The Qtum Blockchain offers a new cryptocurrency developed for consumers and businesses. The blockchain was developed by the Qtum Foundation with safety, stability and speed as the basis. The digital currency is based on the success of Bitcoin, but complements the technology with support for Smart Contracts and Decentralized Applications (DAPPs), among other things.
How To Buy QTUM
So you’re interested in buying QTUM? Currently, there is no way to buy QTUM directly with fiat, so the best way to buy QTUM is to first purchase Ethereum, transfer it to your chosen trading platform and change it to QTUM. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for QTUM/ETH and confirm.
3. On the QTUM/ETH trading section you can now choose how much QTUM you want to buy with your Ether. Once you have chosen your amount, press Buy QTUM and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of QTUM.
What is QTUM blockchain?
Qtum – pronounced as Quantum (“quantum”) – is a blockchain developed by the Singapore founded Qtum Foundation, a non-profit organization representing the interest of Qtum technology and cryptocurrency owners. The technology focuses on implementing a new way of value transfer: Value Transfer Protocol (VTP).
The open source blockchain application platform of Qtum uses the Proof of Stake (PoS) consensus mechanism and is based on a number of Bitcoin Core technologies such as the transaction model UTXO (Unspent Transaction Outputs). Thanks to a technology called Account Abstraction Layer, multiple virtual machines can be implemented on the Qtum blockchain, including the Ethereum Virtual Machine (EVM).
QTUM Account Abstraction LayerQtum believes that this way smart contracts and decentralised applications (DApps) can run on a trusted basis, while the platform provides a solid environment for application developers and developers. The Account Abstraction Layer allows the Bitcoin Core blockchain to communicate with the Ethereum Virtual Machine, making it possible to develop smart contracts and DApps safely and easily on a blockchain that offers opportunities that Ethereum cannot yet offer. In fact, QTUM combines Bitcoin’s reliable and stable functionalities with the endless possibilities of smart contracts.
The Qtum network supports the simple payment verification (SPV) protocol as standard, making it possible to use lite wallets to execute smart contracts without having to download/synchronize the entire blockchain. This is particularly useful, because lite wallets are usually installed on mobile devices and about half of all Internet traffic comes from smartphones or tablets.
Check out the Qtum – Defining the Blockchain Economy introduction video below.
QTUM price: current value
The Qtum Foundation is a professional organisation with a team of very good developers. The concept of the Qtum Blockchain – combining the advantages of Bitcoin and Ethereum – is well thought out. This is therefore one of the reasons why PwC sees potential in technology:
PwC sees enormous potential for blockchain to revolutionize business practices as we know them, and the firm has made great efforts in developing strategic and technical capabilities to adapt existing products and services for the new technology,”said CY Cheung, a fintech and cybersecurity partner at PwC China. He said working working with the Qtum Foundation, the architect of the Qtum blockchain, aligns with PwC’s goals.
Source: CryptoCoinsNews. com
However, we must bear in mind that QTUM is still a relatively new cryptocurrency: the technology was announced in December 2016. In March 2017, the Initial Coin Offering (ICO) took place, during which 15.6 million dollars were collected in 117 hours: 11,156 bitcoins (BTC) and 77,081 ether (ETH) were exchanged for 51,000,000,000 Qtum tokens. This is 51% of the total of 100 million Qtum tokens eventually available.
Best QTUM wallet
The Qtum crypto currency is currently an ERC-20 token: a cryptographic token that meets the Ethereum token standard. This promotes the standardization of cryptocurrencies and makes it possible, for example, to store the Qtum cryptomunt in a wallet that supports this standard.
If the Qtum mainnet goes live in September 2017, it is likely that these ERC-20 tokens can be exchanged again for a cryptographic token that can only be used on the Qtum blockchain.
For this reason, we currently recommend taking a (hardware) Qtum wallet that supports ERC-20 tokens, but we can adjust our advice when the mainnet goes live.