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
Ripple XRP Mega Breakout: What’s Next?
The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:
Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.
XRP is now sitting at .51704 as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.
Ripple XRP Mega Breakout
The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.
While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…
Litecoin Cash (LCC): The potential mover?
Litecoin underwent a hard fork in the past, and that is what led to the creation of Litecoin Cash. Bitcoin has also experienced a hard fork, which has led to the creation of Bitcoin Cash, so this trend is not necessarily brand new.
Forks have occurred pretty often now in the cryptocurrency community, and the perception is that it probably will continue to, as long as the need (forks are often created to overcome issues faced by the originals) remains there.
While the market has been bearish for most of the year, it has been showing some definite signs of life, especially when we look at the kind of price action that has been happening with Ripple recently. Litecoin is also rising in anticipating of its hard fork, which is to be expected.
For those who are unaware, Litecoin Cash was created earlier this year. 10 Litecoin Cash was given to every investor who had 1 Litecoin – and that one move, it’s easy to see, was very massive concerning value.
Charlie Lee, the founder of Litecoin, has come out against LiteCoin Cash, calling it a scam. Many cryptocurrency influencers have come out against Litecoin cash, although there are still others that believe that this is only because the project threatens them.
PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying…
The Stage is Set for Stellar XLM vs XRP
The digital asset of XRP, did something spectacular on the 18th of September when it shocked the crypto-markets by rising in value by 21%. In a time period that was less than 5 hours, XRP spiked from levels of $0.273 to those of $0.332 and has continued rising. The digital asset is currently valued at $0.36.
The reason for the sharp increment in value of XRP was news that the Ripple company was going to launch xRapid in the next month or so. This was after the firm’s head of Regulatory relations for Asia-Pacific and the Middle East, Sagar Sarabhai, made the following comments during a CNBC interview on the 17th of September:
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”
Stellar’s Cross-Border Payments
The news of Ripple launching xRapid has come 2 weeks after the Stellar project and IBM, announced that they were entering the industry of cross-border payments through their new service known as IBM Blockchain World-Wire. The new payment settlement service has been quoted as being ‘near instant’ meaning that it will probably rival the transactions time seen in the xRapid pilot tests of 2 – 3 minutes earlier on in the year.
Stellar Acquiring Chain…
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