Buy Gas

GAS (GAS) is the fuel for the NEO blockchain. For all actions that take place on the NEO Blockchain, transaction costs are due which must be paid in GAS. This may include the execution of payment transactions or the sending of data. This GAS benefits the owners of NEO. NEO uses delegated Byzantine Fault Tolerance (dBFT) where the owners of NEO jointly maintain the network and in return they receive the income that is generated by charging transaction costs.

If you store your NEO on your Bitvavo account, you will receive the GAS produced each month. How much GAS you receive is calculated using the following formula:

1. Every day at a fixed moment, the amount of NEO each Bitvavo user has in his hosted wallet is measured. These daily values ​​are added together at the end of the month.
2. At the end of the month, it is determined how much GAS has been produced in its entirety by the NEO of all Bitvavo users together.
3. Finally, the GAS produced is equally distributed among the users who hold NEO on their Bitvavo account.
The distribution of GAS will usually take place on the first Tuesday of the month and will be credited directly to your Bitvavo account.

Bitvavo makes it as easy as possible to buy the currency of the future.

1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Gas. Access your Bitvavo wallet from every location, both mobile and desktop.

2. Transfer Funds
Transfer euros to your Bitvavo wallet using one of the 8 supported payment methods, including Credit Card. Instantly buy Gas, once the payment is processed.

3. Trade
Buy or sell over 50 digital assets and pay a maximum trading fee of 0.25%. Send Gas to an external wallet or store them on your Bitvavo wallet.

You need a wallet in order to store and use Gas. There are several options for saving and using Gas.

Hosted Wallet
Hosted wallets are wallets where the access keys to your Gas are managed by a third party such as Bitvavo. Access to your account is protected by a password, and possibly other advanced security methods. Once you are logged in, you can easily and conveniently manage your Gas online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform. Click here for more information about how Bitvavo saves your digital assets as securely as possible.

Software wallet
A software wallet is a program installed on your computer or any other desired device in order to use and manage your Gas. By using a software wallet, you have full control over your "private keys" (and therefore your Gas), so you are not dependent on third parties such as Bitvavo. The software wallet simplifies the process of accessing your Gas. The risk is that if malicious parties have access to your device, your private keys (and therefore your Gas) can be stolen.

Hardware wallet
A hardware wallet is a physical device on which you can store your Gas offline. It is one of the safest ways to store your Gas, because the private keys are stored on a seperate, offline, device. Access to this device is often protected by a password. In that respect, a hardware wallet can be compared to a safe in which your Gas are stored.

You can use a hosted wallet, as offered by Bitvavo, to easily store, send and receive Gas. However, you are, just like at a bank, dependent on a third party (Bitvavo) for storing your Gas.

One of the advantages of Gas is that you can send, receive and store your own digital assets without the relying on third parties. You do this by sending your Gas, from your Bitvavo wallet, to your own software or hardware wallet.