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Rarity increases the value of any item, as could be the case with the lumens that are still in existence. This may cast doubt on its investment potential, but it is important to recognize that the coin will be scarce in the future. Stellar has destroyed half of its lumens and does not plan to create more. This overall growth suggests XLM could be a viable long-term investment, but it’s one that carries significant risk. For example, XLM climbed from less than 9 cents in November 2020 to 73 cents in May 2021 before falling back to its current price hovering just above 14 cents. Since the inception of the asset, its value has risen from a small fraction of a cent to $0.1429 as of June 7, though not without some wild swings before and after periods of relative stability. Generally speaking, XLM has shown promise to date. When determining whether Stellar’s XLM is a good investment, there are two factors to consider: how lumens have performed up to this point and their potential. While the average person can use Ripple and banks can use Stellar, they were each designed for specific users to provide a more efficient experience to their target markets. The platform provides access to the global economy through simple, quick and low-cost transactions.

Stellar, on the other hand, was built with the average user in mind and for those in developing countries.

It improved the efficiency of banks and financial systems. Ripple was created so that banks could make transfers around the world in a matter of seconds for a very small price. The platforms differ significantly in their goals. These similarities are due mainly to the fact that McCaleb, one of the founders of both platforms, knew what worked well with Ripple and brought that vision and knowledge with him to create Stellar.

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They use almost identical blockchain code, neither allows mining, both use a distributed ledger and both provide nearly free and instantaneous transactions. People who have used both Stellar and Ripple have noted the similarities between the two platforms. What Are the Differences Between Stellar and Ripple? Lumens are the crypto asset used by the platform. You might also hear Stellar and lumens used interchangeably, but Stellar is the platform itself. Moving Away From StellarsĪt the time of its launch, the platform’s native currency was called “stellars.” Stellar later changed the name to lumens, but the original name stuck with many people, so you might still hear the term stellars. It takes only seconds to complete the entire conversion, making it easy to send and receive money from anywhere in the world. dollars to a recipient in Mexico, Stellar converts the payment to lumens, and the recipient can receive the payment in pesos. For example, if you send a payment in U.S. However, lumens also act as the intermediate currency that allows Stellar users to execute trades quickly.Ī built-in protocol automatically converts money sent through Stellar to lumens and then to the desired coin. Lumens are most often used to pay transaction fees on Stellar. While the Stellar platform is open to all representations of money and cryptocurrency assets, it does provide its own digital currency called lumens, or XLM, which is the foundation of the network.

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