What is Stellar (XLM)?

XLM, or Stellar Lumens, is the native currency of Stellar Blockchain, which serves as a payment currency for the network's transaction fees. Stellar is a decentralized open-source protocol that aims to provide cost-effective and rapid transactions across the border like Ripple. Stellar was created by Jed McCaleb, co-founder of Ripple, with former lawyer Joyce Kim as a fork of Ripple Codebase in 2014. Their goal was to make Stellar a prominent way of cross-border transactions where people can send their fiat currencies worldwide in less time and with reduced cost.

Since Stellar is the outcome of Ripple's ex-co-founder, Stellar and Ripple share many similarities, mainly in facilitating cross-border transactions. The native currencies of both protocols are pre-mined, which means there is no algorithmic proof of work. The significant difference lies in their target customers. Ripple's target customers are Banks and financial institutions, whereas Stellar primarily focuses on individuals rather than Financial Institutions. Additionally, Ripple is a private system, while Stellar's protocol is open-sourced.

How Does Stellar(XLM) Work?

Stellar is a payment protocol based on Distributed Ledger Technology (DLT) made to ease cross-border transactions. It uses a unique consensus mechanism called "Proof-of-Agreement" to ensure coordination between all the nodes of the network. The nodes communicate and process the transaction details with other nodes of the network every 2 seconds in order to sync the complete network.

Lumens (XLM), being the native currency of Stellar Network, helps to reduce transaction fees. Each user of the network must have one or some XLM to participate in the network. The lower transaction fees contribute to the cost-effectiveness of the network. Stellar processes the transactions in 3-5 seconds, making the Stellar network swift and the best gateway to manage cross-border payments; it does so by instantly converting the given money into XLM and then into the requested currency.

How to Buy XLM in India?

There are many platforms where you can invest and trade Stellar Lumens (XLM) in India.

One such platform is Flitpay. To buy Stellar Lumens (XLM) in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Through the linked bank account, deposit the amount of which you want to buy Stellar Lumens (XLM) and execute the Stellar Lumens (XLM) purchase.

You can instantly convert your INR to XLM and XLM to INR and withdraw your INR through bank transfers whenever you want.

How do I convert Stellar Lumens (XLM) to INR on Flitpay?

Buying and converting XLM directly on Flitpay is a task of a few clicks using the Flitpay OTC platform. If you have already made an XLM purchase on Flitpay and want it to convert into INR, all you need to do is; sell it on Flitpay, and you will receive the INR in return. If you have your XLM holding in another exchange, you will have to deposit your crypto on Flitpay and then execute the selling process to convert XLM into INR.

To learn; how to deposit XLM or any other crypto from another platform, refer to the link.

You can easily withdraw your converted INR through the instant bank withdrawal service provided by Flitpay in a breeze.

FAQs

What is Stellar Lumens (XLM)?
Stellar Lumens (XLM) is the native currency for the Stellar network, which can be used on the network to exchange assets or facilitate cross-border transactions. Stellar makes cross-border transactions swift, reliable and cost-effective to foreign countries through fiat currency.

What is the Stellar Lumens (XLM) price in India?
Check out the current INR price of XLM in India on Flitpay.

Which is the best platform to buy Stellar Lumens (XLM) in India?
The best crypto exchange to buy XLM or your favourite cryptocurrencies in India is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

How to buy XLM in India?
To buy XLM at real-time prices in India, sign-up to the Flitpay app or web and follow the below-mentioned steps:

1. Click on the Markets on the web.
2. Select XLM from the drop-down menu.
3. On the web, enter the amount in the order book appearing on the right below and click Buy.

Is it safe to invest in Stellar Lumens (XLM) in India?
Yes, investing and trading in Stellar (XLM) is Safe in India. Flitpay is one of the safest cryptocurrency exchanges in India to invest in XLM. It offers the most real-time prices of the assets.