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Overview of Stellar cryptocurrency for beginners

XLM is Stellar’s currency unit traded on different exchanges. However, there are still many people who are confused about the way this token is created and its applications. So what is Stellar?

What is Stellar?

Overview of Stellar cryptocurrency for beginners

Stellar is a kind of Cryptocurrency open-source protocol for currency exchange, Stellar was released in early 2014 by Jed McCaleb and Joyce Kim. Members of the development team as well as the Stellar coin advisory board include Keith Raboios, Matt Mullenweg, Patrick Collison, Greg Stein, Sam Altman, Joi Ito, Naval Ravikant and many other members. XLM protocols are supported by a non-profit organization called the Stellar Development Foundation.

The way Stellar works is to operate according to the decentralized protocol which means that when you deposit USD, it will get back EUR. The transaction form is being developed on Bitcoin if Hard fork succeeds.

Applications of virtual currency Stellar Lumens

Stellar is applied to the banking and finance industry, specifically:
•  Small payment: providing customers with different forms of payment to improve transaction efficiency.
• Offering many incentives to customers: Stellar cuts manpower costs and compensates it for customers when they invite other people to join the bank’s services.
• Trading benefits: Transfer money fastly and extremely low transaction fees
• Mobile applications: Stellar offers customers a variety of mobile applications to help them pay different fees quickly and easily.

Many companies around the world have been applying Stellar to their products such as Praekelt, which has used Stellar in Vumi, an open source messaging application that makes messages cheaper and faster.

In Nigeria, it was used to connect macro financial institutions. Currently many companies are planning to work with Stellar to take advantage of Stellar’s advantages and disadvantages. This makes Stellar perfect. This means that Stellar’s value will be enhanced.

Stellar’s advantages
• Quick transaction
• Transaction fee only 0.00001 Lumens / transaction, if the USD price is too small.
Stellar’s disadvantages
• You must have at least 5 XLMs in your account to trade

Should I buy Stellar virtual currency?

Based on Stellar’s great benefits and its contribution to the banking and finance industry, this is truly a coin worth considering. However, this electronic money market is very volatile and volatile so no one can know in advance.

We do not encourage or support any investment that causes losses or failures caused by individuals or organizations. Before investing, you should consider carefully, do not invest in the trend of the majority or just listen to the advice of relatives and friends.

At the time of writing, Stellar virtual money is priced at
$ 0.101887 USD and has a total market capitalization of USD 1,979,230,318 equivalent to 157,554 BTC, and ranks 12th on Coinmarketcap.

We have just provided you with information about the Stellar Lumens. Hope you have a deeper understanding of this coin.

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