What is Qtum (QTUM)?

Qtum is a blockchain network founded in 2016 that combines Ethereum’s smart contract capabilities with Bitcoin’s UTXO accounting system. It achieves this through a technology called Account Abstraction Layer, which gives Qtum the benefit of implementing updates from both Bitcoin and Ethereum.

Table of Contents

What is Qtum (QTUM)?

1. Who Controls Qtum (QTUM)?

Qtum officially launched its mainnet in September of 2017, putting it in the semi-rare category of networks that have been able to successfully survive and thrive to the present day. Qtum was founded on the idea of creating a superior smart contract platform, combining features from the two most widely adopted blockchains to create a brand new iteration. What followed was a UTXO-based (Unspent Transaction Output) smart contract platform that runs on a Proof-of-Stake (PoS) consensus mechanism. This allows for a highly secure network that is also not as resource intensive to validate for end users, creating a more accessible system.

Qtum is a hard fork of the Bitcoin codebase, meaning many of Bitcoin’s core principles continue through the Qtum network. The central aspect of Bitcoin that Qtum adopted was its ability to deal with unspent tokens. Qtum adds unspent tokens from various transactions in a user wallet and then chooses a subsequent node to validate it based on each node’s quantity of coins. This allows for much greater security within the network and makes it easier for users to mine new tokens.

Although Bitcoin has demonstrated itself to be much more secure than almost any other distributed ledger network, it still has significant drawbacks that developers can improve upon to add value to the user experience. Bitcoin relies on a Proof of Work (PoW) algorithm, requiring highly technical computing equipment and large amounts of resources in the form of electricity to take part in the validation process. This largely excludes many users who want to participate but do not have the money or expertise. Qtum introduces a PoS mining algorithm to simplify the process and make it more convenient for all.

2. Who Created Qtum (QTUM)?

Qtum (pronounced Quantum) was founded in 2016 by Ashley Houston, Neil Mahl, and Patrick Dai. The project ran an ICO (Initial Coin Offering) in 2017, raising $15.6 million before launching its mainnet in September of that year. The Qtum network’s primary concept is to combine aspects of Ethereum (ETH) and Bitcoin’s (BTC) networks. The team has taken Bitcoin’s unspent transaction output (UTXO) model and combined it with Ethereum’s smart contract capabilities while leveraging the upstream benefits of both chains.

3. Qtum (QTUM) Pros and Cons

Qtum (QTUM) Pros:

The platform is decentralised with strong software to ensure that databases are stored more efficiently
QTUM’s blockchain is safe and secure, backed by the Bitcoin blockchain
QTUM has a lot of innovative features that combines the best from both Bitcoin and Ethereum, something that other projects have not done successfully
QTUM has major partnerships
QTUM has a dedicated, experienced team behind it
There is a lot of potential for future growth and upcoming innovations to expand and ensure widespread adoption

Qtum (QTUM) Cons:

QTUM is still a young blockchain and there may not be a lot of businesses that accept the toke

4. The Difference Between Qtum (QTUM) and Traditional Currencies

The main difference between them is, the traditional currency is a centralized system and bitcoins are decentralized one and peer-peer systems. Hence there are no central authorities to regulate rules and regulations on a bitcoin transaction. But a traditional currency is strictly regulated by the governmental authorities. Both the bitcoins and fiat currency have values which can be used for buying and selling of goods in the market.

Flexibility

With traditional currency functioning for five days a week and die to transaction restriction, there is a chance of freezing of currency. There is no limit in the number of currencies, being printed, and hence when there is inadequate currency, it will affect the buyers and sellers, resulting in inflation.

No Fraudulent Activity

If you want to transact with a traditional currency system, the users have to provide personal details like name, address, phone number, and lots more. So, with the internet technology, the malicious user will be able to hack the account details of the traditional currency system easily. Traditional currency can suffer from double-spending, where the same money is used for more than one transaction.

Reduced Cost

In a traditional banking system, for making a national transaction, it will take 2-3 working days, and the transaction fees will be high. In the case of international transactions, the transaction fee will be very higher, and it will take 15 days to complete the transaction. In a Cryptocurrency system like bitcoins, there is no transaction fee for making a national transaction. The transaction will also take place in seconds or within 24 hours.

5. Is It Safe To Use Qtum (QTUM)?

Qtum (QTUM) is designed to offer users a reliable and secure platform for private and public use cases.

It has several defining features. First, Qtum takes the security of Bitcoin’s UTXO transaction model and fuses it with an adaption layer interface to the Ethereum Virtual Machine. The result of the combination is what claims to be the first ever UTXO-based smart contract platform.

The platform is also faster than both Ethereum and Bitcoin with the capacity to process 70 transactions a second. This makes it around 16 times faster than Bitcoin.

Unlike Bitcoin and Ethereum, Qtum is secured through a variant of the proof-of-stake consensus mechanism. With no expensive technological requirements, virtually anyone with a computer can run a node to help secure network, regardless of where they are in the world.

The project uses a custom-built decentralised governance protocol (DGP) to give stakeholders the chance to vote on the future developments of the crypto. It also allows specific blockchain settings to be modified by making use of smart contracts.

The Qtum cryptocurrency claims to have one of the biggest node networks of any blockchain platform in operation. There are more than 1,300 Qtum nodes distributed across more than 60 countries. The high number of nodes makes the project very decentralised.

However, Qtum does not have the field to itself. The crypto market has become increasingly saturated with smart contract-capable platforms. These include TRON, Binance Smart Chain and Ethereum.

How Does Qtum (QTUM) Work?

Qtum uses Bitcoin’s UTXO transaction model. This stands for unspent transaction outputs and refers to the amount of cryptocurrency left unspent after a transaction, like change left over after a physical cash transaction. UTXOs are continually processed and records of them stored on the ledger. They require a private key to unlock.

The platform also introduces smart contract functionality and Ethereum compatibility through the x86 virtual machine. Qtum’s x86 VM supports widely-used programming languages such as Rust, C, C++, and Python to drive mainstream adoption of smart contracts.

Achieving both Bitcoin’s transaction model and Ethereum-compatibility is done through the Account Abstraction Layer, which decouples applications from the underlying protocol. The AAL abstracts individual UTXO transactions to provide a single account balance for the smooth operation of smart contracts that use the Ethereum virtual machine. This also makes it possible to add more smart contract capability in the future. Smart contracts can be used to modify specific blockchain settings without ecosystem disruption through Qtum’s Decentralized Governance Protocol. For example, DGP allows the community to modify block size and base gas fee without the need for a hard fork.

How to Make Money with Qtum (QTUM)?

Here are quite a few approaches for us to make money with Qtum (QTUM), such as Mining, Buying & Hold Bitcoins, Accept Payments in Qtum (QTUM), Earning Qtum (QTUM) by turning into an Affiliate, Lending Qtum (QTUM), and Micro Earnings, and Trading.

Qtum (QTUM) Mining
Buy & Hold Qtum (QTUM)
Accept Payments in Qtum (QTUM)

Determine how you’ll use Qtum (QTUM)
Find a Qtum (QTUM) wallet
Find a Qtum (QTUM) payment processor
Accept Qtum (QTUM) payments

Becoming an Affiliate
Lending Qtum (QTUM)
Micro Qtum (QTUM) Earnings (Faucets, Offer Wall, Short Links, Surf Ads……)
Qtum (QTUM) Games
Micro Qtum (QTUM) Tasks
Trade Qtum (QTUM)

How to Buy Qtum (QTUM)?

1. Things To Know Before You Buy Qtum (QTUM)

Buying Qtum (QTUM) and holding onto it in hopes it will appreciate in value, is the most common form of “investing”. As with all investing, you should never invest more than you are willing/able to lose. This is especially true with Qtum (QTUM), since it’s still a very risky investment.

The most important thing to keep in mind when buying Qtum (QTUM) is to make sure to buy only from exchanges that have proven their reputation.

Another key tip is to make sure you don’t buy all of your Qtum (QTUM)s in one trade. Instead use a dollar cost averaging method—buy a fixed amount every month, week or even day throughout the year. This ensures that you buy the most Qtum (QTUM) when it’s on the rise, and less when it’s going down in price.

2. How to Buy Qtum (QTUM) on a Crypto Exchange

Coinbase – Secure online platform for buying, selling, transferring, and storing cryptocurrency.
eToro – Trade and invest in a diversified portfolio, starting at $10, or practise risk-free with a virtual portfolio.
Bitfinex – Digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
Binance – Low trading fees, a generously wide range of leverage, and high liquidity.
KuCoin – A large cryptocurrency exchange offering the ability to buy, sell, and trade cryptocurrencies

3. How to Buy Qtum (QTUM) with Cash

Find a seller in your area who accepts cash.
Select amount of coins and place an order.
Receive account number from the seller.
Deposit cash into the seller’s account.
Upload your receipt to prove you made the deposit/trade.
Receive Qtum (QTUM)!

4. How to Buy Qtum (QTUM) with Credit Card

Not all platforms will allow you to use a credit card to make your Qtum (QTUM) purchases. If you do choose a platform allowing such transactions, keep in mind that there may be extra fees associated with the purchase. Many credit card companies process cryptocurrency purchases via credit card as cash advances, which can incur high interest rates, among other fees.

5. How to Buy Qtum (QTUM) with Paypal

Login to Paypal and Select Cryptocurrency
Select ‘Qtum (QTUM)’
Select ‘Buy’
Choose How Much You Want to Buy
Select Payment Method
Hit the ‘Buy’ button

6. Should I Buy Qtum (QTUM) In 2022?

How to Sell Qtum (QTUM)?

1. Things to Know Before You Sell Qtum (QTUM)

To get started with Qtum (QTUM), you’re going to need three things: an exchange, a wallet and the knowledge of how to buy the cryptocurrency. This last one is easy with our guide on how to buy Qtum (QTUM), but the other two are still important. The exchange allows you to buy Qtum (QTUM) from sellers, and the wallet gives you somewhere to store it long term.

When choosing an exchange, you should look for one with many users, good customer support and low fees. Three particularly popular exchanges with newcomers are Coinbase, Robinhood and Binance. However, there’s nothing really tying you to a specific exchange, so you can try new ones and quickly change at any time.

On the other hand, wallets can be much more complex. “Cold wallets” — physical devices holding cryptocurrencies offline — come with a steep up-front cost, but “hot wallets” — pieces of software that hold your coins on a computer — are often less secure. However, since hot wallets are fine for short-term storage and free to set up, it’s a good idea to start with them.

2. Sell Qtum (QTUM) in Cryptocurrency Exchanges

Step 1: Set up an exchange account
Step 2: Transfer your Qtum (QTUM) to your exchange wallet
Step 3: Place a sell order

3. Sell Qtum (QTUM) in P2P Trading

Step 1: Go to the P2P Trading Page
Step 2: Choose to Sell and Set Your Currencies
Step 3: Find a Buyer
Step 4: Choose How Much You Want to Sell
Step 5: Send the Offer
Step 6: Confirm the Release

4. Sell Qtum (QTUM) in Qtum (QTUM) ATMs

Step 1: Choose withdraw cash
Step 2: Choose Qtum (QTUM) (these machines normally may support other cryptocurrencies)
Step 3: Choose amount to withdraw
Step 4: Send Qtum (QTUM) to given address QR code
Step 5: Receive cash immediately as Qtum (QTUM) transaction is propagated on the network

How to Get Free Qtum (QTUM)?

Most genuine websites that allow you to earn free Qtum (QTUM) require you to spend money on other things like buying cloud computer mining power, connecting your CPU for mining, playing a game, or completing micro-tasks.

In other words, they offer free Qtum (QTUM)s as an advertisement for their services. Otherwise, it takes time and effort to get free Qtum (QTUM) given its current high value.

Qtum (QTUM) Faucet
Qtum (QTUM) PTC Sites
Qtum (QTUM) Airdrop
Qtum (QTUM) GameFi
Qtum (QTUM) Bounties
Learning About Qtum (QTUM)
Shopping Reward
Qtum (QTUM) Interest
Owning a Qtum (QTUM) Faucet
Write about Qtum (QTUM)
Qtum (QTUM) Affiliate Program
Free Qtum (QTUM) Cloud Mining

What is a Qtum (QTUM) Wallet?

1. Qtum (QTUM) Wallets for Beginners

When you’re comparing the pros and cons of different QTUM-compatible wallets, remember to look for the following important features:

Compatibility. First and foremost, check the fine print to make sure that any wallet you’re considering actually supports QTUM tokens. If you want to store multiple currencies, does the wallet also support those other coins or tokens?
User-friendliness. Storing, sending and receiving digital currencies can be an intimidating and confusing task, so finding a wallet with a simple and easy-to-understand interface is crucial.
Security. The safety of your funds is paramount, so consider the security features each wallet offers. Is it offline or online? Can you set up secure passwords and PINs? Does it include features like two-factor authentication and multisignature functionality?
Private keys. Retaining control of your private keys allows you to retain control of your QTUM tokens, so look for a wallet that lets you retain possession of your keys and doesn’t store them on any third-party servers.
Back up. How easy or difficult is it to back up your wallet? What does the recovery process involve if you’re unable to access your funds?
Development team. Is the wallet constantly being improved by a dedicated development team? Are they continually working on upgrades to help improve the wallet’s security and functionality?
Customer support. If you experience any problems with your wallet, is there a customer support team available? How quickly do they respond to queries?
User reviews. One way you can form a clearer picture of a wallet’s quality is to check out independent reviews. These will give you a better idea of the wallet’s practicality, security and strength of customer support.

Qtum Web Wallet is a simple and convenient non-custodial browser wallet for QTUM holders. The wallet allows you to store and stake tokens and supports integration of Ledger hardware wallets to enhance security. Security can also be improved by pairing a crypto wallet with a mobile device.

2. How To Make A Qtum (QTUM) Paper Wallet?

Although there are ways to manually generate a private key, the vast majority of paper wallet creators use a private key generator. Once a private and public key have been created, you are able to print a paper wallet, which because it’s not online doubles as a cold storage wallet. This will include the public and private key you’ve generated, usually as both a string of characters and QR codes.

Anyone with a paper wallet’s public key can send crypto to it as often as they like. Using the corresponding private key, you can move the crypto balance of the paper wallet into a software wallet. This transfers the funds to a new private key on your software wallet.

3. Ways To Set Up a Qtum (QTUM) Wallet

There are many Qtum (QTUM) wallets out there, and all of them differ in their characteristics. Mobile software wallets are great for day-to-day use, while desktop software wallets bring about a great balance between convenience and security. Lightweight web wallets are the best choice for quick online transactions. Cold encrypted hardware wallets like Ledger or Trezor are the best for long-term storage of bitcoin. However, unlike other options, hardware wallets aren’t free and cost $50 or more.

Set up a Qtum (QTUM) Software Wallet

Mycellium
Bread (BRD) wallet
Bitcoin wallet
Electrum
Samourai

Set up a Qtum (QTUM) Web Wallet

Coinbase
Blockchain.info
BTC.com
Rahakott
BitGo

Set up a Qtum (QTUM) Hardware Wallet

Ledger
Trezor
BitLox
KeepKey

How to Buy and Sell Qtum (QTUM) In Different Area?

1. How to Buy and Sell Qtum (QTUM) in India?

You can get Qtum (QTUM) in India mainly through buying and mining. To buy it, you can use several online exchanges such as WazirX, Coinbase, BuyUcoin, and CoinDCX. Choosing the best online exchange is another task, but here are a few things you should keep in mind while buying the cryptocurrency in India.

It’s best to go with an exchange that allows you to withdraw cryptocurrency in INR to your personal online wallet for safekeeping
Make sure that the internet connection is secure. Also, don’t forget to use safe internet practices like two-factor authentication and unique and strong passwords.
KYC aka Know Your Customer verification is a must, at least in India. For that, you can use a PAN card and valid address proof
Now, add the bank account that is linked to your PAN card. Verification will take around 2-3 days

After the verification is complete, you can start trading Qtum (QTUM) in India. Money from your bank accounts can be transferred using NEFT, RTGS, and debit and credit cards. Currently, the value of one Bitcoin is around 27 lakh; however, you don’t have to buy a whole coin to begin investing. You can buy Bitcoin in parts, i.e. small investments for as low as Rs 500. That way, you will own a small percentage of the cryptocurrency.

2. How to Buy and Sell Qtum (QTUM) in Canada?

Sign up and get KYC (Know-Your-Customer) verified on a Canadian crypto exchange like Bitbuy.
Deposit CAD to the exchange directly from your bank account.
Buy Qtum (QTUM).
Store Qtum (QTUM) on your exchange account or transfer it to a wallet.

3. How To Buy and Sell Qtum (QTUM) In The UK?

Create a Coinbase account.
Complete identity verification to access fiat payment options.
Navigate to the Accounts and select the GBP wallet.
Fund your account using Bank Transfer or other methods.
Once the deposit is complete, go to the Buy/Sell page and select GBP to Qtum (QTUM).

4. How To Buy Qtum (QTUM) in the United States?

The best way to buy and sell Qtum (QTUM) in the USA is through an exchange such as Coinbase, Kraken, Gemini, Coinmama, Binance, or Changelly. There is a plethora of options available, so it is best to look at each of the exchanges’ processes for deposits and withdrawals, fees, and transaction speeds to determine which is best for you.

Qtum (QTUM) History

Qtum (pronounced Quantum) is a smart contract platform that uses a Proof-of-Stake (PoS) consensus mechanism to validate transaction blocks and provide security assurances. It combines different aspects of the Ethereum and Bitcoin blockchains. Qtum uses Bitcoin core as the base of its network for security and stability reasons and, therefore, operates via a UTXO model. The project also integrated Ethereum’s virtual machine (the EVM) so the chain could run Turing complete code needed to support smart contracts, and thus decentralized applications (dApps). Qtum’s stack features a middleware layer, dubbed the account abstraction layer (AAL), to ensure the UTXO set was compatible with the smart contract execution layer. Qtum’s native token (QTUM) allows users to pay transaction fees, participate in network security, and vote on protocol upgrade proposals.

Qtum’s roots Qtum (pronounced Quantum) was founded by Patrick Dai, Neil Mahi, and Jordan Earls. Prior to founding Qtum, Patric was a member of the Alibaba team while Neil Mahi came in with 20 years of software development experience. Both founders had spent multiple years working with cryptoassets before pursuing Qtum.

Marrying aspects of Bitcoin and Ethereum Qtum aims to harness the best attributes of the Bitcoin and Ethereum blockchains to create a smart contracting platform. The protocol uses the Bitcoin core code as its base for security and stability reasons. Since Bitcoin does not support Turing complete smart contracts, Qtum integrated Ethereum’s virtual machine (dubbed the Ethereum Virtual Machine or EVM) to make the network capable of running decentralized applications (dApps). It also has plans to integrate additional virtual machines, namely the X86 VM, to support smart contract programming languages beyond Solidity.

The combination of Bitcoin and Ethereum attributes creates a compatibility issue. Bitcoin uses a UTXO model to track coin ownership, while Ethereum (like most other protocols sporting virtual machines) employs an account-based model for simplicity. The Qtum tech stack, therefore, contains a conversion layer, called the account abstraction layer (AAL), in between Bitcoin code and the EVM to ensure UTXO and virtual machine compatibility.

PoS consensus and on-chain governance Qtum opted to use an adaptation of Blackcoin’s Poof-of-Stake (PoS) model as its consensus mechanism. The team believed Proof-of-Work (PoW) blockchain protocols suffered from categorical scaling limitations that PoS could help alleviate. Qtum also has an on-chain governance system (aka Decentralized Governance Protocol or DGP) to pass on decision-making responsibilities to token holders. Network parameters up for discussion include block size and base gas fee, among others. In addition to the on-chain governance system, the Qtum Foundation plays a central role in the development and promotion of the Qtum blockchain.