In this article, I will provide you with a quick guide to the Stellar Lumens cryptocurrency. You may have read about Stellar Lumens before or read about the partnership with IBM. In this article, I aim to make you more comfortable with this new cryptocurrency.
At the time of publishing this article, August 2018, Stellar Lumens cryptocurrency has been placed in top 10 cryptocurrencies in terms of its market cap.
The rise from $2 billion to amazing $12 billion happened quicker than any other cryptocurrency. It was growing even when other cryptocurrencies started seeing slips in their value. That only shows how valuable Stellar Lumens is nowadays.
If you were wondering how to buy, mine, which wallet to use, and what’s the future of Stellar Lumens going to be – you are at the right place.
To understand Stellar Lumens, we need to understand the Stellar blockchain.
History of Stellar Lumens
When the co-founder of Stellar Lumens Jed McCaleb has created its first Bitcoin exchange, he was the original and first founder of Ripple. Therefore, with the right expertise and his experience, he was able to capture the attention of powerful investors.
Well, a known company IBM has announced that they will use Stellar to partner with banks so they can be able to offer payments all around the world. That means that they will allow the payments to everyone, no matter their location in the world through Stellar Lumens.
While payments all around the world usually take a few days to be cleared, with Stellar Lumens, IBM will be able to do business with a new way of moving money – Stellar Lumens.
Where and How To Buy Stellar Lumens Cryptocurrency?
When you’re trying to buy Stellar Lumens, the way of purchase will depend on your location. If you’re located in the United States, it’s most likely that you won’t be able to find Stellar Lumens for direct purchase.
However, another way to purchase Stellar Lumens would be to purchase Bitcoin, Ether, or any other cryptocurrency, and exchange it for Stellar Lumens.
There are many official and licensed exchanges where you can buy, sell or trade Stellar Lumens cryptocurrency. The most trusted and recommended exchanges would be Binance, CoinSpot, Bittrex, Poloniex, Kraken, and many others.
If you aren’t located in the United States, you might be lucky and find a good place to find STellar Lumens cryptocurrency directly without having to use exchanges.
What Are Some Wallets For Stellar Lumens Cryptocurrency?
There are many cryptocurrency wallets out there, but Stellar Lumens cryptocurrency is best when used with one official wallet.
Centaurus is a cryptocurrency wallet which has been made to support Stellar Lumens cryptocurrency. It’s available for both Android and iOS smartphones, so no one is left out. Since Centaurus is specially designed for Stellar Lumens cryptocurrency, it integrates very well with it.
However, if you’re looking for other wallets that support Stellar Lumens cryptocurrency, there’s still hope for you.
Other wallets that support Stellar Lumens cryptocurrency are: Ledger Nano S, Stellar Desktop Client, Stargazer, Blackwallet, SAZA, Papaya, StellarTerm, Lobstr, Stronghold, and Stellar Portal.
Can You Mine Stellar Lumens?
While all other cryptocurrencies such as Bitcoin are being mined by bots, who are getting rewarded for finding new coins – that’s not the case with Stellar Lumens cryptocurrency.
Stellar Lumens cryptocurrency doesn’t have a mining mechanism, which means that it’s been built by using a different system than other cryptocurrencies.
All units of Stellar Lumens cryptocurrency have been already created at inception. Currently, there are 100 billion of Stellar Lumens created, and the only mechanism they have is the inflation.
However, there is fixed 1% annual rate where new Stellar Lumens are created. Stellar Lumens cryptocurrency doesn’t work as normal mining cryptocurrency.
Therefore, no mining is available for Stellar Lumens cryptocurrency. However, you can get hold of Stellar Lumens cryptocurrency by trading or exchange.
How Do The Stellar Lumens Work?
Unlike other cryptocurrencies such as Bitcoin which use the mining system, Stellar Lumens cryptocurrency works on a different system.
For example, mining in Bitcoin network creates the currency, distributes it, and verifies the transactions across the system.
Stellar Lumens cryptocurrency is generated at Genesis. Distribution is controlled and regulated by Stellar Development Foundation. They’re a non-profit organization that supports the protocol of Stellar Lumens cryptocurrency.
Distribution of Stellar Lumens cryptocurrency is set to be distributed to as many users as possible all around the world. That happens through various giveaways. However, in the future, Stellar Lumens cryptocurrency plans to switch to a new algorithm which is called Stellar Consensus Protocol (SCP).
Since you can’t mine Stellar Lumens cryptocurrency, you can only acquire it by trading, exchange, or through Foundation’s giveaways.
What is The Future of Stellar Lumens Cryptocurrency?
While Stellar Lumens cryptocurrency is already considered to be the new hottest cryptocurrency of 2018.
While Bitcoin which is the largest cryptocurrency by the market is losing its upward momentum, Stellar Lumens cryptocurrency is slowly but steadily climbing up the market.
Stellar Lumens cryptocurrency has already climbed 65% and has reached eight place in top 10 cryptocurrencies.
It’s a cryptocurrency which has everything that it takes to reach the top of the cryptocurrency market. It’s an altcoin with huge potentials and with a system that is even better than other cryptocurrencies.
There is also nothing to stop Stellar Lumens cryptocurrency from growing even more and reaching its potential. If Stellar Lumens cryptocurrency could have jumped from $2.5 billion up to $12 billion in such a short period of time, what else could happen?
We can’t say for sure what will happen in the future, but it seems that Stellar Lumens cryptocurrency is going to take over the cryptocurrencies market by becoming the top cryptocurrency in 2018.
If you have thought that Stellar Lumens cryptocurrency is just another cryptocurrency, you were wrong.
It has a different system that all other cryptocurrencies, and it has everything to break in at least top 3 cryptocurrencies in 2018. While Bitcoin had a rough time, Stellar Lumens cryptocurrency was growing rapidly.
I hope you have learned everything you didn’t know in this post. Even although it might be hard to find Stellar Lumens cryptocurrency for purchase, keep in mind that you can always trade for them.