What is Stellar Lumen?
Stellar Lumens is a digital currency used as an exchange of the Stellar payment network. It is a distributed, hybrid blockchain employing fully open-source to promote cross-asset transfers of value, notably payments. With Stellar Network, people get the opportunity to participate in an open, global financial network. Stellar is a decentralized protocol that allows money to be transferred anywhere in the world, to anyone, free and instantly, in any currency.
How to buy Stellar Lumens
- First, we need to set up a wallet to store the Stellar Lumens coins you are going to buy. We can use the desktop wallet to store your coins. For that, you need to go to the official link of Stellar Wallet Github. This is where this open source project posts their latest wallet installation files.
- Choose the download that runs on our computer
- Then unzip the downloaded files and keep the folder somewhere safe and handy. Then your wallet will open.
- Then press ‘Create New Account.’ After that ‘Create Empty Account.’ Then you will be asked to name and save your new wallet file. Then click ‘save.’
- Now you need to mention a password to encrypt your wallet file. Then press ‘Encrypt.’ Your new wallet file will be saved now, find and save it somewhere safe and private.
- Now you will be given your new Stellar wallet address, then copy this address and keep somewhere safe as we will need it soon. You are also given a secret key to your wallet. This allows anyone to open your wallet without knowing the password. Copy this secret key down and place it somewhere private and safe. Once you have saved your key, press ‘yes, I saved my secret key.’
- Now we will purchase the popular cryptocurrency Ethreum so that we can exchange it for Stellar Lumens.
How to Buy Stellar Lumens by Using Coinbase
- First of all, click ‘sign up’ button and fill out your name and email, password and location. Coinbase is regulated by US government, and it has strict rules. They verify your identity very seriously. You must provide a phone number, upload an image of your photo ID and verify a credit/debit card or bank account to verify your account.
- After your payment details are verified, click ‘buy/Sell’ on the top menu. Then select the ‘Ethereum’ and then choose how many coins you want to buy. Then click ‘Buy’ button.
- Then press ‘Confirm Buy’ button. Now you own some Ethereum.
- Now we will use the site named Binance to exchange your Ethereum for Stellar Lumens. Then go to the official website of the site, and click ‘Register’ at the top right menu.
- Now mention your email and strong password, then click ‘Register.’
- Now you will be given an email to confirm your email address, then click the link in the email.
- Then back to Binance to check whether the email is confirmed or not, if confirmed, press ‘Login.’ On the login form, enter the email and password you just used to sign up, then click ‘Login.’
- A pop-up will advise you to set up 2FA on your account for the safety.
- Now click ‘FUNDS’ on the top menu and press on ‘Deposit Withdrawals.’ This screen will show the coins you have stored on Binance. Now type ‘Ethereum,’ in the search box. After that press ‘Deposit.’ Then you will be given an Ethreum deposit address and copy this address and keep it somewhere safe as we want this soon.
- Now back to Coinbase. Click ‘Accounts’ at the top menu, then look for your Ethereum wallet listed on the left. Click ‘send.’
- In the ‘Recipient’ box, paste the Ethereum wallet address that we copied from Binance. Then type how much Ethereum you want to send, after that click ‘ continues.’ Coinbase may ask you to confirm your password/phone. It takes some time to send the Ethereum to your wallet.
- Ethereum will show your available balance then we are ready to trade for Stellar Lumens. Then jump straight to the ADA/ETH exchange market on Binance.
- Two ways of buying coins are A ‘Limit’ order, which permits you manually fix the price at which you want to buy XLM.A ‘Market’ buy, which fills your order automatically at the best price available.
- Then click the market option, then you have to fill input box marked ‘Amount’ you now need to fill in how many XLM you’d like to buy. Then press the buy button. Then your order will be filled immediately.
- Then press ‘Funds’ along the top menu, then ‘Deposits Withdrawals.’ In the search box, type XLM. Now you can see your new XLM in your XLM wallet.
- You can now leave your coins on Binance, and it will be safe. If you have set up two-factor authentication, you will be asked for a code from your phone. Enter it, and press submits button.
- You will be sent an email to confirm the withdrawal.
- Go to your email and click the link that has been sent to you.
- Finally, go back to your Stellar Desktop Client wallet, and you could see your coins appear in your wallet balance.Stellar Lumen price , Stellar Lumen mining, how to mine Stellar Lumen,Stellar Lumen price chart, mining Stellar Lumen, Stellar Lumen mining, Stellar Lumen mining software, currentStellar Lumen price, Stellar Lumen price today,Stellar Lumen price usd, Stellar Lumen price drop