The Stellar Development Foundation, a non-profit launched by Ripple co-founder Jed McCaleb in 2014, created the cryptocurrency known as XLM. XLM were invented to help developing economies participate in cross-border transactions. Whereas crypto assets like bitcoin (“BTC”) are meant to allow purchasers to create, purchase, and trade only BTC, holders of XLM may trade digital representations of all forms of money in a decentralized manner. XLM were created as the native currency necessary to maintain the Stellar Development Foundations’ platform (the “Stellar Network”). Account holders must purchase XLM to maintain minimum account balances and initialize transactions on the Stellar Network, but after that, they can be used to create digital representations of any currency. Companies operating on the Stellar Network have built their own tokens, each based on a different traditional currency, including Canadian dollars, euros, Mexican pesos, Swiss Franc, Argentinian pesos, Nigerian naira and other currencies.
XLM operates on the Stellar Consensus Protocol, a decentralized, transparent, and immutable public ledger, much like other crypto assets. Key differences exist in the information that is stored and the way in which transactions are verified on the Network. Stellar’s blockchain records two main pieces of information every five seconds: what currencies a stellar account holder owns (e.g., “100 pesos” or “5000 XLM”) and what they are trying to advertise to the rest of the network (e.g., “sell 10 dollar tokens for 50 XLM”).
The Stellar Network uses a unique protocol known as “Federated Byzantine Agreement” to achieve consensus on past transactions and add blocks to its blockchain. With other crypto assets, a block is validated once a minimum number of computer nodes reaches consensus on the answer to a problem (a “quorum”). The Stellar Network reduces the number of people required to reach quorum by relying on smaller subsets of trusted computers. This functionality allows the Stellar Network to process around 1,000 to 1,500 transactions per second, which is 100 to 500x faster than the Bitcoin Network and 50 to 250x faster than the Ethereum Network.
XLM could be used to purchase a digital representation of a US dollar on the Stellar Network (the “dollar token”). The holder of dollar tokens could publicize that they are willing to exchange one dollar token for one US dollar, thus setting up a 1:1 exchange between the two currencies. Purchasers of dollar tokens would have the equivalent of a US dollar because they would know that eventually, the dollar tokens can be exchanged for traditional currency. In this manner, a Venezuelan citizen can purchase dollar tokens to hold some of their net worth in dollars. The borderless nature of XLM means that anyone can hold the value of a US dollar without owning a US bank account by purchasing dollar tokens. Although the traditional banking system may enable foreigners to engage in similar transactions, these transactions are subject to significant cross-border transaction fees and delays. With XLM and the Stellar Network, individuals worldwide may gain an inexpensive method of sending money around the world.
Eager to buy Stellar Lumen (XLM) but not sure how? No worries! Bitbuy is the simplest and most secure platform to buy Stellar Lumen (XLM) from. Bitbuy always ensures the lowest associated fees and highest security when buying, selling or trading cryptocurrency.
Investors can easily invest in Stellar Lumens (XLM) by creating an account with Bitbuy, adding funds to their account directly through e-Transfer or bank wire and buying Stellar Lumens directly through the Bitbuy platform. Experience problems or need questions answered along the way? Do not fear, Bitbuy is always here. Our customer success will ensure your investment journey is smooth throughout.
Buying Stellar Lumens (XLM) in Canada as well as other digital currencies is simple and secure with Bitbuy. Here is how it works:
If at any point you need help signing up, verifying your account, adding funds, or buying and selling LTC, just contact customer support for same-day assistance.
Bitbuy is one of the best and most secure places to buy Stellar Lumens in Canada. Here is why:
Every transaction you make on Bitbuy is encrypted using SSL (Secure Socket Layer) technology with two-factor authentication solutions implemented throughout. Bitbuy operates with a 99% cold storage reserve for all digital currencies in custody and executes daily encrypted and distributed backups for disaster recovery. Here at Bitbuy, it is crucial users know that their digital assets are safe with us.
Bitbuy offers some of the lowest buying and selling fees in Canada. You can check out our trading fees and processing times before you buy Stellar Lumens (XLM).
Buying cryptocurrency directly from individuals is slow and risky. Cryptocurrency exchange platforms like Bitbuy make the process faster and far more efficient.
We pride ourselves in our exceptional customer support which sets us apart from other digital asset marketplaces. Simply submit a request under Bitbuy Support to be paired with one of our experts. We believe that exceptional customer support is an essential part of simplifying cryptocurrency for everyone.
Interac e-Transfer is the most popular way to pay online in Canada. Canadians want to buy Stellar Lumens (XLM) with Interac, but banks do not make it easy. Bitbuy exists to simplify the process when you want to buy crypto in Canada with Interac. You can use your bank account directly to fund your Bitbuy account, which you then use to buy and sell cryptocurrencies in Canada.
Looking for a place to store your XLM? Bitbuy is the perfect place to start. Bitbuy has a built in-wallet in each user's account that you can use to store your XLM safe and securely with.
Website (instructions for the mobile app below)
When you log into your Bitbuy account you will be automatically directed to the ‘Accounts’ section of your account. Click 'Express Trade' located at the top of the page if you are already logged in. To facilitate the trade, click the 'Sell' button which will appear in red.
Click the drop-down and search XLM to begin the sale.
Enter the amount of XLM that you wish to sell. The dollar value of your sale will be displayed below under ‘Transaction summary'. When you are ready, click the 'Sell' button to complete the transaction.
Mobile App
Sign into your Bitbuy account and you will be automatically directed to the 'Accounts' section. If you are already logged in, click on 'Accounts' in the bottom right corner of the navigation bar.
Locate XLM and click on the 'Sell' button.
Enter the amount of XLM you wish to sell. The value of your sell will be displayed at the bottom of the page. When you are ready to continue, click the 'Place Sell Order' button to complete your transaction!
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