Ubiq is an underrated yet nevertheless exciting project that shares a similar codebase and functionality to Ethereum. Even though it is not yet as celebrated as its big brother, Ubiq could prove to be a diamond in the rough with massive gains ahead of it.
In this guide, we will explain exactly how and where to purchase UBQ in a fast and accessible way.
What is UBQ?
Ubiq is a blockchain that allows the use of smart contracts to create decentralized applications, tokens, and NFTs. Smart contracts allow for advanced programming of a blockchain to create applications and issue new tokens and NFTs. Decentralized applications (Dapps) run much like standard applications except that they are not controlled by a centralized server and instead rely on blockchain technology and a native currency to function.
UBQ is the native cryptocurrency of Ubiq in the same way that ETH is the native cryptocurrency of the Ethereum blockchain. Users must use UBQ to interact with the blockchain and take advantage of its previously listed features.
Ubiq uses a similar codebase as Ethereum but with a few key differences. For example, while Ethereum is transitioning to a proof-of-stake consensus mechanism (where the final settlement of the blockchain is approved by users who have staked their tokens in exchange for this privilege), Ubiq plans to continue running on a proof-of-work mechanism (where ‘miners’ compete to solve cryptographic puzzles to settle the blockchain) similarly to Bitcoin. While proof-of-stake is considered more energy efficient by some, proof-of-work optimizes for immutability and censorship resistance.
Now that you know what UBQ is and why you may want to hold it, let’s take a look at how you can buy and hold it.
Step 1: Register on Fiat-to-Crypto Exchange
The first step is to register on a Fiat-to-Crypto exchange so that you can buy cryptocurrencies with your fiat money. Converting fiat into crypto is generally the biggest hurdle to entering the crypto economy, so it is important to choose an exchange that makes this process as easy as possible for you.
CryptoWallet provides one of the most seamless and intuitive options for registration on a fiat-to-crypto exchange. The CryptoWallet app is intuitive, easy to use, and available on both the Apple and Android app stores. In addition to this CryptoWallet also offers a revolutionary crypto debit card that allows you to spend your crypto anywhere that accepts debit payments.
Once you have downloaded the app and completed registration you are ready to move on to the next step, which is to buy a cryptocurrency of your choice with fiat money.
Step 2: Buy BTC with Fiat Money
The next step is to actually purchase cryptocurrency using your fiat money. CryptoWallet offers an excellent choice of five major large-cap cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT). You can even pay with your debit or credit card, making purchasing crypto as easy as regular online shopping.
We recommend purchasing Bitcoin (BTC) since it is the most recognized and widely accepted cryptocurrency. Many exchanges also use BTC as a trading pair, meaning it is easy to trade from BTC to other cryptocurrencies like UBQ.
Once you have purchased BTC you are ready to trade it for UBQ which we will show you how to do in the next step.
Step 3: Transfer BTC to an Altcoin Exchange
Now you are ready to transfer your BTC to an altcoin exchange and trade it for UBQ.
Ubiq (UBQ) is currently supported on Bittrex, an American altcoin exchange with a good reputation. You will need to sign up for an account on Bittrex which should not take long since fiat money will not be involved (you are only trading crypto to crypto) and this means less hassle when registering.
Once you’ve signed up for Bittrex, navigate to your Bittrex wallet and find your BTC receive address. You can then copy and paste this address into the ‘Send To’ field on the CryptoWallet app to send your BTC from CryptoWallet to Bittrex. It may take 15-45 minutes for your Bitcoin to arrive on the new exchange.
Once your BTC has arrived on Bittrex you can search the site for the BTC/UBQ trading pair and make your trade from BTC to UBQ.
If you have followed to this point you now own UBQ. The last step is to find a secure place to store it, which we will cover next.
Last Step: Store UBQ Securely
Now that you own UBQ it is time to consider how you will store it moving forward.
You have two major options for storing cryptocurrencies like UBQ. The first is a software wallet. This is an app such as CryptoWallet which allows you to securely store your keys online. This is the best option for small to medium amounts and if you are looking to access and use your crypto regularly.
CryptoWallet is an excellent option for storing large-cap cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT) since it is secured by BitGo, a leading digital asset custodian. CryptoWallet allows you to trade, sell and even spend (using the unique crypto debit card) your crypto with ease. Unfortunately, it is focused on the large-cap cryptos listed above so it is not an option for UBQ.
Some other software wallet options support UBQ, it is best to do your own research and find one that fits your needs. Be sure to be mindful of the wallet’s reputation before sending any funds.
Another option for storing crypto is to use a hardware wallet. This requires you to purchase a device such as a Ledger or Trezor and can be slightly inconvenient if you need to access your crypto regularly. However, hardware wallets are generally the most secure option since your keys are stored offline. If you do not need to regularly access your crypto, are storing it for a long time, or are storing large amounts, you should consider using a hardware wallet.
Other Useful Tools for Trading UBQ
Other useful tools for trading UBQ include price feed sites such as CoinGecko.com or CoinMarketCap.com. These sites provide you with an up-to-date tracker of the current price as well as other useful statistics such as price history, total market cap, and daily trading volume.
In addition to this, the Ubiq ecosystem provides a host of other useful tools for trading and using UBQ. This includes a decentralized exchange (DEX) protocol called Shinobi. Decentralized exchanges like Shinobi allow you to make trades directly from your wallet without having to give up custody. As a Ubiq DEX, Shinobi allows you to trade between UBQ and other tokens which have been created on the Ubiq protocol.
You May Also Like
If you like UBQ you may also be interested in both Ethereum and Ethereum Classic. Ubiq uses what they call an ‘improved’ version of Ethereum’s codebase, thus they share many similarities in terms of functionality.
Ethereum Classic meanwhile is an earlier version of Ethereum that will maintain its proof-of-work consensus method and emphasis on immutability, making it very similar to Ubiq. Despite the similarities with Ethereum Classic, Ubiq’s codebase is based on what is now known as Ethereum and not Ethereum Classic.
Can I buy UBQ with cash?
Unfortunately, you cannot buy UBQ with cash.
However, you can use CryptoWallet to purchase BTC with your credit or debit card and transfer your BTC to an altcoin exchange to trade for UBQ.
Are there any quick ways to buy UBQ in Europe?
The quickest way to buy UBQ in Europe is to use the CryptoWallet app to buy BTC and send the BTC to an altcoin exchange to trade for UBQ.
Are there any alternative platforms to buy UBQ or Bitcoin with credit cards?
There are alternative options, although we are confident that using CryptoWallet to buy BTC with your credit card and trading that BTC for UBX on an altcoin exchange will provide you with a straightforward and secure process.