How to Convert QTUM to BNB
Nowadays exchanges have made the conversion process of various types of cryptocurrencies simple and quick and the QTUM to BNB conversion is no exception to that. With Rubix, you can convert your QTUM funds to BNB instantaneously. The process is simple and efficient.
Rubix offers you a host of benefits such as a user-friendly, easy-to-navigate platform, the best exchange rates, and instantaneous, hassle-free transfers. Plus, the security is top notch. There are several encryption and account protection systems in place to safeguards your data and investments.
About QTUM & BNB
What is Qtum?
QTUM is a project that was founded in 2016 by the QTUM foundation, a company based in Singapore. The ICO (Initial Coin Offering) took place in March 2017 and it managed to raise $15 million. QTUM officially went live in October 2017.
QTUM is a cryptocurrency that tries to combine the best aspects of both Ethereum and Bitcoin. It uses the Bitcoin blockchains’ transaction model (UTXO) for its safety features and for general transactions, and uses an additional layer similar to Ethereum’s Virtual Machine (EVM) to create smart contracts, as Ethereum does. Smart contracts are chunks of code that, after being verified by the blockchain, form a digital contract that cannot be revoked.
Just like Ethereum, QTUM is programmable and can be used to develop applications that run on the blockchain directly. It is able to make these two components from different blockchains interact due to unique Account Abstraction Layer (AAL) technology. By offering Ethereum’s development capabilities and Bitcoin’s secure transactional model, QTUM hopes to become a platform for business-focused decentralized programs and applications.
QTUM differs from Bitcoin and Ether in that it uses a version of the Proof-of-Stake system called MPoS (Mutualized Proof-of-Stake). Bitcoin and Ether use the PoW (Proof-of-Work) consensus algorithm. One of the more prominent drawbacks of the PoW system is how much energy it takes to operate. This is not the case with the PoS consensus algorithm, which requires much fewer resources and is a lot more energy efficient. Ethereum plans to shift to the POS system in 2022 as well.
The QTUM coin’s primary purpose is to pay for transactions on the QTUM blockchain. The coin also offers owners the ability to vote for the development of the software, giving them some degree of influence over how they would like the software to be developed.
What is Binance Coin?
Binance Coin (BNB) is the token issued by the Binance cryptocurrency exchange, which is one of the largest cryptocurrency exchange platforms in the world (over 1.4 million transactions a second). Initially, it was based on the Ethereum platform as an ERC-20 token, but became the native token of the Binance Chain (Binance’s own blockchain). It launched during the official ICO offering in July 2017.
It was originally created as a utility token for discounted trading fees in 2017, but has since developed and become much more popular. It is still used for the payment of transaction fees on Binance and Binance Chain (users receive a discount for doing so), but has developed many other uses and applications.
The Binance Coin is now used globally to make digital payments. It is possible to purchase goods and services online due to the increasing popularity and acceptance of the coin. Some examples include making credit card payments, buying virtual items, and paying for travel arrangements.
BNB can be used to interact, trade, and exchange with other cryptocurrencies. It is, after all, a cryptocurrency itself. It is ideal for transaction-based applications and carrying out peer-to-peer trades. The Binance Coin can also be used to invest in cryptocurrency. Investing in the Binance coin itself is a pretty worthwhile venture, due to its strong potential for growth.
Another interesting fact about BNB is that the company buys out these coins quarterly using 20% of their profits and then burns them (puts them out of circulation). This is done to increase scarcity and stabilize the value of the BNB. They plan on doing this until half of all 200 million BNB are depleted.
Convert QTUM to BNB using Rubix
You can use Rubix to conveniently convert QTUM to BNB. Rubix offers you the most cutting-edge technology in its currency conversion tool. It is simple and easy to use. All you have to do is enter QTUM as the currency you wish to trade, BNB as the currency you wish to trade to, and confirm the transaction.