The difference between cryptocurrencies like Bitcoin and Stellar Lumens is how they enter the market. With many of these digital currencies, you can mine them until there’s no more cap, but with Stellar tokens, it’s impossible instead devs released 100 billion XML at launch in 2014 followed by 1% increases every year until 2020.
How to mine Stellar Lumens?
Mining for Stellar Lumens isn’t like mining for other cryptocurrencies. With Bitcoin, Ethereum, Litecoin, and many others, you can use specialized hardware to mine blocks of data in the hopes of getting a reward.
With Stellar, there is no mining process because all of the XML that will ever exist was created when the network went live.
Instead of mining, Stellar uses something called the Federated Byzantine Agreement to come to a consensus about the state of the network.
This means that instead of there being one central authority, there are multiple trusted parties that work together to validate transactions.
How To Buy Stellar Lumens
If you’re looking to invest in Stellar Lumens, there are a few ways you can do so. The most popular method is to purchase the currency on an exchange using fiat currency or another cryptocurrency.
You can also buy XML directly from the Stellar Decentralized Exchange.
How To Store Your XML
If you’re looking for a place to store your XML, there are a few options available. The most popular option is to use a cryptocurrency wallet that supports the currency.
Some wallets that support Stellar Lumens are Exodus, Ledger Nano S Plus, and Trezor.
You can also store your XML on an exchange, but this is generally not recommended because it’s less secure.
How To Use Stellar Lumens
Stellar is primarily used as a payment system. It’s similar to other payment systems like PayPal or Western Union.
The main difference is that Stellar is decentralized, which means it doesn’t have to rely on a central authority. This also makes it much faster and cheaper to send money. You can also use Stellar to create an ICO or token sale. This can be used to raise funds for a project or business.
How To Earn Stellar Lumens
There are a few ways you can earn Stellar Lumens.
- The first way is to buy the currency on an exchange.
- You can also earn XML by participating in the Stellar network. For example, you can run a validator node or anchor to the network.
- You can also earn XML by participating in airdrops or bounties.
Stellar Lumen is a cryptocurrency that’s used for payments. It’s similar to other payment systems but it’s faster and cheaper to use, also remember that you don’t need to Google “how to mine stellar lumen” because you just can’t mine it as default cryptocurrency like Bitcoin.