The lumen (also known as XLM) is the cryptocurrency token used on the Stellar network. The cryptocurrency is focused on being a low-cost payment option for those without access to traditional banking in some of the poorest and remote areas of the world. XLM tokens play an important role within the Stellar network. The Stellar Network offers extremely low fees by utilizing XLM. The Stellar Network facilitates cross-border and multi-currency transactions, converting XLM coins into any of 180 fiat currencies. The Stellar Network charges a small fee for each transaction on the platform. Fees charged on the network can only be paid in XLM. Transaction costs on the Stellar Network are typically only a small fraction of a cent. Another reason the Stellar Network uses XLM is to provide enhanced liquidity for cross-currency payments. XLM plays a similar role in the Stellar Network compared to the role the US dollar plays in traditional foreign exchange markets. Using XLM is particularly useful for enhancing the liquidity of thinly-traded currencies.
Stellar was founded in 2014 by Jed McCaleb (cofounder of Ripple as well) and Joyce Kim (a former lawyer).
Stellar is the blockchain based technology that facilitates transactions of its native currency, lumen (XLM).
Buying Stellar (XLM) in Canada can be done through a cryptocurrency exchange such as NDAX, a peer-to-peer trade, or at some Bitcoin ATMs. However, utilizing platforms such as NDAX will allow for affordable, safe, and fast transactions.
Selling Stellar (XLM/CAD) in Canada can be done through a cryptocurrency exchange, a peer-to-peer trade, or at some Bitcoin ATMs. However, utilizing platforms such as NDAX will allow for affordable, safe, and fast transactions.
Trading Stellar (XLM) is made affordable, safe, and fast through cryptocurrency exchanges such as NDAX. NDAX’s trading fee is 0.2%.
Converting Stellar (XLM) to cash can be done through a cryptocurrency exchange such as NDAX. First, you will have to trade your XLM to CAD. Once your XLM is converted to CAD you can send a CAD withdrawal to your bank. Click here for step by step instructions.
Unlike other cryptocurrencies, XLM is not minable. Instead of mining new XLM, Stellar has built-in a fixed inflation mechanism. The number of new lumens is added at an increased rate of 1% per year.
Transaction fees are at a fixed rate of 0.00001 XLM per transaction.
Transaction times for Stellar (XLM) is on average 5 seconds or less.