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  • Steven Erquiza

What is Stellar Lumens Cryptocurrency?


The Stellar network is a distributed blockchain based ledger and database that uses the low-cost cross-asset transfer of digital currency to fiat money or any pair of currencies. In simple words, Stellar is an open network where you can store or move money. It is designed for the world's financial systems to work together on a single network. The digital currency of Stellar is called Lumens (XLM). Stellar Lumens (XLM) has been one of the leading altcoins for the past few years. In other words, Lumens is the cryptocurrency, and Stellar is the payment network (Horizon API and Stellar Core). Those are both run by a nonprofit called Stellar.org. This cryptocurrency has similar functions to Ripple (XRP). What makes Stellar (XLM) unique is it allows people to send any type of currency and have it arrive as a different type of currency. This means you can send Ethereum, and the recipient can receive it as a Dollar. Also, you can send Euros, and the recipient would receive Bitcoin.


The founder of Stellar is Jed McCaleb; he is also the founder of Mt. Gox and co-founder of Ripple. Stellar was launched in July 2014. Before Stellar's official launch, McCaleb created a website called "Secret Bitcoin Project," They were looking for alpha testers. Also, the nonprofit Stellar Development Foundation was created in collaboration with Stripe CEO Patrick Collison.


Stellar and Lumens main selling points:

  • Stellar can handle exchanges between cryptocurrencies and fiat-based currencies.

  • Lumens have low fees (there is a minor fee for each transaction- 0.00001 lumens)

  • The Stellar Network and all Lumen network assets have a fast transaction speed.

  • Stellar is secured via the Stellar Consensus Protocol.

  • They are like a traditional company that can network with other companies and have the open-source, distributed, and community-owned system that Bitcoin and Ethereum have. It can be seen as Stellar having the best of both worlds.


Where to Buy XLM coins in the US:

  • Uphold

  • Coinbase


Where to Buy XLM coins outside the US:

  • Bittrex

  • Binance

  • Huobi

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