Question 1

Has the Price of Stellar (XLM) Changed Recently?

Accepted Answer

As of now, the price of Stellar (XLM) stands at XRP 0.20118550, with a +13.77% change in the past 24 hours. This shows that the value of Stellar has increased today.

Question 2

What Exactly is Stellar (XLM)?

Accepted Answer

Stellar is a unique, open-source platform facilitating cross-asset transfers for a fraction of a penny. It aims to provide an inclusive financial system, offering low-cost financial services to people from all income backgrounds. With Stellar, cross-asset exchanges can occur between both fiat-based currencies and cryptocurrencies.

Question 3

Who is Behind Stellar?

Accepted Answer

Stellar was founded in 2014 by Jed McCaleb, a pivotal figure in the cryptocurrency world. Having previously founded Mt. Gox and co-founded Ripple, McCaleb, along with former lawyer Joyce Kim, envisioned Stellar as a payment technology to connect financial institutions and reduce the cost and time of cross-border transfers.

Question 4

How Does Stellar Function?

Accepted Answer

A crucial feature of the Stellar network is its Distributed Exchange. Through the use of Lumens (XLM), Stellar’s native currency, a user can send any currency to the recipient in a different one. For instance, if one wants to send USD to a person preferring EUR, an offer to sell USD for EUR is submitted to the distributed exchange, which then identifies the most advantageous exchange rate for the transaction. This is facilitated through “Anchors” – entities trusted to hold deposits and issue credits, effectively bridging currencies and the Stellar network.

Question 5

What is the Role of Lumens (XLM)?

Accepted Answer

Lumens (XLM) are intrinsic to the Stellar network, facilitating multi-currency transactions and deterring spam. For such transactions, XLM acts as a digital intermediary allowing these transactions to happen cost-effectively. In terms of security, every transaction on the network has a minute 0.00001 XLM fee associated, discouraging malicious activities without significantly impacting the cost of transactions.

Question 6

What Makes Stellar Unique?

Accepted Answer

Stellar is both decentralized, like most cryptocurrencies, and centralized, like XRP. However, unlike Ripple, Stellar is operated by a non-profit organisation and its platform is open-source. Stellar's stand out feature is its ability to conduct cross-platform transactions, and microtransactions in a highly efficient and low-cost manner.

Question 7

Does Stellar (XLM) Undergo Inflation?

Accepted Answer

Previously, Stellar had an inbuilt inflation mechanism. However, as the network evolved, it became clear that inflation wasn't serving its intended purpose. Simultaneously, the operational costs related to inflation continued to rise. Consequently, the Stellar community decided to propose, implement, vote, and ultimately disabled inflation as part of a network upgrade. At present, the inflation operation on Stellar network is discontinued.

Question 8

What is the Current Market Cap and Supply of Stellar?

Accepted Answer

As of the latest data, Stellar (XLM) has a market cap of XRP 6.8B and is ranked #18 in terms of market capitalization. The circulating supply is at 33.6B XLM out of a total supply of 50.0B XLM.

Question 9

Can One Purchase Stellar (XLM), and If So, Where?

Accepted Answer

Yes, Stellar (XLM) is purchasable on several exchanges including Binance, Coinbase Pro, Gate.io, Bitstamp, Kraken. As always, it's highly recommended to use trustworthy and reputable platforms for trading cryptocurrencies.

Question 10

How Can One Mitigate Risks while Using Stellar?

Accepted Answer

As an open-source platform, Stellar mitigates security risks through its minimal transaction fee, which is a deterrent for spamming and Dos attacks. However, users should take standard precautions such as using secure, encrypted internet connections, keeping wallet keys private and storing their Lumens (XLM) in secure wallets.

Question 11

What's the Trading Volume of Stellar (XLM)?

Accepted Answer

The daily trading volume of Stellar (XLM) is approximately 1.2B. The trading volume typically serves as an indicator of the coin’s popularity and liquidity.

Question 12

Has Stellar (XLM) Been Adopted in the Mainstream?

Accepted Answer

Stellar aims to streamline cross-platform transactions and microtransactions. It isn't just about offering another cryptocurrency; Stellar provides an open financial system to all income levels, aiming to level the playing field. Consequently, the Stellar network has seen adoption by various financial institutions interested in reducing the costs, complexities, and time taken for cross-border transfers.

Convert XLM to XRP

Try our Crypto Pro app