Stellar (XLM) rate for today
Stellar is a platform for currency transactions. Works in online time. Founders J. McCaleb and Joyce Kim. The platform appeared as a result of separation from the Ripple system in 2014, and for some time it worked on the same protocol. Already in 2015, an open resource was developed for the platform. The work was supported by a non-joint-stock non-profit fund, the Stellar Development Foundation, and was financed by Stripe. To operate, a developed type of electronic currency called Lumen or XLM is used. There are about one hundred billion cryptocurrency coins in total, most of which belong to the organization itself. Starting in 2022, Stellar becomes a leader in the conduct and number of ICOs, taking second place in the ranking. A special feature of the platform is its speed of operations. Today it is capable of supporting about a thousand transactions per second, and the transaction time does not exceed 5 seconds.
- Stellar (XLM) rate for today
- Stellar (XLM) to ruble exchange rate
- Stellar (XLM) to dollar rate
Stellar is a cryptocurrency that quickly entered the top 10
Stellar is a global decentralized financial infrastructure designed for currency transactions, connecting private users, payment systems and businesses. Using the Stellar network, you can create mobile wallets, banking tools, smart devices that pay for themselves, and almost everything related to payments! For online transfers, the internal cryptocurrency Lumens (XLM) is used.
Despite the fact that the Stellar cryptocurrency is a complex distributed system, the developers have made it as accessible as possible to users.
Is it worth buying?
It is impossible to answer this question for you. Cryptocurrencies can be incredibly volatile in price and therefore losses can be severe. You should never invest in Stellar Lumens or any other cryptocurrency unless you have done serious research. Most importantly, you should never invest more than you can afford to lose.
With the large supply of Lumens, the relatively low price of the coin (XLM), and the fact that it is not seen as a good store of value, it is arguably a shady investment at the moment compared to other crypto assets such as Ethereum, Bitcoin and LINK.
However, if more and more people around the world end up using Lumens to transfer money, it could be a different story.
Why did Stellar and the Lumen cryptocurrency arise?
Jed McCaleb, one of the founders of Ripple, and Joyce Kim created Stellar, a fork of the Ripple network (which has significant centralized influence), in 2014 to try to solve this problem.
Before creating its own protocol, the Stellar platform used the Ripple protocol, but since 2015 it has implemented its own, in which it preserved the achievements of Ripple and got rid of its shortcomings. Stellar Consensus Protocol proposed a decentralized global financial system based on an advanced blockchain network, in which, through the use of a reliable consensus mechanism, control, trust, low latency and asymptotic security of the network are established.
The Stellar project is being promoted by the non-profit Stellar Development Foundation and the American company Stripe, which develops financial solutions. The project is actively supported by Google, the world-famous investment management company BlackRock, and FastForward.
Wallets
Tip: Lumen is traded on several exchanges, one example is Bittrex. Want to store Lumen in your wallet? See list of Lumen wallets.
Lumens wallets come in different shapes:
- Ledger Nano S - hardware wallet;
- Trezor - hardware wallet;
- Keybase - desktop and mobile wallet;
- Solar Wallet - desktop and mobile wallet;
- Lobstr - desktop and mobile wallet;
- Coinbase Wallet is an online wallet.
How does the Stellar cryptocurrency work?
The Stellar blockchain is supported around the world by nodes, which are servers, each of which stores an up-to-date copy of the distributed ledger with all data about completed transactions. Nodes synchronize and verify the ledger within 2-4 seconds, increasing its stability and security.
Most applications interact with the Stellar network through Horizon, the API server for the Stellar ecosystem. It acts as an interface between Stellar nodes and applications that want to access the Stellar network. Horizon allows you to submit transactions to the network, check account status, subscribe to event streams, and more. Horizon provides an easy way to submit transactions, check accounts, and subscribe to events. Because it is simply a hypertext transfer protocol, HTTP, you can communicate with Horizon using your web browser, simple command line tools such as URL, or the Stellar SDK.
To transfer money to another country, you need to have a deposit of fiat currency at anchor - with a bank or other payment processor you trust. All monetary transactions on the Stellar network (with the exception of the internal currency Lumen) take place in the form of loans issued by anchors to an online account they create, essentially the sender's virtual wallet, which serves as a bridge between fiat currency and the Stellar network. The account contacts the sender anchor and submits a request to receive the amount specified in the transaction. The sender anchor, upon receiving a money transfer request, contacts the recipient anchor connected to the sender's account to verify the recipient. The credit from the sender's wallet then enters the Stellar network, which makes a profitable exchange and transfers the amount in XLM tokens to the recipient's wallet. The recipient anchor registers the payment and completes the transfer in the specified currency.
Stellar can be used to make cash payments and also serve as a platform for selling currencies, cryptocurrencies and electronic money. The platform carries out the exchange of cryptocurrencies and conducts multi-currency transactions, in which the sender makes a payment in one currency, for example, USD, and the recipient receives it in EUR or BTC, according to an agreed application.
Where and how to buy Stellar Lumens (XLM)
There are only two options for purchasing a coin.
Option 1. Buying XLM for fiat money through an exchanger
If you are new to the cryptocurrency market, it will most likely be more convenient for you to purchase Lumen coins (XLM) with fiat currency (dollars, euros, rubles). There are many platforms where this can be done.
How to buy Stellar cryptocurrency for dollars, euros and rubles through an exchanger
Step 1. Selecting an exchanger
The proven Internet service BestChange will help you choose a reliable exchanger with the most favorable exchange rate.
Go to the website www.bestchange.ru
In the panel on the left, select the pair that interests us. For example, we want to purchase the XLM cryptocurrency using funds from the Yandex.Money wallet. We enter these parameters into the fields and get a list of resources that support such an exchange.
As you can see, the most favorable exchange rate is displayed in the top line of the table. In order to go to this exchanger, just click on it. Thus, we switched to the AlfaCashier website.
Step 2. Buy XLM
We fill in the fields: amount, email (indicate the email address to which Yandex.Money is linked), Stellar account (the same wallet address that was created in the previous section of the article), accept the rules and agreements and click “send”.
After some time, the coins will arrive in your Stellar wallet.
Please note that you can purchase XLM not only through Yandex.Money, the exchange is also available for Qiwi, PayPal wallets and so on, the full list can be viewed on BestChange.
BestChange also offers monitoring of exchangers where you can purchase XLM in exchange for another cryptocurrency (Bitcoin, Litecoin, Ether, and so on). I do not recommend doing this through such exchange services; it is much more profitable to conduct such a transaction on a cryptocurrency exchange.
Option #2. Buying XLM for Bitcoins on the exchange
Above, I already said that the exchange can be considered as a wallet for storing small amounts of coins. So, you can buy cryptocurrency there, though only on the terms of exchanging one digital currency for another.
A list of reliable exchanges where you can buy XLM can be found here.
As an example, I’ll look at how to buy the Stellar cryptocurrency on the top exchange Binance.
How to buy the Stellar cryptocurrency (XLM) for Bitcoins on the exchange (using the example of Binanace)
Step 1. Registration
Unlike exchangers, this step is mandatory on exchanges. To register, go to the website https://www.binance.com/. In the upper right corner you can select the interface language. I’ll say right away that the Russian-language version of the site is quite clumsy and I personally find it more convenient to work there in English.
After you have decided on the language, click “register” in the upper right corner.
Next you will see a form to fill out. You need to enter your email details in the fields and create a password (the longer and more complex, the better). Next, agree to the terms of service and click “register”.
After this, you will need to check the specified email address, you should receive a link to register. Next, enter your address and password again, after which you find yourself on the exchange under your account.
I recommend that you immediately enable two-factor authentication; you can do this in the settings.
Step 2. Top up your balance
In order to purchase XLM on the trading platform, you need to have Bitcoin in your account balance.
If you don’t have Bitcoins yet, you can also purchase them through monitoring exchangers on BestChange.
Once you have purchased Bitcoins, you can transfer them to your Binance account. To do this, go to the “asset-balance sheet” section. Find Bitcoin (BTC) in the search bar and click on the “deposit” button opposite it.
Next, you will be given the address of your Bitcoin wallet on the exchange; this is where you will need to send your BTC to replenish your balance.
Step 3. Buy Stellar cryptocurrency
In order to buy XLM for BTC, you essentially need to perform a trading operation. To do this, go to the “main shopping center”. Select the main currency BTC, enter XLM in the search bar, click on the resulting trading pair XLM/BTC. A price chart for this pair appears.
Below, under the chart, there are fields for placing orders to buy/sell coins. For example, we see that at the time of writing 1XLM=0.00003626 BTC. In the “quantity” field, enter the number of Stellar coins that we want to purchase. The exchange automatically calculates how many Bitcoins it will cost you. If you agree to the terms of the exchange, click “buy XLM”.
Ready! You have become the owner of a coin on the Binance exchange.
Stellar cryptocurrency: integration and recognition
Financial institutions and various enterprises are increasingly becoming adherents of the Stellar platform. For example, the Praekelt Foundation uses Stellar for its messaging app Vumi. Oradian, which connects millions of potential customers to financial services through its cloud platform, plans to connect small financial institutions to the Stellar network in Nigeria. Late last year, Stellar and IBM agreed to a partnership to accelerate global payments. Given the Stellar network's ability to process over 10,000 transactions per second at low cost and high levels of reliability, more and more financial institutions are considering it as the primary infrastructure for cross-border multi-currency transfers.
Analyzing the rating of cryptocurrencies, it is worth noting that the top ten leaders are Ripple, Carnado, Stellar, NEM and Dash, which are engaged in the development of the financial sector. Ripple and Stellar aim to integrate into the traditional banking system, bringing innovative principles and benefits of blockchain to it and supporting banking programs to protect against illegal money. This contributes to their recognition by government regulators.
