Stellar Lumens took off like a rocket just as 2017 turned into 2018. But this juicy crypto is still unknown to a large segment of the investing population. At right around $0.50 per Lumen, this current Stellar price may be unimaginable in just a few months. But are Stellar Lumens worth the risk for the investor?
The Stellar Foundation seeks to make payments cheap and instant, no matter where a user happens to be in the world. This will make it easier to transfer money across borders. As the job can be performed by anyone with a phone, this would be a big deal for people in developing nations.
Stellar Lumens aren’t just for remittances, though. They’re intended for any kind of buying and selling. Stellar even has an exchange built right into the protocol, meaning that users can swap currencies without leaving the network. It even supports some fiat currencies!
||Bitcoin, Ethereum, Litecoin, Ripple, Dash
||No Transaction Limits!
You may want to buy Stellar Lumens already, but let’s talk a little more about what Stellar Lumens are exactly.
Quick Steps to Buy Stellar Lumens
- Create your account with Changelly
- Create your account with Binance
- Purchase Bitcoin on Changelly
- Send Your Bitcoin to Binance
- Convert Bitcoin to Stellar Lumens XLM
What is Stellar?
Stellar is the network that uses the currency Lumens for sending transactions around the world. The company started by creating a Hard Fork of Ripple, because the founders thought that Ripple could be improved with some important changes.
They wanted to make a currency that worked like Ripple (ultra-fast transactions, lowest possible fees), without being beholden to banks who own much of the Ripple supply. Stellar was born to bring this technology to the masses, all around the world.
Stellar is also a network upon which ICOs and Smart Contracts can be created. Stellar decided not to use a Turing Complete programming language like Ethereum’s Solidity, to make it easier for entrepreneurs to create on the Stellar network.
If Stellar achieves its goals, it will be the #1 blockchain for moving money, and will support a robust network of dapps and tokens which will fill many use cases.
What Are Stellar Lumens?
Lumens are the currency used on the Stellar network. These tokens are often referred to as “Stellar Lumens”, but really “Stellar” is the network and “Lumens” are the currency it uses. It doesn’t really matter which way you say it; Stellar Lumens are very useful.
When transferring money through the Stellar network, your currency will be turned into Lumens, then the Lumens will be turned into your chosen currency on the other side of the transaction. Once delivered, the Lumens you send will be returned to the network.
People can buy Stellar Lumens in small quantities and still use the network. People may wish to invest in Stellar Lumens by buying many more. We think that no matter why you buy Stellar Lumens, Stellar Lumens are going to be big in 2018.
Why Invest in Stellar Lumens
The reasons to invest in Stellar Lumens are pretty easy to understand. Here are some of the best:
- Stellar uses much of the same technology as Ripple which, you might have heard, is a bit of a hit.
- Stellar has a useable network. The more people who use it, the more your money is worth.
- Stellar Lumens may gain value through their use on the Stellar exchange.
- Stellar Lumens are going to be the currency used in numerous projects and Stellar ICOs.
- Stellar Lumens are on a network that’s faster than most others.
How to Buy Stellar Lumens on BuyVirtual Currencies.com and Binance
If you’re ready to buy Stellar Lumens based on what you’ve heard so far, here’s how to do it very quickly and easily without even having to buy Bitcoin first. BuyVirtualCurrency.co.uk does all the legwork for you with a simple bank transfer. We’ll give you a quick guide below, then show you how to buy Stellar Lumens if you want to do the work yourself.
Step 1: Go to BuyVirtualCurrency.co.uk and register a new account.
Step 2: Select the currency you want to buy (Stellar Lumens or whatever else) and how much of it you wish to buy. BVC will tell you how much money this will cost.
Step 3: Make a bank transfer and use the instructions listed under “Complete Your Order” to finish the job. Now all you have to do is wait. When BVC contacts you that your Stellar Lumens coin has arrived, transfer it to your own private wallet (more on this later).
How to Buy Stellar Lumens on Binance
Stellar Lumens are available from many exchanges, such as Bittrex, Poloniex, and Kraken. However, the most Stellar Lumens trading volume happens on Binance, so this is where we’re going to look.
Step 1: Create an account with Binance. This will require you to give your email and create a unique password. Once you’ve submitted this simple information, Binance will send you two confirmation and registration emails. Respond to those using the links you find inside the emails.
Step 2: Activate 2 Factor Authentication by downloading the Google Authenticator smartphone app. This method of 2FA will give you a new code every 30 seconds which will be necessary for you to open your Binance account. No one else will have this code. Using this code with your Binance password should make your account much safer.
How to Send Bitcoins to Your Binance Account to Buy Stellar Lumens
You already know from the quick guide at the beginning of this post that you’ll need to use Bitcoins to buy Stellar Lumens. To do this, first you’ll have to go into Binance to your Bitcoin wallet. We’ll show you where that is.
Go to the “Deposits Withdrawals” screen under “Funds” on the Binance homepage. This will show you a whole bunch of wallet, one for each coin that is bought or sold on the Binance exchange system. Type in “BTC” to the search bar on the left side of the screen. This will bring up your Bitcoin wallet. Select “Deposit”. You’ll immediately see an alphanumeric password. This is the address to which you will send your Bitcoin. Copy it.
Go to the wallet where your Bitcoin is stored. Select “Withdraw Bitcoin” (or the equivalent command used at the wallet in question). Paste the address you copied in the Binance wallet menu. Select how many Bitcoins you wish to send to Binance, then hit “Send”. It may take minutes or hours for your Bitcoins to arrive, but they eventually will. Now you can buy Stellar Lumens Bitcoin.
How to Trade Bitcoins for Stellar Lumens on Binance
Your Bitcoins have arrived, so you can start to trade them for any coin you want. If you’ve found the information in the first part of the guide compelling, chances are the coin you want to trade is Stellar Lumens.
Hover your mouse over “Exchange” and select “Basic”. This will take you to the Binance market screen where you can select any of the many trading pairs they offer. Type XLM for Stellar Lumens into the search bar at the right upper side of the screen. This will show you the XLM/BTC trading pair. Click it.
Now you can buy and sell Stellar Lumens with Bitcoin. If you wish to buy, look at the bottom menu with the green button labeled “Buy XLM”. Here, you’ll input the price you’d be willing to pay for just 1 Stellar Lumen. Don’t make the mistake of putting the price you want to pay for your entire order; Binance will do that math for you.
Once you’ve selected the Stellar Lumens price that works for you (paying market rate will make your transaction confirm very quickly) select the number of Stellar Lumens you want to buy. This will, of course, be limited by how much Bitcoin you have. You can select any percentage of your Bitcoin (25%, 50%, 75%, 100%), or use your own amount.
When you’re ready, click “Buy XLM” and Binance will try to fill your order. If you made your order at a price lower than the current market price, your order won’t be filled until the Stellar Lumens price falls to or below that point. It’s not guaranteed that the Stellar Lumens price will ever go down this much, but this can be a good way to get the best price you want.
How to Store Your Stellar Lumens in the Stellar Lumens Wallet
You probably don’t want to store your Stellar Lumens on Binance for a couple of reasons.
- Binance is one of the most popular exchanges in the world, and people are setting up accounts left and right. This causes Binance’s service to be slow at times, at other times completely unavailable. By taking your coins off of this exchange, you can be sure that they’ll be at your fingertips when you need them.
- Exchanges like Binance are targets for hackers and other who would like to steal your coins. Don’t have your coins sitting around if this ever happens to Binance (as it has to Bittrex and other exchanges). Coins in your own personal wallet won’t be as prone to theft.
Step 1: Download the wallet that works best for your devices https://www.stellar.org/lumens/wallets/. Load the wallet on your device, take careful note of any phrases or keys provided (as these can help you regenerate your account if your device is ever lost, destroyed, or stolen), and find your Stellar Lumens wallet address.
Step 2: Head back to Binance. Find your Stellar Lumens wallet the same way you found your Bitcoin wallet. Paste your exterior Stellar Lumens wallet address into the “Withdraw” menu, and complete the withdrawal as indicated. If you’re ever nervous about sending large sums of Stellar Lumens or any other currency, you can always test the network by sending just a little bit first, then the rest after that transaction has been confirmed.
Final Thoughts on Stellar Lumens
Stellar Lumens is one of the most compelling investment opportunities or early 2018 cryptocurrency culture. As a hard fork of Ripple, it has proven technology that most crypto investors are familiar with. But because of some careful tweaks of the core code, it’s more useful for the average person than Ripple is.
Stellar Lumens is likely to take the world by storm, by making international transfers fast and virtually free, improving the convenience of digital asset exchange, and serving as a payment mechanism for purchases and microtransactions. We, and many other analysts, feel it’s one of the most promising coins available today.
||Bitcoin, Ethereum, Litecoin, Ripple, Dash
||No Transaction Limits!