Stellar is an open-source, decentralized blockchain platform. Created to conduct fast and cheap transactions between users of any country. The advantage is scalability, high performance and low fees. The Stellar project actively cooperates with financial institutions. In particular, they are supported by IBM. It uses a blockchain platform to make international payments.
The internal unit of payment is the Stellar Lumen (XLM) cryptocurrency. Its value as of December 16, 2021 is $0.26, and its capitalization is $6.6 billion. There are 24.6 billion XLM in circulation, the maximum emission is 50 billion. In the review, the editors of Profinvestment.com will talk in detail about how to create a Stellar Lumen wallet, where is the best place to store the coin, what is the receiving address, will give examples of the best wallets and answer questions other questions.
List of wallets for Stellar Lumen (XLM)
Wallets for Stellar cryptocurrency:
- Desktop: Exodus, Guarda, Atomic Swap Wallet, BlockEQ, Foxlet, Stargazer.
- Online: Guarda, Bitpanda, Morph, Stellarport, Astralwallet, Firefly, Interstellar, Lobstr, Papaya, Saza, Stronghold, Smartlands.
- Exchanges: Exmo, Binance, etc.
- Mobile applications: Guarda, Morph, Lobstr, BlockEQ (Android), Papaya, Centaurus, Clic Wallet, Interstellar, Stargazer, Firefly (Android).
- Hardware: The Ledger Nano S wallet supports XML storage as of November 2022.
The wallets listed are not official, but allow you to receive, send and store Stellar Lumen (XLM). Their list is provided on the project website stellar.org (section “Wallets”).
Content
- How to choose a Stellar wallet
- How to create a Stellar wallet
- Cold Wallet Ledger
- How to top up your Stellar wallet
- How to recover a Stellar wallet
- Conclusion
According to many experts, Stellar Lumens (XLM) is one of the most promising cryptocurrencies. This project was developed with the aim of providing users with the maximum level of security, as well as ensuring comfort while working in the system itself.
The Stellar Lumens platform is the actual “double” of the Ripple cryptocurrency. Its creators, Joyce Kim and Jed McCaleb, were among the founders of Ripple. In early 2014, they announced their first token, but Ripple received a lot of criticism regarding its lack of decentralization, so Kim and McCaleb developed a new cryptocurrency, Stellar, in 2015.
This cryptocurrency is worthy of attention if you want to try your hand at the crypto market. Before you begin, you should make sure you know everything about crypto wallets that can be used to store Stellar.
Official wallet for Stellar
As already mentioned, representatives of the project on the website stellar.org in the “Wallets” section provide a list of current Stellar wallets. They are all created by third party developers, so the Stellar project includes a disclaimer regarding their work.
The official wallet for Stellar is an online page where a new private key and cryptocurrency address are generated (key import is also available). The link to it is located above the list of all proposed wallets.
By clicking on the link you can get to a lightweight client for working with the Stellar XML cryptocurrency.
To log in, you can specify a private key if you already have one. To create a new wallet, click “Generate”. A window will open with the private key (Secret Key) and address (Public Key). Save the secret key in a safe place (on a piece of paper, flash drive, etc.). You will receive cryptocurrency to a public address; it must be indicated when purchasing in crypto exchangers, transferring from a crypto exchange, making a p2p exchange with other people, etc.
After that, log in using the received private key and click “Sign in”.
The Stellar wallet interface is very simple. The top section displays your balance, address, and a notification that you need to transfer 1 XLM to activate. In the middle is a form for transferring crypto coins to another recipient, for example to an exchange or exchanger. At the bottom is the transaction history.
Everything is very clear and without unnecessary details. But when using this wallet, pay attention to the safety of the secret key and protect your computer from malware, spyware, etc. that steal data. Installing an antivirus is required!
More about the STR coin
Lumens is a special project, the founders of which paid due attention to the level of safety and convenience of users when using the system. The crypto agreement platform is decentralized and can be used to support any type of crypto. Using the built-in exchanger, you can make instant transactions.
The main principles of the concept and features of Stellar:
- General system decentralization.
- Proper distribution of resources.
- Using a trust protocol.
- Consensus and multi-currency platform.
Stellar is the latest technology that makes it possible to transfer tokens between users and financial institutions as easily as sending regular emails. The existing internal exchanger charges a minimum commission from clients.
Local wallet for Stellar Lumen cryptocurrency
Let's take a look at local cryptocurrency wallets that support Stellar storage. They are also called desktop because they are installed on a computer.
To select, go to stellar.org, in the “Wallets” section, select the “Desktop Wallet” tab.
- Consider the BlockEQ client. From the description it follows that this is an open-source wallet that provides a seed phrase for recovery and, most importantly, only you own it. All necessary operations are available: receiving, transferring and trading on a decentralized exchange. You can install it on your computer or download a mobile application.
To install, go to blockeq.com and click “Downloads wallet”. Select operating system: IOS, Android, Mac OS, Windows. The installation file for Windows 10 takes 42 MB.
Step-by-step instructions for installing the BlockEQ wallet:
- Run the installation (exe file).
- Select "Great Wallet"
- Write down a 24-word phrase in English.
- Create a four-digit PIN code. Repeat it on a new page.
- The BlockEQ wallet for Stellar has been created. Automatically go to its interface.
- To activate, send 1 XLM to the address (public key).
As you can see, there are no difficulties. The process takes no more than 5 minutes. It will take a lot of time to write down all 24 words of the seed phrase. They must be preserved. Again in the “Setting” section you can see the words after entering the PIN code. Another option is to take a photo of them on your phone, but this is not very safe if it is hacked.
In addition to the Stellar cryptocurrency, you can store: Bitcoin, Bitcoin Cash, Dash, Ethereum, Litecoin, Monero.
In sections:
- “Receive” - receiving a public address;
- “Send” – withdrawal of coins from the wallet, transactions up to $0.00001 are supported;
- “Trading” - decentralized cryptocurrency exchange;
- “Setting” - setting a new PIN code, viewing a mnemonic phrase, deleting a wallet.
Review: BlockEQ is one of the best wallets for Stellar. The positive points include:
- Saving the BIP39 standard seed phrase and exporting it to other wallets.
- Conducting microtransactions.
- Easy installation.
- Support for other cryptocurrencies.
- PIN code protection.
- Built-in coin exchange.
- Detailed balance view.
Cranes
The easiest way to get crypto coins is to visit special sites - cryptocurrency faucets. A cryptocurrency faucet is a special website where you will need to complete simple tasks for a reward. Typically, these are websites with advertisements that reward you with a small amount of money for viewing them.
The most famous faucets working with Stellar Lumens:
- Freebitcoin;
- CREX24;
- CoinPayU.com.
You can receive coins on different faucets with different time intervals, from 4 to 60 minutes. Sites that allow you to earn coins can be divided into two groups:
- discrete faucets are services that pay out earned coins at certain intervals;
- savings faucets – sites where withdrawal of funds is possible only after the required amount has been accumulated.
Earned coins can be freely exchanged for real money. The exchange is carried out on cryptocurrency exchanges and online exchangers.
Online wallets Stellar
A list of online wallets be viewed on stellar.org in the “Web Wallets” section.
For example, consider the Astral and Stellarport web services.
- Astral is an online wallet, to create which you will need to provide an email and password, i.e. go through the standard registration procedure. Private keys are not under your control. To protect against hacking, the 2FA function is implemented.
The next step is to set up two-factor authentication (2FA). You need to download the Google Authenticator application to your phone, install, launch and scan the QR code. Enter the resulting six-digit code into the registration form line. Don't forget to save the key or QR code. This completes the installation.
Astral wallet review. At the top of the page you will see the address (“Address”), XLM balance and a link to set up 2FA. In the middle is a form for transferring Stellar cryptocurrency to another recipient address. Below is the transaction history. “Buy XLM” - buying a coin, the section is in testing. "Logout" - exit.
- Wallet "Stellarport".
Unlike the previous wallet, private keys are generated locally, i.e. in the browser. They are stored in his memory for 20 minutes and then deleted.
Instructions for registering a wallet:
- Go to stellarport.io.
- Click "New Wallet".
- Select the installation and subsequent login method. “Generate New Key Pair” - generating a private key and address in the browser. “Generate Keystore file” - generates a file in which data (keys and addresses) is encrypted. “Use my Ledger wallet” - login using the Ledger hardware wallet.
- We selected "Generate New Key Pair". Next, click on the button, get the Public Key and Secret Key (to view, click on the “peephole”). Drag the slider to the right and click Next.
- Log in to your Stellarport wallet. In our example, you should specify a private key.
General view of the online service:
Sections:
- “My Public Address” is the address for receiving Steller cryptocurrency.
- “Balance” - balance check.
- “Pay” - XML transfer to another address.
- “Deposit” - replenishment of the deposit with other cryptocurrencies with the possibility of subsequent exchange.
- “History” - history of financial transactions.
Hardware wallets for Stellar storage
Hardware wallets that allow you to store Stellar Lumen are Ledger Nano S and Ledger Blue. It is recommended to purchase them at high turnover and when storing a significant amount.
This type of wallet is the safest way to store crypto assets and conduct transactions. The cost of Ledger Nano S with all taxes is 99 euros. Delivery is carried out by postal order from France to most countries of the world, including Russia, Belarus, Ukraine.
Instructions on how to buy Ledger:
- To purchase a wallet, go to the official website ledger.com.
- Specify quantity and add device to cart.
- Go to cart and proceed to checkout.
- Provide the required information (address, first name, last name, country, zip code, phone number). The form must be filled out in Latin.
- Check the data and proceed to payment.
- Pay for your purchase using bank cards, cryptocurrency, Qiwi, PayPal.
- Please allow several weeks for delivery.
When you turn it on for the first time, you will need to enter a PIN code and write down a seed phrase. The wallet is connected to the computer using the cable included in the package. A program for managing crypto assets on a device is Ledger Live. With its help you need to add the Stellar application to Ledger.
Anchor system
Stellar Lumens consists of anchors or peers that are located all over the planet, in almost every country in the world. An anchor is a structure engaged in the storage, transfer and issuance of financial assets. It creates contact between the Stellar network and the various currencies of the world. These may be companies involved in data storage and transfer of funds, banks and other financial organizations.
Ensuring complete decentralization is achieved by the independence of anchors from each other. Consensus of the SCP network is ensured by synchronizing anchors every second. A unique algorithm called the Stellar Consensus Protocol (SCP) keeps everything in sync.
Cryptocurrency exchanges
You can trade, buy, sell and store the Stellar XML cryptocurrency on crypto exchanges. The most liquid platform is the Binance exchange (currency pairs XML/BTC, XML/USDT).
On Binance, trading is carried out only in cryptocurrencies; fiat deposits or withdrawals are not available. Without passing verification, you can withdraw an amount equivalent to no more than 2 BTC. Registration is available without restrictions, including for clients from Eastern Europe. Trading commission - 0.1%.
- Fiat crypto exchange Exmo. Available pairs: XML/USD, XML/RUB, XML/TRY, XML/BTC. No verification is required to trade cryptocurrency. There is no need to go through it when using most payment systems: Advcash, Payeer, Qiwi, Yandex Money, etc. But when using bank cards and Skrill, Neteller transfers, the procedure for confirming your identity and residential address is required.
Two trading orders are available: by market (instant execution) and by limit (the order falls into the order book). Specify the quantity and price when placing a limit order, in a market order - only the XML quantity. Commission - 0.2% of the transaction volume. The purchased crypto coin is stored in the wallet, it can be transferred to another address or wait for the price to increase in order to sell the cryptocurrency at a higher price. But storing large amounts on exchanges is not recommended.
How to mine STR
An active type of mining, as is the case with Bitcoins, is impossible. There is no need to purchase tons of video cards and cooling equipment. In the case of Lumens, you do not need to consume a large amount of electricity. Is mining possible in this case? active - no, passive - yes!
The developer invites you to take part in voting for XLMPool. This pool is an analogue of classic services, which distributes a certain number of coins to each new user.
Experts called this “generosity” passive mining. You just need to register, and every week a certain number of tokens will be transferred to your account. The profit in this case is low, but passive.
Before you start joint mining, carefully read the rules for using the system. Receive a stable income, invest your own capital and by the end of 2021 you will have a decent amount after exchanging crypto for dollars.
