Altcoins

What You Need To Know About Stellar (XLM) Token

New projects are being released in the crypto space among which is the Stellar (XLM) token that is receiving a stellar rating.

Since the creation of Bitcoins, several other projects have followed suit. The success of BTC has led to the creation of over a thousand projects today among which is the Stellar token.

Stellar is out there to make a difference as it is with other coins. Investors lookout for what a project has to offer through its crypto whitepaper and then invest. It is important to know what a project has to offer before investing in them as there are lots of unpromising projects out there.

In this post, we’ll learn about the Stellar token and what it has to offer as a digital asset.

What is Stellar (XLM)?

Stellar is an open network that allows money to be moved and stored. The project which was originally based on the Ripple Labs protocol was released in 2014.

Jed McCaleb founded Stellar with the lawyer Joyce Kim after leaving Ripple in 2013 over disagreements about the company’s future direction. The blockchain was created as a result of hard fork, and the code was subsequently rewritten.

The network’s native token is known as ”Lumens” and it trades by the symbol ‘XLM’. It serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers, who often charge high fees for a similar service.

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The main goal of Stellar today is to help financial firms connect with one another through blockchain technology.

Stellar (XLM) Token In the Crypto Market Today

Stellar is listed among over 17, 000 coins made available on CoinMarketCap. As of the time of writing, Stellar is ranked number 31 in the crypto market.

The current Stellar price today is $0.218488 USD with a 24-hour trading volume of $353,336,568 USD. It has a live market cap of $5,389,724,734 USD. It has a circulating supply of 24,668,275,255 XLM coins and a max. supply of 50,001,806,812 XLM coins.

XLM is available for purchase on top of several crypto exchanges worldwide.

Stellar token
Stellar token

What Makes Stellar Different Among Other Crypto Assets?

Stellar is focused on the area of fee payment. This make it different from other projects as fees are a sticking point for many. Top crypto assets like Bitcoin and Ethereum are also not left out as transaction fees have also been known to go through the roof.

Stellar is unique because every transaction costs just 0.00001 XLM. Given how one unit of this cryptocurrency only costs a few cents at the time of writing, this helps ensure that users keep more of their money.

In its move to challenge payment services, the company has managed to secure partnerships with big-brand technology companies and fintech firms. This has allowed large financial institutions to submit transactions to the Stellar network and transact using bridge assets such as stablecoins.

Although other blockchains have community funds, meaning that grants can be given to projects that help further the ecosystem, Stellar allows its users to vote on which ventures should be given this support.

Why Choose Stellar for Crypto Investment?

One of the ways crypto investors make profit is by diversifying their portfolio. Altcoins such as Stellar is a choice for investors due to its benefits.

Here are reasons why you should consider Stellar for crypto investment

  1. Peer-to-peer transactions– Just like Bitcoin, Stellar is a truly decentralized network of assets that you can send your family and friends.
  2. Borderless payments– As payment is known as the hallmark of this network, you have no issue with your transactions. You can move your Stellar Tokens assets worldwide within seconds.
  3. Fully protected– Stellar wallets have full security functionality which allow for safe ownership of your assets.
  4. Safe Haven– Stellar Tokens assets have the unique goal of providing a safe haven from volatility and uncertainty.
  5. Secure wallet- You can use popular wallets, such as Lobstr or exchanges such as Scopuly and Stellarterm to trade Stellar Tokens assets.
  6. Easy to buy & sell– Once you own XLM, it is very easy and streamlined to acquire Stellar Tokens assets.

Is Stellar (XLM) Safe?

This network is secured using the Stellar Consensus Protocol, which is described as having four main properties. They are Decentralized control, low latency, flexible trust, and asymptotic security.

Through the protocol, anyone is able to join the process of achieving consensus, and no single entity can end up with the majority of decision-making power. Transactions are also confirmed cheaply and within a few seconds. Safeguards are in place if bad actors attempt to join the network.

Where To Buy Stellar Token

You’ll need to visit the top cryptocurrency exchanges for trading in Stellar stock to buy the Stellar token.  You can buy Stellar on a wide range of top exchanges. This include Binance, Coinbase, Kraken, Bittrex, Bitfinex, Upbit and Huobi.

It’s also common to convert fiat into Bitcoin before purchasing altcoins.

Conclusion

Stellar is another promising project whose hallmark is built on its borderless payment among other benefits. The Stellar Consensus Protocol enable users to join the process of achieving consensus. It is important to note that no single entity can make decision on its own.

Stellar (XLM) token has some benefits, that doesn’t mean it is not a risky for investment. Its volatility nature like other cryptocurrencies make it a very risky form of investment. This means that you might lose all your investment without getting returns.

If you must invest in crypto assets like, you must put what you can afford to lose. This could be less than 10% of your investment.

Also ReadWhat is JPM Coin & How to Buy It

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As a cryptocurrency and gift card expert, I am passionate about exploring the intersection of finance and technology. With a background in both fields, I bring a unique perspective to my writing, offering an in-depth analysis of the latest developments and trends in the world of digital currencies and gift cards.

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