It’s true, we live in a multi-digital-currency world. And NEO is said to be the Ethereum of China. With President Xi Jinping becoming the most powerful Chinese leader since Mao, and if it’s true he desires the level of economic progress Mao sought but failed to achieve, it’s possible NEO really just may be… the One.
In this guide you will learn how to use an exchange to convert fiat into cryptocurrency, use the cryptocurrency to purchase NEO and, finally, transfer the NEO to the Ledger Nano S hardware crypto wallet for safe-keeping.
Before getting started you should understand why hardware wallets are important. If you’re not familiar, take time to educate yourself. If you already know, or simply don’t care, skip over the next section to learn how to install and use NEO on the Ledger Nano S.
Importance of Hardware Wallets
Hardware wallets like the Nano S offer the convenience of multi-currency support from a single, secure place. As a “cold storage” device the Nano S helps ensure the safety of your cryptos by keeping them offline and outside an exchange or hosted wallet, eliminating the need for trust—the way peer-to-peer cash systems were intended to be.
In addition to improved security the Nano S gives you control over how and when certain types of blockchain enhancements are adopted, giving individuals the option of making informed decisions in a system where consensus is key.
Hardware wallets also ensure you receive coins during forks and splits by putting you in control of your private keys—something no trust-based relationship can guarantee.
It may come as a surprise to some the loss or destruction of a hardware crypto wallet like the Ledger Nano S does not mean funds are lost forever. To the contrary, funds may be restored with another Ledger Wallet or BIP39 compatible software wallet.
Now that you know a few of the reasons hardware wallets are important it’s time for the fun part. It’s time to install NEO on the Nano S.
Install NEO on Nano S
If you’ve just unboxed your Nano S, navigate to
start.ledgerwallet.com and follow the instructions to choose a PIN code and back-up your recovery phrase before continuing.
When ready install Ledger Manager from the Ledger Wallet website. The Manager helps simplify the installation of altcoins like NEO, adding flexible multi-currency support.
Run the Manager to reveal a number of apps for different cryptocurrencies and press the green down-arrow button next to NEO to add it to a connected and unlocked Nano S.
Note there are a number of other cryptocurrencies available in the Ledger Manager. The following is a list of currently supported cryptocurrencies besides NEO:
Once NEO is added it will appear when toggling though installed apps on the Nano S. Use the two buttons on the side of the device, shown below, to toggle between apps.
Find NEO on the device and then depress both hardware buttons simultaneously to start the app. A message will display on the screen indicating NEO was activated:
Wake up, Neo…
You’re now one step closer to putting NEO onto your Nano S. In the next section you will learn to learn to convert fiat into cryptocurrency for use in purchasing NEO. If you already have some
ETH skip the next section.
Buy Bitcoin or Ethereum
After you’ve converted some fiat currency to
ETH you can easily trade for NEO. The next section will show you how. If you already have some NEO skip the next section.
Trade for NEO on Kucoin
BTC in-hand, it’s time to get some NEO. A simple way to do so is to trade for NEO on Kucoin, a lesser-known but important cryptocurrency exchange platform.
#lobby-tradingon the CoinSheet Discord server. Check out his write-up and read the Kucoin whitepaper to understand why they’re important.
Execute your trade either at market, or wait for a dip to secure more NEO and then transfer it directly from Kucoin to your Nano S hardware wallet.
Transfer NEO to Nano S from Kucoin
It’s time to move your NEO to your hardware wallet. This step assumes you already installed NEO on the Nano S as instructed above.
Next install the wallet, connect to your Nano S from your computer, activate NEO on the Nano S as described earlier, and finally open Neon Wallet and choose
Connect using a Ledger as pictured here:
You should see a message in Neon Wallet that says:
Success. NEO App Found on Hardware Device. Click Button Above to Login
From there click the
Use Ledger Nano S button in Neon Wallet to open the wallet containing your public address, gas and transaction history:
Not pictured is your public NEO address. Use your public address to send NEO from Kucoin directly to your Nano S for safe keeping. Then, anytime you want to transact, connect to your Nano S, open your Neon Wallet and you’re off to the races.