How To Buy Qtum (QTUM)?

A common question you often see on social media from crypto beginners is “Where can I buy Qtum?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Qtum (QTUM)

First, you will need to open an account on a cryptocurrency exchange that supports Qtum (QTUM).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Qtum (QTUM) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Qtum (QTUM)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Qtum (QTUM) or Qtum (QTUM) trading pairs. Look for the section that will allow you to buy Qtum (QTUM), and enter the amount of the cryptocurrency that you want to spend for Qtum (QTUM) or the amount of fiat currency that you want to spend towards buying Qtum (QTUM). The exchange will then calculate the equivalent amount of Qtum (QTUM) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Qtum (QTUM) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Qtum (QTUM)?

Qtum is an open-source blockchain platform that takes some of the best parts of Bitcoin and Ethereum and wraps them into a developer-friendly platform capable of supporting highly secure decentralized applications (DApps). 

Specifically, Qtum takes Bitcoin’s UTXO transaction model and combines it with an adaption layer interface to the Ethereum Virtual Machine to produce the first UTXO-based smart contract platform. Unlike Bitcoin and Ethereum (for now), Qtum is secured by proof-of-stake (PoS). 

The platform features a theoretical throughput of up to 70 transactions per second (TPS) — making it around 16 times faster than Bitcoin and seven times faster than Ethereum. It also features low inflation and fairly distributed block rewards, ensuring stakeholders are properly compensated for securing the network.

Qtum was founded in 2016 and launched its mainnet in September 2017. Like many 2016-2017 era platforms, Qtum was originally funded through an initial coin offering (ICO), raising a total of $15.6 million in Bitcoin (BTC) and Ethereum (ETH). At the time, this was the fourth highest-grossing ICO ever. 

How Does Qtum Work?

Qtum builds on Bitcoin’s UTXO transaction model by layering on additional scripting capabilities, allowing developers to build powerful decentralized applications on top of the platform. Developers have leveraged these capabilities to build out Qtum’s rapidly growing DApp ecosystem — which includes decentralized games, search engines, payment toolkits, social networks and more. 

One of Qtum’s defining features is its account abstraction layer (AAL). This essentially bridges the code gap between Qtum’s UTXO base blockchain with the account model used by its virtual machine, enabling more powerful smart contract capabilities. 

It’s secured by a custom variant of proof-of-stake (PoS) and recently added an “offline staking” capability allowing non-custodial address delegation to an online “super staker.” Qtum PoS uses the Qtum Core full node wallet to earn network rewards for staking QTUM and publishing blocks. 

In April 2021, Qtum underwent a hard fork (known as FastLane) which saw the average block time reduced from 128 to 32 seconds, increasing block production four-fold. This upgrade is expected to better prepare Qtum for growing DeFi activity while improving confirmation times for standard transactions. 

What is the QTUM token?

The QTUM token is the native gas token for transactions and smart contract transactions on Qtum and is also the reward token for node operators. 

Who Are the Founders of Qtum?

Patrick Dai is the project’s founder and the chairman of the Qtum Foundation. He studied computer science in Draper University and then dropped out of PhD from the Chinese Academy of Sciences. He started his career as a product manager at Alibaba and then worked on a series of blockchain projects, including Factom, Vechain, Bitse Group and Meilink before starting Qtum in 2016.

The other two co-founders are the CTO and blockchain architect Neil Mahi and lead developer Jordan Earls.

Many of the team members listed on the Qtum official website seem to not have an active Linkedin page or a Github profile. It is confirmed though that Qtum has several high-profile backers, including the Bitcoin.com’s Roger Ver and Jeremy Gardner, an early crypto investor turned skincare professional, co-founder of Augur and EIR in Blockchain Capital.

What Makes Qtum Unique?

Qtum is a general purpose blockchain that tries to address four issues its founders found most problematic in BTC and ETH blockchain platforms: interoperability, governance, rigidity and costliness of proof-of-work mechanism and difficulty of connecting smart contracts with real life applications. The Qtum blockchain has two unique technologies that aim to solve that: Account Abstraction Layer (AAL) and Decentralized Governance Protocol (DGP).

The Account Abstraction Layer integrates the UTXO (Unspent Transaction Output) account layer inherited from Bitcoin with the smart contract layer, inspired by Ethereum. It allows users to build applications and host them on virtual machines, including the Ethereum Virtual Machine (EVM), and the x86 virtual machine. It also supports i686 instruction set and several programming languages like C, C++, Rust and Python, which makes it very easy to adopt existing apps and compile for Qtum. Not only does it allow turing-complete smart contracts, Qtum also plans to integrate common programming libraries in the form of smart contracts.

The Decentralized Governance Protocol allows smart contracts to change the core parameters of the network such as block size and gas fees without ever needing to hard fork the blockchain, which may save a lot of trouble as the network is evolving. Miners (stakers), developers and QTUM holders within the entire ecosystem are involved in blockchain governance through voting, and the blockchain can realize self-management, upgrades and iteration.

Qtum development updates in 2023

Qtum (QTUM), a notable player in the blockchain space, has made several key advancements and updates in 2023. Here is a comprehensive overview of the most important developments:

• Rebranding Initiative: Qtum underwent a significant rebranding process toward the end of October 2023. The rebranding included the launch of a new website, a new brand design style, a marketing team, a mascot, and a new logo revealed in November. This effort aimed to expand Qtum’s reach and showcase their technology more effectively. The final stage of this rebranding will include a name change for Qtum, although the date for this change has not been specified​​.

• Developer Recruitment: In line with its expansion and rebranding project, Qtum has hired additional developers. This move indicates a commitment to enhancing the platform’s technical capabilities and supporting the broader scope envisioned in the rebranding efforts​​.

• Partnership with Travala: Qtum has partnered with Travala, a blockchain-based travel booking platform. This collaboration allows users to book trips and accommodations using Qtum through Travala, further increasing the utility of the QTUM token​​.

• Network Halving Event: Scheduled for December 1, 2023, Qtum’s network experienced its first halving. Halving is a significant event in a cryptocurrency’s lifecycle, where the reward for mining new blocks is halved, thus reducing the rate at which new tokens are generated. This halving was expected to decrease the inflation rate of QTUM to 0.5% per year, making it lower than that of gold, Bitcoin (BTC), and Ethereum (ETH)​​.

• Support for Bitcoin’s Taproot Update: Qtum’s founder, Patrick Dai, announced plans for Qtum to support Bitcoin’s major technological updates, including Taproot. This integration is expected to enhance the scalability and privacy features of Qtum, although a specific timeline for this upgrade was not provided​​.

• Engagement in the Metaverse: Post-rebranding, Qtum has outlined plans to engage more actively in the metaverse. This could entail integrating decentralized social media, online gaming, and potentially augmented reality (AR) or virtual reality (VR) technologies into its platform in the future​​.

• Community Growth and Stake-a-thon: Qtum places a strong emphasis on community involvement and growth. It organizes events like the Stake-a-thon to encourage community participation and employs a decentralized governance protocol, allowing users to propose and vote on changes to the blockchain without needing a hard fork​​.

• Development and Community Updates: Throughout 2023, Qtum provided regular updates on its development and community activities. These updates included celebrating milestones such as reaching 100,000 followers on CoinMarketCap, launching campaigns to empower NFT artists, and adding full support for Qtum on FoxWallet. An important mandatory update was also scheduled for November 27, 2023, for the Qtum mainnet​​​​​​.

These developments demonstrate Qtum’s dedication to growing its ecosystem, enhancing its technological capabilities, and fostering a strong community. The combination of rebranding efforts, strategic partnerships, network upgrades, and community-focused initiatives positions Qtum as a dynamic and evolving player in the blockchain and cryptocurrency space.

Official website: https://qtum.org/en

Best cryptocurrency wallet for Qtum (QTUM)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Qtum (QTUM)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).