While the idea of cryptocurrency is not new to most people, there has been a trend of new and improved versions hitting the market. This includes combining existing ones, bringing back older ones, and creating some completely new options for investors.

One such new and improved version is the ‘Qtum’, this a form of cryptocurrency that combines both the smart functionality of an existing one – Ethereum (ETH), the open-source blockchain and this source can tell you more about it, and the security of bitcoin, making Qtum (pronounced Quantum) a viable option for many large organizations.

The combination of the two design models is helping a lot of developers to want a piece of the action, and attempting to design this crypto based on existing digital currencies, proves to provide an option for programmers to compete in the online world.

How Does it Work?

If you ever wondered how cryptocurrency works, or at least Qtum in particular below we have included some basic information for you. How it was created, was by modifying Bitcoins code, which is now public property, and an open-source code, and an explanation of which can be found here:  https://opensource.com/article/18/7/bitcoin-blockchain-and-open-source

This is then shared with the ‘smart contracts’ application and the base layer copies the code and an additional layer copies the contract and decentralizes the programs. Similar to Ethereum, taking elements from it, it has a built-in virtual machine where developers can write their code and execute it across several networks of computers. The AAL or Account Abstraction Layer enables this and is its signature tool.

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Buying and Exchanging Qtum

Just like any other crypto, you can buy and sell this one too. Buying Qtum or any other digital currency for that matter, includes the use of an online ‘wallet’, just like your real wallet, this holds the coins in it for you, digitally. To buy it you first register on any one of the many platforms that provide the service of crypto buying and selling and then create an account with the crypto exchange.

Once this is done, when the time is right i.e. the rule of thumb is to buy low and sell high, then you buy the currency and keep it in your wallet for such a time as the price goes up, you would want to make the most of this and perform a Qtum exchange or sell it for physical cash, which is usually deposited into the bank account you add when you register to the account.

In the case, you want to make an exchange and you do not have Qtum yet, you would buy either ETH (Ethereum) or Bitcoin, for Qtum, and then transfer this to your wallet or new wallet. Exchanging is different from the cash exchange as you will be buying one form of crypto to use as ‘currency’ to buy another one. Buying ETH is a better option amongst the two because it has fewer fees and takes less time for the transfer or exchange process.

Recap on Steps to Exchange or Buy Qtum

Let’s recap on the steps you would take to buy or exchange Qtum.

  1. Create a Qtum Wallet on any platform that offers the services. Typically, you would download a wallet from the website. You would need to check if it is compatible with Linux, Windows, or Mac. Once you have downloaded it you will need to install it. Save it in a space on your computer where it is not easily deleted or corrupted.
  2. Now you can go onto the website and buy yourself some BitCoins or Ethereums. There may not be one best solution for this I terms of the fees it will cost you, but you can purchase them from any legal and licensed site. Ask for recommendations or go with the most popular ones such as ‘Rubix’. Once you find the one you like, you simply follow the buying instructions on the site and purchase however many coins you want (digitally). These will then be placed in your downloaded wallet.
  3. The majority of these websites will require registration, which is a good idea, especially if you want to perform regular transactions, and also, they need to verify your identity. They have very secure protocols for users.  Once everything is verified via your ID card or passport. You will be the rightful owner of your coin account.
  4. Now when it comes to the Qtum exchange, you can do this through the account you created above, then you need to fund it, either with ETH or BTC, that you purchased in the above step. You would ideally choose to ‘deposit’ this currency into your account, and then you choose the ‘exchange’ option on the website, and look for Qtum and enter the requested information such as the amount you want to exchange, and hit ‘send’ or ‘buy’, whatever the website button says! Voila, you are the proud owner of Qtum!
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We hope the above steps and information help you to make a successful exchange transaction every time.