Things You Should Know About XLM

The banking, finance, and tech sectors have been whipped into a frenzy during the last year by digital assets. Some people are sure that cryptocurrency happens to be the most important technological invention since the internet, while others believe that it is nothing but a fad that will be forgotten after 10 or 15 years. While researching different coins, they want the best options to exchange XLM to BTC. But first, it is necessary to figure out what XLM is.

What IS XLM?

It is nothing but a currency symbol for Stellar Lumens, which is one of the most intriguing digital assets these days. XLM is backed by some of the leading players in business and tech. The coin is regarded as something very similar to Ripple (XRP), as it is focused on finance and banking. However, Stellar is different.

No need to dive too deeply into the technical aspects of the digital asset, but you should know that Stellar is a platform created to facilitate instant money transfers. With the help of XLM, the Stellar network can even perform multi-currency transactions.

How Can One Use XLM?

XLM can be used in a few ways:

• Microtransactions. These days, small transactions can cost a lot; therefore, you can see such things as credit card minimums at stores. If you use Stellar, the fee is going to be 0.01 dollars, which is enough to handle 600,000 transactions. Thanks to this, all merchants do not have to worry about the cost of selling products if they are low-dollar goods.
• International money transfer. Sending money to someone in a different country is always a hard process because there are a few layers and many fees involved. Stellar utilizes its native lumen asset to swap funds from one currency to another.
• Mobile money transactions. There are a lot of applications these days that make it possible for users to send money to each other easily. However, they are nothing but more convenient forms of current money transfer and banking systems. Stellar has already been used for this purpose for quite some time now.

Who Is XLM Supported By?

Here are a few big names that are either working with XLM or planning to:

• Deloitte;
• IBM;
• Stripe;
• KickEx.

These organizations are utilizing Stellar to transfer money between departments, reduce transaction costs, and move currency from one business unit to another in different countries.

How Can One Buy XLM?

In most cases, you need to use a cryptocurrency exchange platform to purchase XLM. According to the Letsexchange review, for example, you will have to create an account and send your money to the wallet. After that, it will be possible to convert it into XLM.

Conclusion

Even though there are a lot of digital assets these days, not each of them is predicted to have the kind of bright future that Stellar does. There are big names that support the coin`s development, a high level of public interest, and many practical use cases. Therefore, Stellar can turn out to be one of the leading cryptocurrencies in the nearest future.

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