Stellar Lumens, fondly known as XLM, are the native digital currency of the Stellar network. Designed as an intermediary currency, Lumens facilitate trades between currencies. If you’ve ever been frustrated by transaction delays or the high costs of sending money across borders, Stellar Lumens are your savior. With Lumens, you can transfer money instantly, and for minuscule fees – truly a paradigm shift in global finance!
Stellar Lumens – From Wallet to Wallet
Now that we have a basic understanding of Stellar Lumens, let’s move to the exciting part – how to send these Lumens from one place to another.
Firstly, you need a digital wallet compatible with Stellar Lumens, similar to how you need a bank account to transfer traditional money. There’s a wealth of options for wallets supporting XLM – both online and offline, including Ledger, Trezor, and Stellar’s own desktop client.
Once you have a wallet and have your Lumens in it, sending them is as easy as sending an email! You simply need the recipient’s wallet address, which is akin to an email address, but for cryptocurrencies. Ensure you have the correct address, and voila – your Lumens are on their way to the recipient’s wallet.
To send Lumens which is Stellar.org currency need a Public key of Recipient.
Follow these steps;
1. First you need to login to your account with your secret key; https://www.stellar.org/account-viewer/ or use Generate Key button to create your new account
2. Then grab the public-key of the the sender and enter it into the following box enter amount of Lumens you want to be sent.
Try this Public key in Recipient if you are doing this for first time;
3. Memo field, lets you enter description or reason for sending the money.
Secret Key – Is to be kept secret, it lets you access your account and store your Lumens ( generally starts with S followed by 55 characters)
In the digital world, every transaction must be made with caution. You’ve probably heard the saying, “measure twice, cut once.” In the realm of Stellar Lumens, we could rephrase it to “verify twice, send once.” Always double-check the wallet address you’re sending Lumens to before initiating a transaction. Errors in wallet addresses could lead to irreversible loss of your Lumens.
Public Key – Is to be shared with others, with those who wants to send Lumens to you.
The universe of cryptocurrencies is expansive and dynamic, and Stellar Lumens is one of its shining stars. Whether you’re an individual looking to send money to a friend overseas, or a business contemplating to streamline transactions, Stellar Lumens provides a secure, speedy, and cost-effective solution.
You might also be interested in: