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Qtum Wallet

Updated: Apr 10



When looking for secure wallets for your cryptocurrency, consider the Qtum wallet. These types of wallets are secure, however, it takes some familiarity and ease and may not be suitable for beginners.


Quantum (Qtum) is a blockchain platform, which is being designed to enable developers to build smart contracts and applications. It is a hybrid open-source Bitcoin and Ethereum platform. What makes it a hybrid is the addition of a layer of account abstraction of a bitcoin fork code, allowing sidechain integration with Ethereum virtual machine. Qtum is originally developed in Singapore, and is focused on the mobile dApp market. It is also one of the first to initiate the Proof-of-Stake blockchain network.


Qtum is blockchain ready for business. It is a business-friendly smart contract platform that provides standardized, stable, and safe development for smart contracts allowing coding, deploying.


It is a credible decentralized application platform compatible with existing blockchain infrastructure, modularized so new technology can always be accommodated. It provides enterprise blockchain services for enterprise clients.


Here is a guide or a wallet tutorial of the Qtum QT Wallet.




My Wallet


In 'My Wallet Page, you can find there the following sections. Balances which is subdivided into sections: Available, Pending and Total. The Other Tokens section shows any tokens owned by the owner. It also displays balance and contract information. The 'Transactions' section contains both incoming and outgoing transactions and also includes stakes coins.

Basic Wallet Functions


On the left side of the wallet, you can find basic wallet functionality such as: Send, Receive, Smart Contract and Transactions, which will display a more detailed and full historical set of transactions.


Send Menu


On the Send menu, you can find their different functions, all are quite basic to learn and use.

Pay to: Here we’ll enter the address we want to send Qtum to. Remember, only Qtum addresses will work on this platform.


Label: This is optional and may not be filled every time you send money. This is also just a name/tag


Amount: Here we enter the amount of Qtum we want to Send


Once all fields are covered, click on the “Send” button and the Qtum coins will be sent to the address entered above.


Receive Menu

Here, you can display your Qtum wallet address and even generate new ones!


This is useful for receiving payments from more than one sender and helps you keep track of each transaction.


To obtain the deposit address, simply click on “Request Payment” and you’ll see a popup dialog show up with your Qtum wallet deposit address. Here you can receive coins from your exchange or other users.


Transactions


Here you can see both incoming and outgoing transactions, shows every historical transaction.


Wallet Encryption


First, it is advised to encrypt the wallet before making the backup, this will allow the backup to be encrypted as well. Go to settings -> Encrypt wallet.


After getting the wallet encrypted, you are now ready to enter the password for the wallet. Take note, however, that the password should be remembered as, without it, you will lose access to your Qtum account. Some people write their password on paper and keep it in a safe, secure place.


After that, the platform will send a warning to remind you to save/remember the passphrase, as it is very important to access your Qtum account.


Remember, Qtum 0.18x may be a bit different as the wallet does not restart after encrypting. There will only be a dialogue box alerting you that the wallet is already encrypted.


Unlock Wallet


To unlock the wallet, click Settings and find in the drop-down menu, the Unlock Wallet option.

Wallet Backup


You should make a backup after encrypting the wallet. To access the backup option, go to File/Backup Wallet and then enter the route and name.


After the backup's name is entered and the route verified, click save to successfully back up the wallet.


Restore wallet backup


Go to File -> Restore wallet, this will open a dialog, which will allow you to restore directly from the Qtum-core QT wallet!


In the Restore Wallet section, you can select the wallet backup with the Reindex option selected. The Salvage wallet option may also be used if necessary.


Staking


The following are conditions for staking to take place.


(1) You must have a transaction with more than 500 confirmations on the blockchain

(2) The wallet must be unlocked before staking (preferably before reaching 500 confirmations on your inputs).

(3) The wallet must be open at all times, otherwise, even if your coins are matured, they won’t be able to stake.


Access the console tab


On Qtum 0.18x, the console tab can be accessed from the "Windows" menu. The console tab is mostly for more complex and advanced transactions and uses, and is incredibly useful. It can perform actions that cannot be performed using the graphical interface.


The following link: https://docs.qtum.site/en/commands/ will show you more on how to use the console tab.

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