Wednesday, October 4, 2023

Is Stellar Lumens a Smart Buy?


While inventors of most cryptocurrencies hope one day that their tokens will go to the moon, the platoon behind Astral Lumens (CRYPTOXLM) has their eyes set on the distant stars.

Well, that is figuratively speaking, but the non-profit Stellar Development Foundation came into play with a humanitarian idea. The humanitarian idea of creating a borderless blockchain payment network. A network that helps the underbanked in poor and developing countries. But its early investors have served from the network as well.

Those who bought a stake at its commencement are now sitting on a stunning return after seven times more. XLM is now the 18th largest cryptocurrency in the world, with a request cap of $7.5 billion. That is despite fierce competition from XRP (CRYPTOXRP) and its inventor, Ripple Labs.

So, can new investors see the same astral jump in XLM’s price if they buy now?

XLM was created by Jed McCaleb and former counsel Joyce Kim in 2014. McCaleb was preliminarily the co-founder of XRP and Mt. Gox, the first Bitcoin (CRYPTOBTC) exchange in the world. McCaleb left Ripple Labs in 2013 after a disagreement with the latter’s vision. The vision of creating a for- profit, institutional payment network. Mt. Gox shut down in early 2014 after passing the mama of all Bitcoin hacks. Performing in the siphoning of BTC by hackers, leaving it insolvent.

At its commencement, the authors planned to mint one hundred billion astral. Also to give 50 percent down to users who subscribe up, twenty-five to charities, and twenty to both XRP and Bitcoin holders. Unfortunately, that plan no way took off. It was clear that the Stellar Development Foundation was not going to fulfill its pretensions anytime soon.

Biometric-secured, phone- grounded electronic payment systems. This is similar as those handed by South African fintech Net1 UEPS Technologies (NASDAQUEPS), are far more straightforward to use and better serve the requirements of those without a bank account.

To use XLM, one must first understand blockchain technology, which can be a tough sell to folks like legionnaire- gadabouts in South Sudan. What is further, is to keep in mind that XLM users will still need to find an exchange to convert their coins into edict after entering them. But frequently, the only way to cash out is to make a pullout request to one’s bank account.

Presently, XLM has a total force of around fifty billion, with a circulating force of half that quantum. As of the time of this jotting, only 4.6 million tokens, worth about $412,650, have been bestowed to seventeen charities. This is as part of the foundation’s non-profit arm, Lumenthropy. But one cannot say the same for its marketable arm, Astral.

Miguel Garcia
Miguel Garcia
Miguel Garcia is a writer for Cryptoconstellation. Miguel has always been fascinated with Crypto. He has experience in Business and finance. Miguel loves sport cars and football.

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