Pronounced “Quantum”, Qtum is a blockchain and cryptocurrency endeavour that has attempted to deploy the best of past blockchain technologies so to create a sterling network that helps enhance real-world applications. What this means is that Quantum uses existing codes and protocols used by the well established blockchains like Bitcoin and Ethereum to create its very own blockchain package that is considerably better than the existing popular ones.
There is currently no way to buy QTUM directly. So the only way to buy QTUM is to purchase BTC to use on an exchange, and then switch it to QTUM.
Step 1: Choose Your Trading Platform
Firstly you will need to decide on your cryptocurrency trading platform and create an account there. The choice of platform isn’t very important as a beginner, what really matters is a trading platform that you are comfortable using..
Choose one of these platforms and complete the follow steps to get started:
Go to Binance and create a new account if you do not already have one.
Once your account has been confirmed, log in to your Binance account and click on funds at the top right, then “Deposits Withdrawal”.
Look in the “Bitcoin” list and click the Bitcoin deposit button. Then a series of numbers appears in the “BTC Deposit Address:” field. You must copy this series for the next step. This is your bitcoin wallet address.
STEP 2: BUY BTC
The second step is to get your Bitcoin, you can do that at a broker such as BTCdirect .
If you’re buying BTC for the first time from these brokers, you will be asked to confirm your bank account.
Upon payment you will be asked to enter a bitcoin address. You must fill in the address that you have copied at Binance.
STEP 3: WAIT UNTIL YOUR BTC HAS ARRIVED
Once you have purchased Bitcoin and entered the correct BTC deposit address with the payment, you have to wait until the BTC arrives in your wallet.
This process can take up to ½ hour, so don’t worry if it’s not immediately visible on the exchange.
STEP 4: BUY QTUM
Once your Bitcoin has arrived at your trading platform, it’s time to buy some QTUM.
Go to the Binance trading exchange (click the top left on exchange and choose Basic) and use the search function within BTC Markets to find the QTUM/BTC trade.
Once on the QTUM/BTC trade page you can look in the left box marked with Buy QTUM. Here you can decide how much QTUM you want to buy using your Bitcoin.
If you then press Buy QTUM your order will be placed. When the order is filled you will see your number of QTUM on the right-hand box or on your balance page.
Congratulations you’re now the proud owner of QTUM.
All About Qtum
Where Qtum is different from what currently exists is in its endeavor to create the very first UTXO (Unspent Transaction Output) based smart contract system that is based on proof-of-stake (POS) consensus model. This allows for the creator of the next block to be chosen on the basis of their wealth in terms of cryptocurrency.
Though Qtum is compatible with both the Bitcoin and Ethereum eco systems it’s unique feature is that the Qtum currency is backward compatible. The Qtum is designed to be modular and synced with mobile devices, making it’s use more diverse and widespread leading to extremely decentralised POS validation.
Why is Qtum Better?
Qtum is better because it combines the proven solidity of the Bitcoin’s Unspent Transaction Output (UTXO) model with the flexibility of the Ethereum Virtual Machine (EVM). This gives users the ability to create highly reliable decentralised applications that could energise businesses around the world. It’s diverse nature enables Qtum applications to work seamlessly with the leading blockchain ecosystems across mobile and IOT (Internet of Things) devices. This makes Qtum an extremely user-friendly technology that can cause a tectonic shift in how personal or official business is conducted
Account Abstract Layer (AAL)
The Account Abstract Layer serves as an intermediate go between within the Bitcoin protocol and the Ethereum Virtual Machine. This allows for smart contracts that previously could not be executed in mobile applications or storage devices. By stacking the AAL on top of the Bitcoin blockchain, a protocol of the Bitcoin network known as, “Simple Payment Verifications” (SPVs) can be accessed. The SPV protocol allows users to interact with a blockchain without having to download it. It’s with the SPV protocol that Qtum uses to power their lite wallet, Go-Mobile.
The purpose of Go Mobile is that it is designed to be a platform which enables the use of decentralised applications on mobile devices. By utilising Bitcoin’s SPV protocol of the UTXO model, Qtum is able to use lite wallets, which communicate with smart contracts and decentralised applications on smart phones. The immediate benefit of using the SPV protocol is that there becomes no need for a user to download a whole blockchain in-order to interact with it, making far more lightweight.
In addition, Qtum extends this to IoT devices. Through use of their AAL technology and SVP compatibility, Qtum allows smart devices to sync with the blockchain network without the need of becoming a full node. The ability to interact with decentralised applications via smart devices, is thought to provide a greater incentive for businesses to adopt the technology.
Qtum in the News
Qtum added another feather to it’s cap recently with a deal with 360, the Google Play equivalent of China. Considering how strict the Chinese are about matters pertaining to security and their attitude to the whole concept of cryptocurrency, this is certainly welcome news.
Investing in Qtum
As is the case of Bitcoin you can invest in Qtum through various trading markets. You can buy QTUM Coins, which are cryptographic software tokens that are used as currency, which enables distributed applications (dApps) and smart contracts across the Qtum platform.
Why you might want to consider investing in Qtum is the fact, that it is a hybrid technology that incorporates the best elements of both Bitcoin and Ethereum making it stable like the former and versatile, nimble and futuristic like the latter.
With so much buzz around cryptocurrencies and their potential it makes sense to consider investing in something that offers stability going forward. In a landscape that has about a thousand cryptocurrencies jostling for mindspace, Qtum does stand out because of the technology it deploys and its innate ability to evolve over time.
With all the noise surrounding Bitcoin and its incredible surge in value, it’s Qtum that is surprising the cryptocurrency world with it’s steady increase in value. The fact that Qtum is business-focused and seeks to combine the best facets of Bitcoin and Ethereum, with significant embellishments of its own, is possibly the reason why it’s found favour with so many.
For anyone looking to understand what blockchain technology can accomplish, Qtum is definitely something that you should keep your eye on. It deploys better technology that is more in align with what big business is interested in. This shows that Qtum is a very serious player in the blockchain scheme of things, especially with its smart contract protocols, which enchance the legal validity of contacts.
Even with all its capabilities, governments and major organisations have been slow in their adoption of blockchain technologies. Blockchain enablers like Qtum are playing a huge role in bringing blockchain to the mainstream
Qtum is a name one is likely to hear about, more often in the days ahead, particularly on account of this technology’s compatibility with mobile applications. For those who swear by Bitcoin, it’s perhaps time to look at Qtum. There is already phenomenal interest in it among those who study the cruptocurrency industry and this is likely to get enhanced in the days to come. Clearly Qtum is going to be talked about a lot in the days to come. It will be interesting to see if it lives up to the high expectations that surround it.