Jed McCaleb and Joyce Kim created the XLM or Stellar Lumens cryptocurrency in 2014. Stellar was designed to encourage cross-border payments and promote the efficient Best Crypto Currency Exchange of various types of assets, including cryptocurrencies, fiat currencies, and commodities. The project initially began as a fork of the Ripple (XRP) protocol but has since evolved into its distinct blockchain and network.
Jed McCaleb, one of the co-founders of Stellar, is a famous personality in the cryptocurrency space. He is the founder of Mt. Gox, the very first Bitcoin exchange. Later, he sold the platform and looked to develop a decentralized platform to facilitate cross-border payments and financial services. He intends to make the services more accessible to people worldwide, particularly those without access to traditional banking.
Stellar Lumens (XLM) was created as the native cryptocurrency of the Stellar network and serves various functions such as transactions, spam protection, and a bridge between a wide range of crypto asset transactions.
Stellar operates on a decentralized network, and its primary goal is to make financial transactions more accessible and affordable for everyone.
Through blockchain technology, XLM achieves fast and low-cost transactions in traditional banking services.
The unique feature of Stellar is its Stellar Consensus Protocol (SCP), a consensus algorithm for traditional mining. Unlike Bitcoin, it uses a federated Byzantine agreement system, which makes transactions quicker and more energy-efficient on the Stellar network.
XLM Price Today
Create an Account on Bitcoiva
There are two ways to create an account on Bitcoiva, the Best Platform To Buy Cryptocurrency In India.
- Register using the
- Bitcoiva App
Update your Identities and verify your KYC; it may take 2 to 3 days. Your INR deposits can be made using a Bank transfer.
Deposit Fiat Currency In Your Bitcoiva Wallet
Before you buy XLM on Bitcoiva, ensure that you have a minimum balance of INR 100 in your Bitcoiva wallet.
Buy XLM Via Bitcoiva
Login with your registered email with the Bitcoiva app or website
Click on the Menu icon and select Exchange.
Enter the INR amount you would like to buy
The quantity of XLM/INR that you can purchase will be displayed.
Check all the order details.
Click on Place Buy Order
You can receive a message that your order has been placed successfully.
How to convert XLM to INR?
Convert XLM to INR
Stellar Lumens (XLM) has several use cases, which include:
Stellar was initially designed to facilitate cross-border payments. XLM acts as a bridge between different parties to transact with each other, converting their native currencies into XLM and then back into their desired currency. Thus, it reduces the time and cost of international money transfers.
XLM provides an alternative to traditional remittance services to send remittances to family members or friends in different countries.
The stellar network becomes well suited for micro-payments due to its low transaction fees and fast confirmation times. It enables services like content subscriptions, pay-per-click advertising, and in-game purchases.
Stellar allows individuals and organizations to create and issue digital tokens on the network. These tokens can represent stocks, real estate, or loyalty points. XLM is often used as the base currency for trading these tokens.
Stellar has a built-in decentralized exchange (DEX) that allows users to trade various assets, including XLM and tokens issued on the Stellar network. It enables peer-to-peer trading and provides liquidity without relying on centralized exchanges.
Fundraising and ICOs
Most initial coin offerings (ICO) project uses Stellar for its transparency and security for these fundraising efforts.
Organizations can use XLM and its infrastructure to provide affordable and accessible financial services. It includes savings accounts, loans, and insurance for those lacking access to traditional banks.
Donations and Charity
Stellar network allows organizations to receive donations with minimal overhead costs, making it suitable for charitable contributions.
Some stablecoins are built on the Stellar network, and XLM can be used to settle transactions between these stablecoins, adding stability to the cryptocurrency ecosystem.
Stellar acts as an interbank transaction, which improves the efficiency of the global financial system.
In Conclusion, Stellar Lumens (XLM) is a platform for various financial and transaction-related applications focusing on low cost and speed. You can trade XLM seamlessly in Bitcoiva, Best Platform To Buy Cryptocurrency In India.
Visit Us At: www.Bitcoiva.com