As I stated above, you can only buy it on binance.com right now (if you are chinese you can also buy it from 19800 and yobtc). The site is pretty easy to use and it doesn't require you to do any sort of verification before you trade just make sure to change to language to english when you get in (top right corner on the site)

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