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What is a Stellar lumen?

Stellar is a distributed payment network which concentrates on fast and secure cross-border payments, and it is also a platform for hosting ICOs. Stellar was first founded in 2014; it has a whole network digital currency unit called the Lumen (XLM). XLM is used for making international payments and for quick transactions between countries.

The Stellar network

To make Stellar fast, secure, and available to everyone, it is kept as a decentralized platform so that people can use it to transfer money across the borders. It is designed to connect to the bank so that moving money across the border becomes easy, quick, and reliable using the banking systems.

We have penned down a detailed guide breaking down the process of investing in the stellar lumen. By the end of the guide, you will have enough information about investing in Stellar lumen.

A detailed Guide on investing in Stellar lumen

How to Buy Stellar Lumens (XLM)?

One thing about the stellar lumen is that many exchanges do not allow purchasing with U.S dollars and other fiat currencies. The process is still fast and easy, follow the steps below to start investing in the stellar lumen.

  1. Open an account at Changelly or coinbase if you are a citizen of the U.S and purchase Ethereum or bitcoin. Another way to buy a bitcoin is through the peer-to-peer network, also known as LocalBitcoin.
  2. The second step is to open an account on Binance once you are done purchasing BTC or ETH.
  3. Withdraw your ETH or BTC, whichever you have purchased into your Binance account, now click on funds and search for ETH or BTC, choose the deposit option. Copy the BTC or ETH address and paste it in the exchange that you withdraw your money from, this process can take up to an hour or more as it entirely depends upon the exchanges.
  4. Once the exchange is done, click on the “exchange” tab and then tap on “basic” which is on the top menu. Search for XLM to continue with the transaction.
  5. Now, after purchasing XLM, search for a digital wallet that supports stellar lumens, once you find a wallet. Transfer the coin into the wallet.

Where can I buy Stellar lumen from?

Stellar lumen is one of the most popular cryptocurrencies at the moment, but still, not many exchanges support the purchase of XLM. But we have a made a list of exchanges that provides the acquisition of Stellar lumens in exchange with BTC or ETH.

  • Binance – A prevalent exchange, recommended by a lot of people who are investing in a variety of cryptocurrencies.
  • Poloniex: This exchange allows trading of lumens with both US dollars and bitcoins.
  • Bittrex: Supports trading of lumens with both BTC and ETH.
  • Kraken: You can trade the lumen for BTC in this exchange.
  • Aex: Aex exchange only supports BTC in the return of Lumen.
  • BTC38: You trade lumens for chines yuan in BTC38.

Is investing in a Stellar lumen worth it?

We cannot just end this article without telling you if it’s worth it to invest in stellar lumens. The transaction costs are meager which creates issues like western union and SWIFT charging more as compared to stellar. Stellar lumens can clear 1000 transactions per in a blink of an eye which is faster and better than BTC and ETH.

No one can be sure about the future of any cryptocurrency, but according to predictions, Stellar lumen would perform better in the coming years. But if you are thinking of investing in it for a short period, it is not worth it. You should wait for a more extended period to generate profit from your investment in the stellar lumen.

 

 

 

 

Ann Castro
Ann Castro
Ann Castro is a lead author at Techicy who writes on Technology, Home Improvement, and Businesses around the world. With a background in Journalism, Ann has a professional experience of more than seven years working with some of the big media companies. She is also an avid traveler, a singer, and a guitarist.

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