How to Get Stellar Lumens XLM for Free
Stellar (XLM) Lumens is a unique project that has a long-term perspective. Not every user will immediately decide to invest fiat money in cryptocurrency, but the advantage of Stellar is that its lumens can be obtained for free. However, before considering ways to get this cryptocurrency, you need to know more about its prospects and possibilities.
Current Market Indicators
Stellar is a payment network with fast transactions and the ability to enter into smart contracts. The developers took the well-known Ripple platform as the basis, preserving its advantages and eliminating its disadvantages. As a result, they managed to create a universal tool that supports all types of crypto assets. Transactions within the system became as convenient, safe, and fast as possible.
Currently, Stellar is traded on all major exchanges and is one of the top 20 cryptocurrencies by capitalization.
Since late November 2020, the Stellar (XLM) exchange rate began to rise rapidly, and in less than 3 months, on February 14, 2021, reached a maximum of $0.54. Currently, the price of XLM has fallen slightly to $0.42, so selling the coins immediately after receiving them is not recommended. It would be wiser to wait until the end of 2021, when a new wave of XLM growth is likely.
Creating a Wallet for XLM
When planning transactions with Lumens, you need to decide in advance where to store them. The developer’s website offers 19 recommended desktop, mobile, and online wallets, although there are many more options.
For a beginner user, this minimalistic Stellar Web Wallet will do. With it, you can get started with Stellar (XLM) within seconds.
Note that cold wallets have the highest level of security, which allows you to store Stellar cryptocurrency for a long time without connecting to the network.
Is It Possible to Mine Stellar Lumens?
Mining of Stellar cryptocurrency is not provided. Despite this, every user of the network can get a certain amount of Lumens for free with XLMPool. Stellar has an inflation rate of 1% per year. New Lumens are created and distributed among users every week. This mechanism replaces the classic mining in Stellar.
XLMPool is a counterpart to the classic pools used for co-mining. In this case, there is no need to use computing power, which is an undeniable advantage. It is enough to enter the address of the pool in your personal wallet once and the coins generated by the network will arrive to your account every week.
Distributions are made to owners of Lumens at a rate of 1% of the balance.
You can use the following guidelines to get passive payouts:
- With planned annual inflation of 1% of XLM token issuance, voting is activated.
- Lumen owners can submit their address to receive the generated coins and can canvass everyone they know to get as many votes as possible.
- Those addresses that get more than 0.05% of the votes will receive a certain share of the tokens.
- Voting is conducted every week, so everyone has a chance.
Other Ways to Get Stellar Lumens for Free
Getting XLM on Coinbase
Here you can get up to $10 worth of Lumens just by watching video tutorials about Stellar. Each video is a few minutes long and you can earn $2 in XLM for watching it.
This is a very convenient way to get XLM for free, while increasing your knowledge!
Stellar AirdropsAirdrop is a free distribution of a large number of cryptocurrency tokens to certain users. In 2019, Stellar already distributed tokens worth $120 million, but the distribution was terminated early due to the influx of fake accounts. However, we can’t rule out a repeat of the airdrop in the future. Stay tuned for more news from the developer, so you won’t miss such events!
Faucets are services that offer to earn cryptocurrency by performing various actions on the Internet: watching videos, entering captchas, playing games, and so on. Many of them pay with Lumens. Just type in Google: “Stellar faucet” and choose the best option for you.