iTrustCapital, the #1 Crypto IRA platform that allows investors to access cryptocurrencies, digital assets and precious metals within their retirement accounts has announced that Stellar Lumens (XLM) ) is now available on their platform.
Similar to Ripple, Stellar is a blockchain network for international payments. Where it differs, however, is in its user base and use case.
Ripple is targeted toward banks and other financial institutions, enabling them to send instant payments worldwide with next to no fees. Stellar is for wider use, similar to PayPal. Any entity, be it one person to a small business, can use Stellar for international payments.
Stellar has been around since 2014, starting as a fork of Ripple. It was started by Ripple co-founder Jed McCaleb and has since become an open-source project built with its own code. It runs consensus similar to proof-of-stake networks, featuring various nodes for monitoring and recording events.
The asset is compatible with various fiat currencies around the world, streamlining the conversion process and ensuring minimal fees for all.
What are Stellar Lumens (XLM)?
Lumens are Stellar's relevant cryptocurrency tokens. To participate in the network, users must hold a small number of lumens in their wallets at all times. Otherwise, if the process were completely free, the network would be full of spam and other unwelcome transactions. These lumens also help with transaction fees, simplifying the value transferring process.
Why Might One Want to Invest in Stellar?
For one, Stellar has a ton of potential. While Ripple is being utilized by banks and other institutions, Stellar is for the people. This brings it a significant use case not necessarily seen in other projects.
That, and because participation in the network requires so little, anyone from nonprofits to freelancers can take advantage of it for their business. Even the smallest company can invest and use the network, increasing its value in the long run.
This isn't to mention that Stellar has partnered with IBM and other notable companies over the years. If a tech giant like IBM can have faith in Stellar, it's more likely to be a solid investment.