What is QTUM? The power of Bitcoin and Ethereum

qtum review

Bitcoin works on a model which is called UTXO, whose long form is Unspent Transaction Output. It has a meaning which is simple for the system but has a sense which is difficult to understand.

In this model(UTXO), every transaction is associated to each other.

The output of a transaction that you make can be the input of another transaction that someone else makes. For instance, you sold something, and the output of this transaction on Bitcoin is 0.03 BTC.

QTUM Review
QTUM Review

It means that the input on the buyer’s account is 0.03 BTC too.

Of course, the whole system of Bitcoin doesn’t just consist of what we’ve only explained, but at least it was for what the model UTXO is.

What they all mean is that the Bitcoin blockchain doesn’t track the balance of an account. The only thing it does is to track transactions and create a new transaction from an old transaction.

When it comes to Ethereum, many points change eventually.

Ethereum has different methods and is based on a system working just as a real bank, where an account has a balance. When you make a transaction, your old balance is simultaneously changed to a new equilibrium, which means that there is no need for Ethereum to have a record of every transaction. This model is with complex logic which can not be compared to Bitcoin’s system.

What is the short history of QTUM?

 

In March of 2017, QTUM Foundation launched a campaign in order to find a fund for the new block-based platform. The campaign had been planned to last for 30 days or until all the tokens were run out. QTUM incredibly reached the amount of over 10 million dollars in just 90 minutes.

5 days after that, just before stopping the campaign, it reached the amount of 15.7 million dollars, and the number of tokens sold to the public was 51 million, which means that it was the 18th most-sold project of all time!

Well, What is QTUM?

What is QTUM
What is QTUM

QTUM is an altcoin created by QTUM Foundation in Singapore. We can call it cryptocurrency holding the two technologies together.

QTUM consists of a specially-designed algorithm which has been created by being based on the virtual systems of Bitcoin Core and Ethereum.

It has a base which is extremely rapid, modular, definitely reliable and works continuously. QTUM is compatible with the connection between the real world and business world with an integrated construction.

QTUM, which uses the base of Bitcoin Core by changing and redesigning it and works with the compatible update of Ethereum Virtual Machine, aims to combine the best sides of both of Ethereum and Bitcoin.  As we said before, it is a combined system, and it is not the same as them.

Unlike Ethereum, Qtum runs on the model UXTO of Bitcoin and uses the algorithm “Proof of Stake” for business. These extensions are what makes QTUM unique.

In addition to the information above, it should not be forgotten that it has the open-source codes. That’s why programmers can improve it.

Is it too late to invest in QTUM?

ETH-QTUM chart of Bittrex
ETH-QTUM chart of Bittrex

Our answer is just “No, it is not too late!” Why? It is obvious actually.

If you would like to see what will happen in the future, you have to have a look at what happened. QTUM has been drawing a graphic that has not been affected by another graphics such as Bitcoin, Litecoin, Ripple, Dash so on. When they fell, QTUM didn’t fall. When they went up suddenly, QTUM stayed steady. It means that your investment is not in danger. However, before making a decision about what coin to invest in, you should be sure that your choice is acceptable and sensible.

What can you do in order to buy QTUM?

There are a lot of markets to buy QTUM. In order to buy QTUM from the market of “Binance”, you can follow the steps below.

Step 1

First of all, you have to be a member of Binance. It will take you for a few minutes to register in.

Step 2

For the reason of security, it will be required for you to verify your account. After you register on the website, you need to log in to the e-mail address you entered in the registration form and click on the desired link to verify that you are registered on the platform. Make sure you use the activated 2FA to keep your account secure.

Step 3

QTUM BTC Chart of Binance
QTUM BTC Chart of Binance

Send a little bitcoin to the Binance platform. In order to buy Qtum coin, you have to finance your wallet on the stock exchange. Go to the “Funds” link at the top of the page and click “Deposits & Withdrawals”.

Step 4

You should search for Bitcoin on the list of cryptocurrencies displayed on the page. If bitcoin does not appear, you can use the search box in that section to make your search faster. When you find it, click on the “Deposit” button.

Step 5

You will see a wallet address created for you. You must copy this address to another stock exchange where you have stored your bitcoin funds or your external wallet. Send the Qtum amount you want to buy, (which will require a little more to cover the transaction fee costs) to the created address. Wait for a while, and your funds will stay in your Binance wallet in a few minutes.

Step 6

QTUM Chart of Cryptocompare
QTUM Chart of Cryptocompare

Click the ‘Exchange’ link next to the Binance logo and select ‘Basic’. When the page loads, find the QTUM / BTC pair on the top right of the page. You can use the search box to make your search faster.

Step 7

In the “Buy” section just below the chart, you will see how much money you will have to pay for the first box titled Price. In the second box that says Amount, you will enter the Qtum coin number you want to buy. If you want to use all the funds you have invested, a simple method is to click on the 100% button under this field. Click the QTUM Buy button. The coins you receive will appear in your wallet in a few minutes.

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About the author

I am graduated from the faculty of communication. I have worked for major companies in the communication field, and acquire more than 12+ years of experience. I like to read empowering books, traveling and researching useful stuff on the internet. For a few years now, I have cultivated and developed a passion in the cryptocurrency world. I have decided to dedicate my time to create some posts on my blog about cryptocurrencies in general. Cryptocurrency World is growing fastly and will have longevity future however it has just born. I intend to improve myself on blockchain technology and share my knowledge.

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