Buy Stellar in Australia on CoinJar

What Is Stellar (XLM)? How to buy Stellar Lumens? Stellar (XLM) is a decentralised digital currency network that aims to revolutionise cross-border transactions and empower financial inclusion. So what is Stellar? And how can you buy Stellar Lumens (XLM) on CoinJar? Let’s find out.

What Is Stellar (XLM)?

Stellar emerged in 2014, founded by Jed McCaleb, one of the co-founders of Ripple. Unlike Ripple, which targets traditional banking systems, Stellar operates as an open-source, not-for-profit network. Its mission? To connect people worldwide, regardless of their access to traditional banking services.

At its core, it is a blockchain-based platform that facilitates fast and low-cost cross-border payments. It allows users to transact in various currencies, both fiat and digital. The native token, Lumens (XLM), plays a crucial role in powering transactions on the network.

Stellar conspiracy theories

There is a fascinating conspiracy theory going around that Lumens will be the one global currency. People who make this claim say that humans have been getting conditioned for this for quite some time. Read about this wild story here.

Why was it invented?

It was designed to address several key challenges:

High transaction costs

Traditional cross-border transactions are expensive due to intermediary banks and fees. It aims to reduce these costs significantly.

Financial inclusion

Millions of people lack access to banking services. Stellar aims to provide an inclusive platform for everyone, especially the unbanked. All they need to participate is a phone.

Speed and efficiency

The platform processes transactions rapidly (thousands per second) and uses less energy than traditional systems.

Interesting uses

Cross-border payments

Stellar enables seamless, low-cost international money transfers. Whether you’re sending money to family abroad or conducting business transactions, it simplifies the process.

Digital assets issuance

Companies can create tokens representing real-world assets (like stocks or real estate) on the network. These tokens can be traded globally.

Decentralised applications (DApps)

Developers can build DApps on the platform, using its fast and secure infrastructure.

Holding Lumens is essential for using the Stellar platform. Lumens pay for transaction fees and provide liquidity.