Get to know Neo with our essential FAQ guide
Completely new to Neo and eager to learn more? Our experts have pieced together this essential FAQ guide, which should help you get to grips with the basics of how Neo works and what it can offer.
1. What is Neo and how does it work?
Neo is a type of cryptocurrency that originated in Shanghai in 2014. Despite being nearly a decade old, the cryptocurrency is yet to hit the mainstream, however, this is changing gradually thanks to the increasing popularity of Neo casinos, where, it’s fair to say, the currency has found something of a devoted fanbase.
As it stands, Neo is among the largest forms of crypto in China, with some economists even calling it the ‘Chinese Ethereum’ (we’ll get to the ‘why’ behind this moniker later). And thanks to its smart contracts based structure, the currency is finally finding its feet on the global crypto market, with regular trading on the Binance exchange.
What do we mean by ‘smart contracts’? Well, smart contracts allow Neo to turn physical assets into digital ones through tokenisation. It’s techie stuff, but essentially, Neo has the power to create an entire ‘smart economy’ – something which many believe will form an integral part of the next generation of digital currencies.
As for people using Neo casinos, you’ll most likely be buying and using GAS tokens. GAS are tradeable digital coins that can be used on the Neo blockchain, much like those used on the
best Bitcoin betting sites.
2. How do you buy Neo?
We hope you haven’t been put off by the complexities of how Neo works because, generally, the digital currency is just like any other form of crypto – particularly from an end-user point of view. Just like with Bitcoin, Doge and XRP, you buy tokens which can be used to pay for a range of goods and services or fund online casino play. That’s really all you need to know!
So, how exactly do you buy Neo to use at online casinos? We’ll walk you through the process step by step.
- Find a reputable crypto exchange that lists Neo:
There was a time when very few crypto exchanges listed Neo, but now it appears on most. Choose your preferred exchange and compare daily rates on Neo GAS tokens to buy at the right time on the right platform.
- Sign up to your preferred crypto wallet:
In order to store and use Neo GAS tokens, you’ll first need to sign up for a crypto wallet – a virtual space for storing and managing digital currencies. If you already have a
Bitcoin gambling wallet
you may need an alternative depending on the requirements of the Neo exchange you’re using. It’s worth comparing fees to find out what each exchange will charge per Neo casino transaction.
- Complete the Neo verification process:
Part of Neo’s success, particularly in China, is down to its robust verification process. All new Neo users must first register for a Neo ID, which you can obtain through facial recognition or a fingerprint scan. You’ll need to have a Neo ID to exchange GAS tokens.
- Buy Neo:
That’s it, you’re ready to buy Neo! Once you’re verified and have your crypto wallet all set up on your smartphone, it’s just a case of following the steps on the exchange to complete your transaction.
Congratulations – you’re now the proud owner of Neo!
3. Is Neo the same as Ethereum?
Remember we said that Neo is often called the ‘Chinese Ethereum’? Well, there’s a reason for this, and that’s because they’re strikingly similar.
Both currencies are based on smart contracts and tokenisation. Both have two units, including one for day-to-day transactions. And both are open source, reliant on community support rather than a single entity. So, what sets them apart? If anything?!
Right now, the main differentiator between Neo and ETH is size and scale. While Neo has only just expanded beyond China’s borders, Ethereum is already one of the world’s biggest and best-known cryptocurrencies, trusted and used by people around the globe.
So, why would you ever use Neo over ETH? It’s a good question. One of the main benefits that Neo has over ETH is that it can be coded in more than one language, while ETH is reliant on just one.
To the average Joe that just wants to play casino games, that might not sound all that important. But it could have major implications going forward, so it’s a point worth knowing.
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Introducing Neo casinos: The next generation of online crypto play?
So, to the reason we’re all here: playing at online casinos with Neo. This is one area where Neo is already proving very popular, for reasons we’ll get to in our expert pros and cons guide below.
What are the benefits of using Neo casinos?
Opting to spend those Neo GAS tokens at online casinos could be a smart move, bringing benefits like:
The Neo blockchain supports lightning-fast transactions, so you can expect rapid deposits and withdrawals when playing your favourite casino games.
One benefit of being lesser-known is that Neo has some of the lowest fees of any cryptocurrency, meaning you get to keep more of what you win at Neo-accepting casinos.
Thanks to its robust verification steps and lock-tight blockchain technology, Neo is as secure as it gets, giving you the confidence to play casino games at a wide range of sites.
What are the disadvantages of using Neo at crypto casinos?
Of course, it’s never all plain sailing with cryptocurrencies, so there are a couple of downsides to using Neo at online casinos that you should know…
Not available on all crypto-accepting casinos
If you want ease and convenience, you may be better off with one of these
best Bitcoin casino sites. Neo is still relatively hard to come by on some crypto casinos, which may be a dealbreaker for some players.
ID checks at verification may raise privacy concerns
In light of the currency’s stringent verification checks, some prospective Neo users have raised concerns about privacy in the past.
How to use Neo at online casinos
If you’ve used crypto to play at online casinos in the past, we’re happy to report that switching to Neo to make deposits and withdrawals will be a familiar process for you. New to crypto casino gaming or in need of a quick refresher? Here’s a step-by-step guide on how to use Neo GAS tokens to fund day-to-day play:
1. Find a Neo casino:
Right out the gate, you’ll need to find a reputable and trustworthy crypto casino that accepts Neo tokens. Remember, not all crypto-accepting casinos support Neo, so your search may be a little longer than for comparable tokens; we’ve included some tips below that could help steer you in the right direction.
2. Check the T&Cs and get registered:
Once you’ve found a crypto casino that accepts Neo, head straight to the T&Cs section to make sure you’re happy with the rules, requirements and limits. All good? Then it’s time to get registered, the process of which will differ depending on the site you’re using.
3. Visit the wallet page in your new casino account:
This is where you can make deposits and withdrawals, and may also be the place to access bonuses and promos.
4. To make a deposit, select Neo and follow the steps:
Making deposits with Neo is very straightforward. Here’s a super-quick guide on how it works:
- Tap Neo on the list of crypto options
- Scan the QR code using the Neo wallet on your smartphone
- Select the amount you wish to add. There are no upper limits on most crypto casinos, but you will have to satisfy the minimum limit (usually $10 crypto equivalent)
- Follow the steps to complete the transaction and wait for the funds to land in your online account
5. Ready to withdraw winnings? It all happens on the wallet page:
Withdrawing funds from a Neo casino back to your crypto wallet is as easy as making a deposit. Take a look at how it works in our step-by-step guide below:
To make a withdrawal, you’ll need to have enough funds in your account to meet the minimum requirement; this information can be found in your operator’s T&Cs.
- Navigate to the withdrawals page and tap the ‘withdraw as Neo’ option
- Scan the QR code with your crypto wallet app
- Confirm the amount, accept any fees, and follow the two-factor authentication steps to complete the transaction
- Wait for the funds to land in your account. This can happen instantly or may take a few days – it all depends on the crypto casino you’re using.
And that’s it, a quick, crash course in how to use Neo on crypto casinos. Of course, the process may look slightly different depending on the platform you’re playing at, but in our experience, this is usually how deposits and withdrawals work on most crypto-accepting online casinos.
Tips for finding the best Neo casinos
By this point, it should be pretty clear that Neo-accepting casinos aren’t the easiest to come across. But that’s not to say they aren’t out there, and when you find one, it’s important to do the usual due diligence checks to make sure it’s a safe, legit and reputable platform.
With this in mind, here are our top tips on how to find the best Neo casino.
Start by checking the site’s licensing
A licence is a seal of approval from an authorised gaming commission and is the clearest indicator that a casino is safe to play at. No licence? Get out of there!
Review the security provisions
Although playing casino games with Neo is pretty secure in its own right, you’ll still want to find a casino with all the proper security features in place. That should include SSL encryption as standard, as well as two-factor authentication checks for logins and transactions.
Check the casino’s crypto-specific limits
Next up, head to the T&Cs to check over all the limits, including those specific to Neo. You’ll want to get a clear picture of how much you can deposit and withdraw at any one time, as well as any playthrough requirements for redeeming bonuses.
Generally, fees are pretty low for using Neo GAS tokens, but that doesn’t stop casino operators from adding their own fees to the mix. Be sure to check and compare operator-specific fees before signing up.
Don’t forget that you can access casino bonuses when using Neo Gas tokens to fund online play. There are tons of options out there on all leading crypto casino sites, so feel free to explore your options. For instance, over at Stake.com, new customers can get a nice sign-up bonus with our exclusive code STFSOCIAL.
Happy with the choice of games?
In your clamour to find a crypto casino that accepts Neo, don’t forget to consider game selection, too – after all, that’s why we’re here! Look for casinos that provide a nice variety of slots, tables and live dealer games, so that you can put those GAS tokens to the best possible use.
Keep an eye on Neo values
When it comes to deposits and withdrawals, it can pay to make Neo transactions at the right moment. Remember, this is a cryptocurrency that has the same volatility as comparable tokens, so you can get more for your money by reviewing current values regularly.
Conclusion – Neo casinos offer nice benefits – if you can find one!
Playing with Neo GAS tokens on your favourite crypto casinos comes with some attractive benefits – from speedy cashout times and low fees to robust security that even Fort Knox would be proud of. But like any crypto, Neo isn’t perfect, and one of the major downsides to this particular digital token is the limited number of online casinos out there that currently accept it.
Still, Neo-ready casinos are out there, and as the cryptocurrency becomes ever more popular, we’re confident more operators will soon get on board with it. In the meantime, there are dozens of trusted crypto casino sites out there, so stick with Strafe to compare the best deals and offerings available.
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Neo casino FAQs
⚖️ Are Neo casinos legal?
Neo-accepting casinos are on the rise, with a growing number of crypto casino sites accepting this alt-coin as a playable currency. But the question is, are they legal? Find out in our deep-dive review of casinos that accept Neo.
🤔 How do I use Neo on crypto casinos?
Neo has emerged as a competitive alternative to cryptocurrencies like Bitcoin and Ethereum. But how does it work? And how exactly do you use it on online crypto casinos? These are questions our experts have answered in our complete guide to Neo and crypto casinos.
🤑 How long do Neo withdrawals take on crypto casino sites?
One of the touted benefits of Neo is the super-fast transaction times offered by its blockchain-supported GAS tokens. But how fast
is
fast? In our deep-dive Neo review, we touch on how long deposits and withdrawals take with this new cryptocurrency.
❓How much does it cost to use a Neo wallet?
Before you start playing with Neo on crypto casinos, you’ll first need to buy some GAS tokens and store them in an appropriate crypto exchange wallet. Our guide can help you uncover how much it typically costs to use these facilities, as well as other fees and charges you need to be aware of.
😌Are crypto casinos that accept Neo safe?
Some people remain sceptical about the safety and security of online crypto casinos, particularly when it comes to using alt-coins like Neo. Our guide sets out to show you why these platforms are safe, and the types of security provisions you can expect when using them.
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