A Beginners Guide Buying, Selling, Using and Mining Qtum
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Without question, two of the most popular cryptocurrencies in existence are (in this order) Bitcoin and Ethereum.
Not only is Bitcoin popular because it was one of the first cryptocurrencies, but also because of its UXTO transaction model which it was built upon. Ethereum, arguably the second most popular cryptocoin, gained popularity because of its smart contracts and decentralized applications.
So what would happen if we were to combine the two most popular elements of the two most popular cryptocurrencies?
Qtum, which is pronounced Quantum, is a relatively new cryptocurrency that is seeking to have the best of both worlds. Qtum combines Bitcoin’s popular UXTO transaction model with smart contracts and the decentralized applications that made Ethereum popular. Meaning put this together and you have a blockchain for the future. Many notable influencers within the cryptocurrency world agree that Qtum is an alt coin to be aware of. The web is also abuzz for this new coin. Sites like Reddit are great places to see the excitement that has been generated and a definition for the coin.
Qtum is also popular because the combined technology from Bitcoin and Ethereum makes it perfect for businesses to adopt. The mindset behind combining these two methodologies is to be able to build applications for mobile devices that are helpful for business. The developer-friendly setup will make the platform marketable for industries like finance, fraud protection, manufacturing and logistics. To define this in other words, Qtum is taking the technology that made Bitcoin and Ethereum successful, combining it, and bringing it to the mainstream marketplace.
Qtum can be bought either with cash or by trading for it with another altcoin. Buying Qtum directly with a fiat currency like USD is possible on sites like Allcoin, while trading for it with cryptocurrencies is possible through sites like Coinswitch.
First, the base altcoin like Bitcoin or Ethereum can be bought with cash or with credit card. Then, once you have the altcoin in your wallet, choose Qtum as the coin you’d like your current coin to be transferred to. You’ll then need to provide your Qtum wallet address in order to receive the coins. Now that Qtum is in your wallet, you can use this coin to trade for others or keep for investing.
Turning Qtum back to a fiat currency like USD is also a straightforward process. There are two ways to do it. The first is to transfer your Qtum coin into another altcoin of your choosing. Bitcoin and Ethereum are the most popular and easiest to convert back into. Once you’ve converted it to the desired altcoin, it is easy to transfer the current altcoin into the fiat currency of your choosing, simply by following the above steps in reverse.
The second way to sell your Qtum coin is to use Allcoin to turn it directly into a fiat currency. Once this is done, you’ll be able to cashout your earnings by going to an ATM to withdraw the money from your bank account.
There are a couple different ways to use Qtum, both great in value. The first is based on the platform while the second way is based on the coin. First, Qtum can be used to build decentralized applications on a platform. Qtum is designed to be very user and developer friendly, specifically for mobile applications. Its smart contract technology is designed to be taken to the mass market. Developers can use it to create apps that can be used in business departments like accounting or shipping and receiving, helping with workflow and accountability.
The second way to use Qtum is through investing and using Qtum coins. By carefully watching your wallet, you’ll be able to know the exchange rate of the Qtum coin into other altcoins and fiat currencies. When the price is right, you’ll be able to sell your Qtum coin at a profit. Further, the coins themselves can be used in different ways including for Qtum poker, or as trading vehicles on private networks. This tactic has been done with high levels of success by investors all over the world.
Mining is the act of working on the blockchain for an incentive. Because the blockchain of a cryptocurrency acts as the ledger and account book, the blockchain needs to be managed. This is done by miners who use specialized computers with powerful calculators to mine the blockchain.
Qtum is mined using a Proof-of-Stake (PoS) protocol which essentially requires the miner to own a certain number of coins in order to mine a block of transactions. As the miner runs the computer software, eventually their block will be selected and they’ll be allowed to create the next block in the chain, for which the miner will be rewarded with more Qtum coins. This increases their stake and moves them higher in rank to create the next block, and so on.
The actual process of mining Qtum can be relatively tricky, yet richly rewarding. Miners must determine the level of profitability involved with each individual cryptocurrency coin that they mine, as they are not all the same. The market cap will determine if miners are getting paid richly or poorly for their work.
Qtum can be mined by downloading a software package from the Qtum group, installing it as well as a compatible wallet, and then starting to mine by running the software. Mining proceeds according to stake on the chain (see above).
Cryptocurrencies have become very popular. The growth in these alt coins is called scaling, and scaling shouldn’t be a problem when it comes to Qtum. The smart contracts that are set in place and uphold Qtum are designed to flex with the expanded use of the coin. The system is able to monitor block sizes and recognize when an increase needs to be made by automatically triggering the necessary votes to approve the increase.
As more developers, minors and businesses benefit from the capabilities of this hybrid platform, the more the popularity of Qtum will grow. Subsequently, as more people see the growth in the price chart, the more purchases the coin will receive.
Qtum combines the best of both worlds. Because cryptocurrencies are still a relatively new field, more refinements and fine tuning will be made to the coins in order for them to be accepted in the mainstream market. Qtum is a perfect example of that.