In the world of cryptocurrencies, you will be able to discover a large number of options. Of the available cryptocurrencies, the Stellar Lumen has received much attention. It can be considered as the 15th best cryptocurrency in the world.
What exactly is Stellar?
Stellar can be simply defined as a non-profit organization, which has the objective of providing inexpensive monetary services for people across the globe. They can provide a variety of benefits for all individuals under tight financial conditions. To achieve such functionality, Stellar is based on Blockchain technology. The Blockchain technology offers cheap, secure and quick transactions. Hence, Stellar can be defined as an intermediary between people, payment systems and banks as well.
Overview of the Stellar Lumen Cryptocurrency
Lumen is the name of the cryptocurrency offered by Stellar. In other words, it can be considered as the native asset that is owned by the Stellar network. This currency has been engineered into the Stellar network. The functionality of the Lumen is pretty much similar to Bitcoin and the other cryptocurrencies that you can find globally. Therefore, you will not be able to obtain the Lumens physically. It is a digital currency and you will have to keep it in the Blockchain with a personal key.
The Stellar Network was initially launched back in 2014 along with 100 billion STR tokens. However, these tokens were later renamed as Lumens in 2015. This reflects a serious overhaul within the entire platform as well.
Should you buy Stellar Lumens?
Plenty of reasons are available for people to go ahead and invest in Stellar Lumens. It can provide them with amazing results in the long run. Here is a list of some of the most prominent reasons why you need to invest in Stellar Lumens.
It is based on a distributed exchange
Stellar Lumen is based on a distributed exchange. As a result, all the transactions that take place within the network get registered on a public ledger. All the rates of the currency will be determined by the person who places the order. It will not be subjected to any automated exchange rate. For example, if you need to exchange EUR with GBP, all you have to do is to place an order within the order book of Stellar. However, it is important to keep in mind that exchanges are not just limited to flat currencies.
Ability to go ahead with multi-currency transactions
With the help of Stellar, you will be able to engage with multi-currency transactions across international borders. This will eliminate all sorts of lengthy banking procedures. The process of exchanging currency is very convenient and you will love it. When you are initiating a transaction, Stellar will convert the funds you have with an offer on the order book. This will help you to go for the exchange of currency. The cryptocurrency owned by Stellar will be used as the intermediator during the transaction. The Lumens will then be converted back into the currency that you want to exchange.
If the network fails to find trading pairs for the two currencies, Stellar will go ahead and search for other available offers on the network. This can facilitate a chain conversion. As a result, you are guaranteed to end up with positive results from Stellar at all times.
How to purchase Stellar Lumens
Now you have a clear understanding about the benefits that Stellar Lumens can bring you. Next, you should figure out how to go ahead and purchase them. Stellar Lumens are being traded under STR and XLM tickers. As a result, you will be able to purchase them on Binance, Poloniex and Bittrex. On Bittrex and Binance, you will be able to find BTC and ETH trading pairs as well. However, it is important to keep in mind that Poloniex only provides its support to USDT and Bitcoin.
Partnership of Stellar with IBM
Stellar’s recent partnership with IBM is expected to take the brand into a whole new dimension.The first announcement about this partnership was made last October. Since then, more people have paid attention to Stellar because this deal will ensure a promising future. The results of this initiative can be seen even today. In other words, it helped Stellar Lumen to become the 15th most popular cryptocurrency in the world.
IBM got into the partnership with Stellar because of the impressive capabilities offered by this system. With Stellar, there is a possibility for people to make transactions involving different currencies in almost real time. As a result, people don’t need to wait for a long period of time in order to get their payments realized. This can greatly accelerate the payment process, which usually takes several days to complete. As a result, IBM can deliver a better service for its shareholders and customers. Likewise, many other leading brands will get into partnerships with Stellar in the future.
How does the future of Stellar Lumens look?
Before investing in Stellar Lumens, you might want to understand how the future of it would look. As per the current trends, the future of Stellar Lumens looks promising. Even though it is listed only on exchanges, the cryptocurrency has experienced a massive growth of 300% recently. As mentioned earlier, this cryptocurrency holds the 15th position in the market. It has gained a market capitalization of around 5 billion USD as well. The most impressive fact is that the Lumen has experienced this growth only within this year. Hence, we can expect it to have a very bright future ahead.