Stellar lumen price google finance1/3/2024 ![]() ![]() You can buy lumens, but not Stellar itself. You need lumens to use the Stellar platform. In the end, clearing times are reduced and no banks need to be involved on either end of the transaction. The recipient could then trade those lumens for $50,000, or an equivalent amount of a different currency. This person could instead transfer the equivalent of $50,000 in lumens. Here’s how Stellar works: Let’s say someone is looking to transfer $50,000, but doesn’t have access to a bank capable of completing the transaction. Stellar will not produce any more lumens, so you cannot mine them. According to Stellar’s website, there are currently 50 billion lumens in circulation. Stellar is the foundation of the blockchain network, whereas lumens are traded on the network. While Stellar and XLM coexist in the same system, they are technically two different things. Stellar’s cryptocurrency tokens are called lumens, or XLM for short. It can also provide banking services and liquidity for people who can’t access traditional banking services. The idea behind the network is to make it easier and faster for people to send different types of currencies around the world. The network was founded by current chief architect Jed McCaleb, former lawyer Joyce Kim, who has since left Stellar and current chief scientist David Mazières. Stellar is an open-source, peer-to-peer digital currency network that emerged in 2015. Cryptocurrencies can be confusing and rather volatile, so it may be a good idea to work with a financial advisor before investing. Stellar and XLM were created in 2015, with the basic idea behind Stellar being to create a cryptocurrency that can reduce transaction costs and serve as a bridge between fiat, digital or other currencies. This cryptocurrency is required to complete transactions on the Stellar network. On the Stellar network, you can trade its form of currency, which is called lumens (XLM). Stellar is a decentralized computer network that operates using blockchain technology. Stellar (XLM): What Is It, History and How to Buy ![]()
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