Abbreviated as XLM, ranked number 14 on Coinmarketcap, and with a market cap of $1Billion+, Stellar is an open-source network for currencies and payments.
The blockchain project makes it possible to create, send, and trade digital representations of all forms of money—dollars, pesos, bitcoin, pretty much anything. The way is it designed is that so all the world’s financial systems can work together on a single network.
Who Owns Stellar?
Stellar has no owner. Here is why.
Stellar’s software runs across a decentralized, open network and handles millions of transactions each day. Like popular cryptos Bitcoin and Ethereum, Stellar relies on blockchain to keep the network in sync, but the end-user experience is more like cash—Stellar is much faster, cheaper, and more energy-efficient than typical blockchain-based systems.
What is Stellar Lumen Used For?
Stellar is majorly used for creating a digital representation of a U.S. dollar. On Stellar you might want to call this a “dollar token.
The amazing thing is, even if it’s regarded as a token dollar, a user can tell the world that whenever someone deposits a traditional dollar with you, you’ll issue them one of your new tokens.
That is to say, when someone brings that “dollar token” back to you, you promise to redeem it in turn for one of the regular dollars in that deposit account.
Essentially, you set up a 1:1 relationship between your digital token and a traditional dollar. Every one of your tokens out in the world is backed by an equivalent deposit.
So while people hold the tokens, they can treat them just like traditional money, because they know that they’re exchangeable for traditional money in the end.
What is the Future of Stellar?
Widely used for its ability to allow a user to create a redeemable, tradable representation of any asset called tokens, Stellar offers a generalized toolkit for anyone to do what Tether did for the Dollar with their USDT, or what Coinbase is doing with their USDC.
Read also: How to get cryptocurrencies using Coinbase
Where can you Buy Stellar (XLM) Coin?
Stellar Lumens is available on Kraken Exchange. Check it out at https://www.kraken.com/
The best way to buy Stellar (XLM) Coin is first buying Bitcoin on Coinbase. When done, you transfer it to Kraken and use it for Stellar.
As in,
- Buy Bitcoin first – Coinbase.comm
- Send the Bitcoin to Kraken.com
- Request to buy Stellar.
Also See: Difference between Coinbase.com and Coinbase Wallet.
How to Buy Stellar Lumens in the United Kingdom
Step 1. Buy Bitcoin on Coinbase
You need to sign up for an account and buy Bitcoin on Coinbase first. Here is how to sign up on Coinbase.com.
Also, here is how to buy Bitcoin on Coinbase. Check out a video guide as well.
Step 2. Sign up for a Kraken account
After buying Bitcoin from Coinbase, you need to get started on Kraken. Click here to sign up on Kraken.
Step 3. Verify your account
All you need is the starter verification since we’ve already bought Bitcoin from Coinbase.
With “Starter” verification, you can buy BTC with other cryptocurrencies. All you need to do is provide your name, date of birth, country, and phone number.
Step 4. Transfer Bitcoin to your Kraken Account
Go ahead and transfer the Bitcoin purchased on Coinbase to Kraken.
Step 5. Order for Stellar Lumens (XLM)
Once your account is funded with fiat, you’re ready to purchase your stellar.
At this point, you’ll also have access to Kraken’s advanced charting tools, 24-hour global client support, and the ability to utilize the trading platform. See below.
Read Also: everything you need to know about Status Blockchain Project
Final Note
That is the story of Stellar Lumens and its specialty.
Did you know that every Stellar Lumen account is required to hold a small number of Lumens to act as a barrier against spamming the Stellar payments system?
With this unique state of Stellar, a user can send any currency that they own to anyone else in a different currency.
And lastly, it might gladden you to know that Stellar also supports smart contracts.
Ref: https://casterlycoin.com/ | Download free Crypto tools.
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