Qtum (pronounced ‘“quantum”) is a proof-of-stake (PoS) smart contract open-source blockchain platform and value transfer protocol. It aims to bring together the strengths of Bitcoin and Ethereum in one chain. Qtum is built on Bitcoin's UTXO transaction model, with the added functionality of smart contract execution and DApps. Recently, the platform added support for DeFi applications. As of March 2021, there are more than 20 tokens created on the Qtum blockchain.
To learn more about this project, check out our deep dive of Qtum.
The project was announced in March 2016 and held an ICO a year after, in March 2017, which brought its founders $15 million USD. The Qtum main chain was released on Sept.13, 2017. Initially, the Qtum coin was issued as a ETH-20 token, but with the launch of the mainnet, it was converted to native blockchain.
Qtum is an open-source blockchain platform based on the Proof of Stake (PoS) consensus mechanism and smart contracts, aiming to integrate the advantages of both QTUM and Ethereum. Utilizing Bitcoin's UTXO transaction model, Qtum provides smart contract execution and DApp functionality, with recent expansions to support DeFi applications. As of March 2021, over 20 tokens have been created on the Bitcoin blockchain. The Qtum mainnet was launched on September 13, 2017, initially as an ERC-20 token on Ethereum before transitioning to its own native blockchain.
How to Buy QTUM
1. How to Buy QTUM on Exchanges
Step 1: Choose a reputable exchange platform
Select a trustworthy platform from numerous exchanges to make your purchase. Some trusted platforms include Coinbase, Binance, OKX, among others.
Step 2: Register an account
Create an account on the chosen exchange platform. You may need to provide personal information (such as phone number, email) to complete the registration process.
Step 3: Complete identity verification
For security reasons, some platforms may require you to undergo identity verification. Follow the platform's instructions, providing necessary identity information (such as country/ID number) and undergo facial recognition if prompted. Once your identity is confirmed, you'll receive notification.
Step 4: Link your bank or payment method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing QTUM.
Step 5: Purchase QTUM
Find the option to buy coins on the exchange platform, select the C2C buying process, then input the amount of cryptocurrency you wish to purchase. Typically, you'll choose to buy USDT first and then proceed with the purchase method. Simply place your order, make payment to the seller, and you'll receive the cryptocurrency. Once the payment is completed, you can use your exchange assets to buy QTUM.
Step 6: Store your QTUM
After purchase, you can choose to store QTUM in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Tips
To protect your exchange account and QTUM assets, it's essential to use strong passwords and enable two-factor authentication.
How to Buy QTUM via Over-the-Counter (OTC) Trading
Over-the-counter (OTC) QTUM trading occurs directly between buyers and sellers, bypassing exchanges or other intermediaries. Here are the general steps for OTC QTUM trading:
Step 1: Find an OTC trading channel
Start by finding a reliable OTC trading platform or service provider. These platforms typically offer online marketplaces or ways to connect with brokers for trading.
Step 2: Register an account
Sign up for an account on the chosen OTC trading platform. You may need to provide some personal information (phone/email) to complete the registration process.
Step 3: Complete identity verification
For security purposes, some platforms may require you to undergo identity verification. Follow the platform's instructions to provide necessary identity information (nationality/ID) and undergo facial recognition or other verification steps.
Step 4: Browse the trading list
After logging into your account, browse through the platform's trading list to find QTUM trades that interest you. You can choose trades based on the trader's reputation rating, trade volume, price, and payment methods.
Step 5: Select a trading partner
Once you find a suitable trade, click to enter the trading page and carefully review the trader's terms and conditions. Ensure you understand and agree to the trader's requirements, such as trade amount, payment method, trade time, etc.
Step 6: Negotiate trade details
After reaching an agreement with the trader, you can negotiate trade details such as trade amount, payment method, trade time, and location.
Step 7: Make payment
According to the agreement reached with the trader, use the chosen payment method to pay the QTUM purchase amount to the seller.
Step 8: Confirm receipt
Once the trader confirms receiving your payment, they will release QTUM to the QTUM address you provided. You can check your QTUM wallet balance after the trade to confirm its success.
3. How to Buy QTUM through Decentralized Exchanges (DEX)
Buying QTUM on decentralized exchanges (DEX) differs from purchasing other cryptocurrencies on centralized exchanges. Here are the general steps for buying QTUM on DEX:
Step 1: Choose a QTUM-supporting wallet
Create a new wallet supporting QTUM assets, then select a decentralized exchange that supports QTUM.
Step 2: Connect your wallet
Before using the DEX, you need to connect a wallet supporting the QTUM blockchain. You can connect your wallet to the selected DEX via browser extension or mobile application.
Step 3: Deposit funds
In your wallet, select deposit and choose the asset you want to deposit (such as stablecoins). Follow the wallet prompts to complete the deposit process.
Step 4: Find the trading pair
Search or browse for the QTUM trading pair on the DEX. Typically, you can find a search box or a list of trading pairs on the exchange's homepage or trading interface.
Step 5: Place an order
Once you find the QTUM trading pair, you can choose between market or limit orders and input the quantity you want to purchase. Ensure you input the correct price and quantity in the order, then confirm the order.
Step 6: Wait for the trade to execute
Your order will be submitted to the QTUM blockchain and wait for confirmation and execution by miners. Once the order is executed, you will receive the purchased QTUM, which you can view in your wallet balance.
Step 7: Withdraw funds
After completing the trade, you can choose to withdraw the purchased QTUM to your wallet for safer storage of your digital assets.
4. Official Channels for QTUM Project Team or Community
Sometimes, the QTUM project team or community may launch official channels for direct QTUM purchases. This may include private placements, presales, or other forms of direct sales.