The world of digital currency has is growing everyday and the people are finding ways to invest money and become traders of the this new online market. The first cryptocurrency that was introduced to the traders in the year 2008. The Bitcoins were the online or digital trading platform. That’s similar to the type of online platform of Stellar. Trader who have been long enough in the industry are probably well aware of the fact how the crypto market works. But for people who are new to the industry, we will share with you everything that you need to know about it and everything that you would want to know about Stellar XLM.
What are Stellar (XLM) functions & advantages?
The Stellar is an online platform, which is a network distributed blockchain, based ledger and database. This includes and facilitates for the cross-asset transfer of value that includes payments. The native digital asset that Stellar has is called Lumens XLM. So in simpler words, what we mean by this is that Stellar is the payment network and the Lumen XLM is the cryptocurrency. That’s the digital money that people would be dealing with on the network. Many time you would notice people calling the Lumens as Stellar, but we are sure after this you won’t have that confusion anymore.
It is an open source for exchanging money using the blockchain technology. The Stellar networks are capable for transferring government base currencies in just a matter of seconds. They can handle exchanges between Fiat-based currencies and the cryptocurrencies. Stellar has comparatively lower fees than all other networks that allow the trading of cryptocurrencies. That’s one of the best things about the Stellar, this allows a lot of opportunity for the people to start trading at lower rates.
Who are the Founders of Stellar XLM?
Stellar is one of the most trusted network for the exchange of the cryptocurrency . It was formed in the year 2014, by the famous Jed McCaleb, who is also the co founder of Ripples. He has been a part of many of the famous accomplishments, Jed is known for creating the bitcoin exchange Mt. Gox.
It was launched via ICO, which are the tools used to obtain financing for innovative project, like the startups or the cryptocurrencies. Before the project was launched McCaleb had launched a website, which was called the ecret Bitcoin Project’.
Jed had released the Stellar as a decentralised payment protocol with a native currency. At the time of the launch Stellar had a 100 billion Stellar. The cryptocurrency that was initially launched as Stellar was later on called as the Lumens or XLM.
What is Blockchain and Technology?
If we are the in crypto industry, this word blockchain would keep turning up repeatedly. This is growing list of records which are known as the blocks. These are linked by the cryptography. lockchains’ were earlier known as block chains.
The blockchain technology can be implied into many places, but the primary use of the technology is used in the distribution of ledgers in the cryptocurrency. This is a decentralised technology and jointly manage the database that can record transactions for the crypto. This technology is used to enter each transaction into ledger so as to ensure that the transactions are authentic and no one can tamper with it. These blocks are used to digitally sign the data into the accounts so that people can manage and check whether every entry made was genuine or not. This is the basic explanation of the blockchain technology, the internet doesn’t truly know how the blockchains work, so for a layman or a trader the basic knowledge of the technology is enough.
How to Invest or Trade in Stellar XLM
We have already discussed everything you might want to know about Stellar. If you are interested in investing in the Lumens XLM. You can easily start investing in these because due to the simplicity and the potential that the network has.
The fees of Stellar are much lower than any other networks a and the transaction speed is just very fast. All a person has to do is sign up on a website that is trusted and just start trading. These websites are known as wallets and people can easily do transactions over these websites.
These wallets are like banks, where people can store their money, they can even buy and sell the cryptos. The best part would be to buy at the time prices are low and just sell them off whenever the prices are good.