Stellar Lumen’s cryptocurrency gives you a decentralized, international network which enables you to do international transactions very quickly and at a remarkably low cost. That is their goal, to make things swift and painless for you. They do thousands of transactions per second, and it typically takes only three seconds to complete one.
If you’re keeping an eye open on the cryptocurrency market, you know that Ripple has been the star (in performance if not overall price) because it’s just been doing great. This is not that much of a surprise since Stellar Lumen is, in fact, a Ripple fork (they went their own way in 2014).
It’s been a while since that happened, but you can still compare them directly and gain some knowledge. Both currencies are all about international payments (as opposed to a retail currency you can use to buy, say, cigarettes and everyday items) and transfers and they’ve been performing amazingly well.
Stellar’s token (or coin) is called a lumen. They are all pre-mined (which means they don’t need a calculation to become usable). Lumens have been airdropped to qualifying users, and there are around 20 billion lumens in circulation already. This is a huge number when you remember that Bitcoin ‘s maximum number of coins is twenty-one million only. Stellar has a hundred billion lumens available, but they are holding the remaining 80 billion for the time being.
It matters to learn how Stellar works because it affects the currency even before it hits the market. Most alt-coins serve international transactions by converting them into digital currency, sending them around, and then converting them back to fiat money. But that’s not exactly what Ripple or Stellar do.
It works like this. When you go for payment through Stellar or Ripple, the system finds a trusted intermediary that holds the funds turns them from fiat money into digital currency and then does the trick again in the target country. It sounds complicated because it is, but the system is so efficient that it all happens in seconds. It works which is why the financial world is going for it.
Here’s how you can get Stellar’s currency (3 simple steps)
Get a Stellar wallet
This is how you get started. There are several options. Each one has its pros and cons. Consider them.
- Ledger is a market leader. It supports Lumen’s currency (but also Bitcoin, Ether, and Ripple) and it’s very safe to use. It’s un-hackable, and it will make your life so much easier.
- Stellar Desktop Client. That’s an option as well. It sends, receives or trades the lumen currency. The software can never be as safe as a hardware wallet is, but this comes pretty close. It gives you access to the Stellar network so you can do what you need or want.
- Lobstr. It’s a mobile wallet, and it does a good job. You can get it on Android and IOS. It’s user-friendly and functional, but if you go for this mobile wallet (or any other mobile wallet), you need to keep in mind that security is not the best. It’s the price you pay for convenience.
Get some Stellar Lumens
This was the whole point, right? Just be careful. Stellar’s coin is currently trading under XLM, but it used to be STR, so you need to pay attention because not all exchanges have fixed that situation.
The easiest trade you will find is eToro’s Stellar Trading platform. It’s easy and convenient for sure, but you need to keep in mind that this platform will allow you to speculate on Lumen but not to withdraw your coins. Just be aware and choose right.
You also should always know that cryptocurrencies are a risk, not a guarantee.
Use your fiat currency to buy Stellar
The best way to do this, as far as my personal experience is concerned, is CEX, which has been around since 2013 and is a trusted exchange. It’s based in London and is absolutely reliable.
Buy XLM (Stellar) with Bitcoin or Ethereum
You can also buy Stellar’s XLM coin using other digital coins, and you have several options. You can use Binance, Bittrex, Poloniex or Kraken among many other exchanges. They all allow for exchange among Stellar and other currencies. They are efficient and cheap.
You can’t buy Stellar easily with your credit or debit card right now. You have to go through the exchanges. That could be different soon, but for now, it is just like that.
Withdraw your Lumens
This was the whole point. Make sure once you invest your hard earned money on lumens you withdraw them to your very own wallet from the exchange.
Keep in mind that as long as your coins are in exchange, you remain vulnerable. You could be hacked, or you could be theft victim. So plan correctly in a way in which your Lumens are always available to you in your digital wallet.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Theguruseye via Flickr
Here’s Why This Coin Still Has Wings (WINGS)
WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.
Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.
What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.
The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…
6 Blockchain Predictions For 2019
As 2018 moves closer towards its end, investors, developers, and tech enthusiasts are starting to turn their gaze towards the future. 2019 is less than two months away, and it promises new breakthroughs and large changes. This is especially true when it comes to blockchain technology.
While 2018 was an important year for this technology’s development, many are wondering what awaits us in the near future. Because of this, we have created a list of 6 predictions regarding the blockchain, as well as what might happen to it in 2019. Let’s begin.
1. Search for new and better business use cases
Blockchain technology is wrongly seen by many as a magical way to resolve all issues that we struggle with today. However, while it is true that blockchain can help with a lot of them, there are still numerous other problems that are better suited to be solved by alternative technologies. Robotics, AI, and similar technologies are not to be discarded in blind faith in the blockchain.
Researchers and developers have recognized this, which is why 2019 will be dedicated to finding specific use cases for blockchain technology. Blockchain will be used in situations where it can have the strongest positive impact. In other words, the goal is not to find places where this tech can fit, but to find places where it is the best fit.
2. Fixing blockchain industry’s image
For a lot of people, blockchain…
TRON DEX Goes Crazy, TRX Founder Asks For More Projects
Less than a week ago, TRON (TRX) community uncovered a new DEX (decentralized exchange) on Tronscan.org. Since TRON community is among the strongest and most supportive communities to ever support a coin, trading activity on this DEX quickly skyrocketed.
So much so, in fact, that TRON’s founder, Justin Sun, felt that he should share this fact on his Twitter account.
— Justin Sun (@justinsuntron) November 13, 2018
TRON DEX sees massive growth in activity
Since Sun shares a lot of traits with TRX community, such as tirelessness and fascination with this project, he was quick to urge the community to come up with additional tokens and projects.
While Sun’s statement that the activity on the DEX is “going crazy” is pretty accurate, many do not realize just how accurate this is. It should be pointed out that the number of tokens on the exchange was 3 on November 10th, when the DEX was originally uncovered. Today, on November 13th, the number of available tokens has doubled.
In addition, 4 out of 6 trading pairs offered on the exchange have experienced significant gains, with the remaining two experiencing only slight drops. The growth was experienced by Dice/TRX (146%), TronWatchMarket/TRX (8.27%), WIN/TRX (89%), and SEED/TRX (1.73%). The drop was experienced…
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