Qtum (QTUM): Key things you may not know | finder.com

Qtum (QTUM) for beginners

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Qtum is a platform built for business, mixing the strength of bitcoin’s blockchain with Ethereum’s virtual machine.

Focusing on building a platform that helps businesses create smart contracts on the blockchain, Qtum is a toolkit first and foremost. Designed to be both robust and modular, Qtum can create small contracts to be used on most major blockchains.

Learn more Buy QTUM

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What is Qtum?

Qtum (read Quantum) is a Chinese hybrid platform connecting existing blockchains with an Ethereum-like virtual machine. It’s a blockchain application platform, allowing developers to build applications and smart contracts on current blockchain technology.

Icon Symbol Initial release date Algorithm type Max. supply
QTUM March 2016 SHA-256 100 million QTUM

Qtum’s goal is to change the way application databases are stored. Instead of the centralized method of keeping a database on a single server, applications running on the Qtum platform will be stored in the database as transactions on the blockchain.

Where to buy, sell and trade Qtum

Name Product Deposit Methods Fiat Currencies Supported Cryptocurrencies
Cryptocurrency
BTC, XRP, USDT, ETH, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, POE, DASH, ELF, ICX, BNB, ZRX, APPC & 80+ more
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.
Cash, Credit card, Debit card, SEPA
USD, EUR
BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP
Buy coins like Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash with credit card.
Cryptocurrency, Bank transfer
JPY, USD, SGD, AUD, EUR, CNY, PHP, HKD, INR, IDR
BTC, ETH, QASH, XRP, BCH, NEO, UBTC, RKT, QTUM, BCH, DASH
A global exchange which offers users both cryptocurrency and fiat currency deposit options.
Huobi.pro Cryptocurrency Exchange
Cryptocurrency
-
BTC, ETH, HT, LTC, PAI, BCH, XRP, DASH, IOST, EOS, TRX, ETC, OCN, ONT, ELF, ABT, CMT, ELA, ZEC, OMG & 75+ more
Huobi.pro is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Bithumb Cryptocurrency Exchange
Cryptocurrency, Wire transfer
KRW
BTC, BTG, BCH, DASH, ETC, LTC, EOS, XRP, ETH, QTUM, TRX, ICX, VET, XMR, ZEC, MITH
A global platform where users can make KRW and cryptocurrency deposits to purchase up to 15 popular cryptocurrencies.
Bittrex Digital Currency Exchange
Cryptocurrency, Wire transfer
USD
BTC, ETH, XVG, SC, XRP, DOGE, STRAT, XMR, ADA, OMG, ETC, BCC, XLM, DGB, UKG, QTUM, ZCL, RDD, LTC, NEO, XRP & 120+ more
Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
KuCoin Cryptocurrency Exchange
Cryptocurrency
-
BTC, BCH, DAG, ETH, XRP, EOS, LTC, ADA, TRX, NEO, ONT, STEEM, BTM, BCD, ZINC, VET, OLT, NUSD & 50+ more
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Qryptos Cryptocurrency Exchange
Cryptocurrency
-
BTC, BCH, DRG, UKG, LIKE, ENJ, TRX, LDC, MGO, AMLT, EZT, LALA, IPSX, FLIXX, STU, 1WO, TPAY, ETH, WIN, LTC, SPHTX, RKT, UBTC, ETN, ECH, QASH, NEO, HAV, XRP, ETC, STAC, FLUZ, VZT, XEM, XLM, VET, BMC, ONG, FDX, XMR, DENT, MCO, IND, GAT, ZEC, CAN, STX, QTUM, OAX, IXT, STORJ, MTN, REP, FCT, DASH
Owned by the team behind QUOINEX, QRYPTOS is a global crypto-to-crypto platform which supports over 50 cryptocurrencies and offers negative trading maker fees to generate liquidity.
Bleutrade Cryptocurrency Exchange
Cryptocurrency
-
BTC, BTG, DASH, ZET, XVP, XPM, WDC, VTC, VRC, UNO, TROLL, START, SLR, SLG, RDD, QTUM, PPC, POT, OK, NVC, NMC, NLG, NEOS & 25+ more
Trade an array of cryptocurrencies through this globally accessible exchange based in Brazil.
Credit card, Debit card
USD, EUR
BTC, BCH, ETH, XMR, ZEC, DASH, XRP, ETC, LTC, DOGE, XLM,1ST, ADX, AMP, ANT, BAT, BCN, BNT, BTG, CFI, CVC & 70+ more
Access competitive crypto-to-crypto exchange rates for more than 35 cryptocurrencies on this global exchange.

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How is Qtum different from bitcoin?

While bitcoin is content with remaining a standard cryptocurrency, giving users very little functionality beyond sending cryptocoins securely to each other, Qtum is building a platform capable of running decentralized applications and smart contracts.

  • Decentralized Applications (DApps)

When a business develops a new application, a website or software, the application’s database needs to be stored on a server. This is called a centralized system. It doesn’t matter whether that database is stored on one server or multiple servers, a hacking attack can change the data sets and there is no way to check what has been changed.

Qtum allows businesses to develop decentralized apps. Using bitcoin’s blockchain technology to store transactions on every user’s system, all transactions need to be verified, and once verified there is no way to change them without alerting every user on the blockchain.

  • Smart Contracts

Smart contracts are considered to be the contracts of the future. They are similar to the way a bank’s standing order (SO) would work. For example, just as a bank’s SO withdraws $300 on the first day of every month, a smart contract transfers digital assets such as cryptocoins from one user to one or more other users, based on a set of predefined requirements.

Smart contracts exist on the blockchain and are triggered automatically if the requirements coded into the contract are fulfilled. Qtum offers a scripting language that allows users to easily create such contracts.

Where can I use QTUM?

Qtum is still in its early days, as of September 2017, so you won’t find many merchants who accept QTUM tokens as payment. That’s not to say you can’t pay other users who also use Qtum with QTUM tokens, but until wider adoption you will have a hard time using your cryptocoins.

Historical pricing of Qtum

As of September 2017, Qtum was still an extremely young cryptocurrency that seemed as though it’s gaining ground. From $3.88/QTUM in mid-July 2017…

it rose to nearly $20 per coin by the end of August 2017.

Whether this trend will continue or not remains to be seen.

Sending and receiving QTUM

Qtum uses the bitcoin simple-transaction model to transfer QTUM between users, but first you will need to install a Qtum-specific wallet.

  1. Install a Qtum wallet. Your wallet will need to be able to connect with the Qtum blockchain and, as of September 2017, that requires the official Qtum wallet. You can install it either on your computer or your smartphone.
  2. Get the recipient’s wallet address. The recipient of QTUM should be able to generate a wallet address, either as a series of numbers and letters or, if using a smartphone wallet, as a QR code that can be scanned.
  3. Enter the value of QTUM to send – and send it. After making sure you have the necessary funds in your wallet, simply enter how much QTUM you’d like to send to the recipient and press “Send”. The cryptocoins will arrive almost immediately, but might take a minute or two to be verified and made available for use.

What to watch out for

Qtum is still extremely young at the time of writing this guide (October 2017), and while many are singing the praises of the platform, most traders remain skeptical. Many have been keeping their eye on Qtum but remain out of the race to see whether the cryptocurrency’s success is a result of trust in the platform or simply a byproduct of bitcoin’s success.

What’s next for Qtum?

The development team at Qtum will likely continue pursuing supporters at this stage, while they build a platform ready for widespread use and adoption. At such an early phase, every move could be the downfall of the currency so great care is being taken to avoid that pitfall.

In the meantime, the success of Qtum also depends on traders who are willing to put money into the coin, to purchase QTUM and help the currency gain the value it needs to build momentum.

Frequently asked questions

Image sources: Shutterstock, CoinMarketCap

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