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There are over 1,000 cryptocurrencies that are in existence. The average person has not heard of the vast majority of these cryptocurrencies. However, many people are familiar with some of the top cryptocurrencies by market cap such as bitcoin, ethereum, and litecoin. The reason is because between 2009 and 2017, these three cryptocurrencies and a handful of others have established themselves as the largest players in the field.
However, one cryptocurrency that has slowly but surely made its way into the top ten cryptocurrencies by market cap is Stellar Lumens. Stellar Lumens is definitely one of the lesser known of the top ten. But, this is changing. Here is a look at how Stellar Lumens climbed to the top ten cryptocurrencies.
Stellar has extremely fast transaction times. In fact, stellar transactions are fully settled in 2-5 seconds. This is lightning fast compared to bitcoin transaction times. Bitcoin takes an average of ten minutes to form a new block for a transaction. This makes stellar lumens dramatically more efficient than bitcoin which is one of its primary competitors for the top cryptocurrency. This is part of the reason why stellar lumens is gaining ground on the king of cryptocurrencies.
Stellar allows users to send money in one currency which can be converted and received in another currency. So, for example if a person in America wants to send dollars home to his family in Mexico, then he or she can use stellar to have the dollars automatically converted into pesos. Stellar accomplishes this by converting the original currency into lumens, its coin, then exchanges the lumens for the new currency. So, essentially, stellar functions as a highly effective middleman for exchanging and converting currencies.
Easy cross-border payments
The fact that stellar can convert currencies makes it an ideal coin for remittances. Stellar is being used more and more frequently for remittances, and this is helping to fuel its growth. Stellar also allows people to send money across borders extremely quickly, and for extremely low fees. This allows people who are doing remittances to avoid having to adhere to standard slow and expensive banking procedures to do this. Stellar is quickly becoming one of the top coins for remittances.
Another factor behind stellar’s meteoric rise to the top ten cryptocurrencies is the fact that it has secured a number of high-profile partnerships. These types of partnerships always make for good press, and can give people more faith in the cryptocurrency. As of February, 2018, Stellar has secured partnerships with IBM, KlickEx, Remitr, MSewa Software Solutions, PesaChoice, and a number of others.
Alternative to ripple
Ripple is another currency that is often touted for its speed, low transaction fees, and remittance capabilities. However, ripple is very centralized, and viewed by many has being too heavily influenced by big banks. Stellar was actually created as a not-for-profit way to improve payments and remittances. So, people who distrust ripple for various reasons view stellar as a suitable and trustworthy alternative. This is also helping to garner support for stellar.
Ideal for micro transactions
Stellar is ideal for micro transactions due to its low fees, its ability to convert currencies, its seamless cross-border payment capability, and its great speed. As the crypto-economy grows larger and larger, micro-transactions could become a lot more heavily used. The fact that stellar is so perfectly suited to handling micropayments is another key factor behind its growth.
Stellar lumens is definitely a coin that cryptocurrency investors should keep their eye on. It is fast, efficient, reliable, and has built a very good reputation for itself. There are at least six major factors that are propelling it forward right now. There is no telling just how far these factors could move stellar lumens forward. One day, it could potentially surpass ripple.
If you would like to trade or invest in stellar lumens, then you can do so on the etoro platform. Etoro is one of the world’s leading social trading platforms, and lets users copy top trader moves in addition to making normal trades. This gives etoro users a distinct advantage over users on other cryptocurrency trading platforms, such as Coinbase, Gemini, and many others.