Stellar is a real-time currency trading platform. Stellar is designed for foreign exchange transactions. The software code of Stellar is available for everyone to study. The servers run the software implementation of the protocol and use the Internet to connect and exchange data with other Stellar servers, forming a global currency exchange network.
What is Stellar (XLM)?
Lumens (XLM) is Stellar’s proprietary cryptocurrency. The main concept of the project is the operation of a decentralized network based on peers. At the same time, millions of processes are taking place in the system, which, are supported by a maximum number of independent servers. Thus, the condition of uninterrupted operation of the platform is achieved even in the event of failure or disconnection of one or more support levels. The Stellar consensus protocol is based on an algorithm that uses quantum slices to validate and confirm a transaction.
Pros of Stellar Lumen coins:
- decentralized platform;
- equality of rights for all network users;
- instant transactions;
- multicurrency and support for many financial and banking systems, such as IBM;
- network security due to crypto-encryption and node autonomy.
Cons of Stellar Lumens coins:
- Stellar cannot be mined: all tokens have already been created and are freely available;
- the entry threshold is defined in the Stellar system: you can become a user of the platform if you have 20 XLM in your wallet balance. This decision was made only for the purpose of additional protection of the platform from attacks by spammers.
How do I Create a Stellar Wallet?
Stellar has achieved impressive success. His tokens burst into the top 10 of the Coinmarketcap site. At one time, investments in Lumens exceeded $ 10 billion. More and more people are using Stellar’s services. To buy XLM, you must first create a Stellar wallet.
Stellar wallets as standalone devices
The market leader in hardware wallets is the Ledger, which keeps your lumens completely safe. If you are looking for a wallet to store your lumens, then there is nothing better than the Ledger Nano S. This device is practically unbreakable. It is very easy to use. It can also store other cryptocurrencies like BTC, ETH, or XRP.
Stellar Wallet for Personal Computers
A special program Stellar Desktop Client has been developed for use on personal computers. It provides full functionality for XRP management. Its level of protection is less secure than hardware wallets. You will need to carefully guard your computer, as the private keys from the wallet will be stored on your hard drive.
Stellar Mobile Wallets
Stellar is committed to mobile payments. For smartphone owners, there is a good Lobstr app. It is a functional and easy-to-use mobile wallet. It can be used on all popular mobile devices. It can be mastered in a couple of clicks, but mobile devices do not offer a 100% security guarantee.
How do I Buy Stellar?
Lumens recently changed their ticker from STR to XLM. Some exchanges have not yet had time to update the information. Look for both tickers when you start trading. This cryptocurrency is traded on most major altcoin exchanges.
There is currently no reliable and easy way to buy Lumens with fiat currency. To do this, you need to use buffer cryptocurrencies. Consider buying Lumens on the Binance exchange.
Buy Stellar (XLM) with Visa or MasterCard
Major exchanges do not offer the ability to buy Stellar with a credit card. Binance is no exception in this regard. The only option is to buy a cryptocurrency for fiat currency, which can be exchanged for XLM. Stable coins such as Tether (USDT) are best suited as a buffer cryptocurrency. They have a stable exchange rate, so you can plan the volume of the Lumens acquisition and not worry about fluctuations in value. When buying, it is worth considering transaction fees as well.
Buy Stellar Lumens with Ethereum on the Exchange
You can buy Stellar on Binance for US dollars. But we will consider exchanging dollars for a buffer currency. The most convenient for these purposes is Bitcoin. To do this, you will need to create an account, exchange USD for BTC, which will subsequently be exchanged for XLM.
If your Binance account already has funds, then you can start the Stellar Lumens purchase process. To do this, select the Exchange item from the menu, and then Basic. On the right side of the screen, click on BTC. Search for XLM and then click on XLM / BTC. You are now at the Stellar Lumens / Bitcoin trading screen. You need to find the Buy XLM panel. Next, click on Market. This way you will automatically be able to find the current best price for Stellar Lumen.
Next, you need to indicate the number of Stellar (XLM) that you plan to purchase. You can use all your Bitcoins by clicking on the 100% value. Click on the Buy XLM button. Congratulations, you have successfully purchased your first Stellar Lumens. If you plan on storing your XLMs for a while, it is best to transfer them to your own Stellar wallet.