We are seeing a real transformation in the way that online crypto betting is conducted, and smaller currencies such as Qtum are the ones who are taking advantage of this. We no longer see a small number of bookmakers accepting just Bitcoin and nothing else, you can now bet with a wide range of cryptocurrencies, and those include Qtum.
Why we make Qtum review of sports betting, because this is ideal for people who have Qtum, either from old investments or new trades and they are looking to spend it somewhere. Sports betting allows you to do that, and there are many benefits to betting with cryptocurrency when compared to standard traditional betting.
Those wanting a great deal will certainly get one, crypto bookmakers are known for offering generous bonuses and promotions, both to their new players and the existing ones they have. These can get you off to a great start and won’t necessarily stop coming.
Look out for other crypto betting advantages too, which include the ability to bet anonymously using Qtum and also the chance of placing larger wagers than you would be able to get on with traditional bookmakers (read this - anonymous crypto betting). These are not needed for everyone, but certainly open up crypto betting to some who struggle with traditional bookmakers.
In this Qtum reviews article you will know more about Quantum crypto currency. So Qtum (pronounced Quantum) is a Singapore blockchain based platform, which, according to its founders, represents the first “UTXO-based smart contract system with a proof-of-stake (PoS) consensus model.” Qtum was designed to merge the best parts of Bitcoin betting and Ethereum betting: value transfer protocol and smart contract functionality.
Qtum is based on the Bitcoin core code, which makes use of UTXO principles, and this code is run on a machine based on an Ethereum Virtual Machine. Furthermore, Qtum establishes the connection between these two functionalities by using Account Abstraction Layer (AAL) that masks the identities of the users involved in the transaction. The production of new Qtum coins is managed by an improved variant of the Proof of Stake protocol, which rewards new QTUM to those who keep their network nodes online. Compared to regular PoS cryptos, QTUM stakers must have their nodes online at all times in order to get the reward. Every block one staker selected at random, then he has the right to create a new block and send it to the network. He will receive the block reward and the fees of all qtum transactions that are incorporated in his block.
QTUM is the only Proof of Stake blockchain that has smart contract functionalities. Ethereum is currently working to transition to PoS, but this will take some time to be implemented completely. Proof of Stake 3.0 greatly improves on the features provided by the Proof of Work or Proof of Stake consensus algorithms, as it ensures that only the network parties which always keep their nodes online can receive the rewards. As Qtum is based on both Bitcoin and Ethereum, it is compatible with upgrades for both chains, such as SegWit, Lightning, sharding, state channels, and plasma.
The biggest advantage of Qtum is its dual nature, which enables it to be compatible with both ETH and BTC. For example, as it uses the EVM (Ethereum Virtual Machine), all Ethereum smart contracts can be deployed on Qtum and vice versa. From a technical perspective, QTUM has many advantages in terms of scalability and security. The downside is that the coin requires long processing times for its transactions. On average, Qtum has to go through 24 confirmations to process the transaction, which can add up to 60 minutes. Another disadvantage is that it is not so popular as a payment method for sports betting.
Depositing QTUM on betting sites first requires you to sync your wallet with that of the betting site. You will have to look on the site for the specific wallet address the sports betting has for QTUM deposits, sync with it, copy the address, and go to your own wallet to make the allocation. Withdrawals function on the same principle only in reverse. First, send a withdrawal request, and after approval, place the address of your external wallet where you want your coins to be sent. The problem is that you will not find more than a dozen sports betting sites where QTUM payments are supported. Most bookmakers that accept QTUM betting are crypto-only and are usually small sites. Click here if you want to know best crypto only sites.
Crypto coins are usually very volatile assets, with their prices going up and down sometimes hundreds of dollars in a day. Even if this can greatly affect your losses as an investor, there is also the chance of seeing huge gains in your asset’s value. Now, imagine that you can multiply your asset by playing with it at a sports betting site.
While this would be feasible with higher-value cryptos, such as BTC, BCH, or ETH, QTUM is one of those coins that have not seen any significant price movements in the past year. Based on its blockchain structure, QTUM is considered to be secure against most attacks, including double-spending ones. Thus, it can be used as a payment method without any worries. Even though it does not have any special implementations that make you anonymous, your Qtum transaction history is only tied to its native ledger, not your bank account. However, you will have to be very careful regarding what type of sports betting platform you use, preferably one that adheres to a provably fair policy or has games which are licensed by reputable providers.
QTUM is ranked as the 36th crypto according to a market cap of $205.978.229, currently changing hands at $2,14. As the coin is still among the top 50 cryptos, trading for the coin is available on around 60 exchanges, such as Binance, Bitfinex, Bithumb, Bittrex, BitMart, CoinBene, HitBTC, Huobi, Kraken, and Gate.io.
The most popular pairings with QTUM are against the three top cryptos, Bitcoin, Ethereum, and Tether. But there are also several fiat pairs. So, EUR options are supported on four exchanges, including Kraken. South Korean users have seven fiat options with the Korean won at exchanges such as Bithumb, UPbit, Coinone, and OKEx Korea. There are nine exchanges that support the QTUM/USD pair: Kraken, Bitfinex, Binance.US, EXMO, Liquid, Exrates, IndoEx, Alterdice, and P2PB2B.
After you have set up your QTUM wallet, you can now sign up on an exchange platform that supports the pair you are interested in (for example qtum to btc or qtum to eth exhange). You will be required to provide ID details and information on QTUM exchange that have fiat purchases. After your account has been confirmed, you will have to create a buy order with your QTUM pair. There is also the option of swapping another coin from a wallet that has built-in exchange features to turn your other cryptos into QTUM.
Qtum is not a common payment option on sports betting sites, as you can only find around a dozen platforms that enable QTUM betting. But if you really want to play using your Qtum, know that you will be limited in terms of options.