I would start by saying, A lot of people confuse Stellar with Ripple in terms of the solution it provides which is kind of true. It is a banking technology similar to ripple but only in that manner. I would try my best to explain how Stellar's Lumens (XLM) is far better than Ripple and how I think it can wipe our Ripple (XRP).
What is Stellar?
Ripple & Stellar Lumens both share similar co-founder "Jed McCaleb". Where Ripple being completely centralized technology for banking system with initial investors like Google Ventures, SBI Group, Standard Chartered Bank etc. Stellar came up with a similar solution with a different approach, not only being decentralized but being an NGO as well.
The Major difference is Ripple is a backend technology solution for banks to exchange values overseas, kind of like SWIFT but only cheaper and faster.
Stellar can do the same thing, their approach is not only banks but also merchants all over the world.
To elaborate it properly, with ripple you can move your money fast, the only difference is your bank will be using ripple instead of SWIFT. with Stellar on the other hand, based upon changing any Fiat or CryptoCurrency to desired currency, which means your customers can pay you in Euros and you can get USD instead instantly.
Recently, Stellar has announced two different exchanges SDEX & FairX. Which will change everyone's thoughts about Stellar Lumens?
What is SDEX?
Stellar has announced their own decentralized exchange "SDEX (Stellar Decentralized Exchange)" for cryptocurrencies and all set to launch it very soon. Which I came across while I was doing some research on cryptocurrencies. You can have a look at the screenshot above and can visit the exchange with the following link.
What is FairX?
IBM has announced this exchange in partnership with Stellar. This one is going to be a game changer in not only crypto space but overall. According to my research and a lot of articles, news etc. FairX will be one exchange for all combining CryptoCurrencies, Commodities, Fiat Currencies and possibly stocks. With Stellar being the major pairing currency similar to BTC in almost all crypto exchanges.
This has also been mentioned in many places over the internet that FairX is will also be used as a direct payment solution, where you will be able to swap not only cryptocurrencies with fiat currencies but also commodities such as gold, silver, oil, and stocks.
If this is the case, in my personal opinion. This would a hammer on almost every cryptocurrency exchange. And will definitely take the crypto market to a different level.
However, there has been no official announcement from IBM or Stellar confirming the news of making commodities or fiat currency to be a part of FairX. you can check their tweets and tease on the official website fairx.io
Please let me know, what you guys think of all this, or if anyone else has further updates regarding these exchanges. I would love to read your thoughts in comment section below.
Please Note: Everything that I mention here is based on my own research and should not be taken as financial advice. Please do your own research before investing in any cryptocurrency.
For Newbies: http://www.BunnyChum.com/StartWithCrypto
Where would you recommend storing $XLM? @bunnychum As much as I like binance, I don't feel that safe holding it in there.
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It is always best to store cryptos in their native wallet provided on their website. In case of XLM you can store them by downloading their wallet from https://www.stellar.org/lumens/wallets/ or other best option is to store them in a hardware wallet. Ledger Nano is currently supporting XLM @showtime24
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I'm sure ripple shouldn't be counted as a cryptocurrency at all, it's a currency for bankers and contradicts the very essence of the cryptocurrency. In some sense, Stellar is even the opposite of Ripple, since they are more community-orientated and seems like their final goal is to reach the overall people.
Really informative post, thank you for a quality content!
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@andhovesyan any coin based on blockchain is considered as cryptocurrency and I do agree with you that Stellar is trying to reach masses instead of only institutions.
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Yep, maybe the name is the problem... We should call them decentralized currency instead of crypo, in this case the ripple will fall out :)
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LOL
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I am not a fan of XRP or Stellar.. but if they can make me some money then why should I care LOL
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@ezimedia of course, that's another part of the story ;p
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Nice post. Exciting to see the progress the Stellar team is making. Could see this knocking out Ripple from the top 5 cryptos.
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Once these exchanges get up, XLM will take off. Long-term there are lots of competing coins for the same market with the same use case.
Don't count out XRP. If banks like the convenience of XRP, it'll be huge. Otherwise, yes, worthless.
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@vdux I do agree with you on part that since xrp is working with banks and have big investors like Google ventures. It should not be neglected but my only point is that XLM is also based upon banking system and being decentralised and reaching masses will make it ripple killer in future
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I was researching by my own about ripples till now and I have never heard about FairX, I am interested about what you said and if its true, if they will provide those services I do think FairX might do it and beat ripple, but I'm having dificulties to see why would that happen any time soon... anyways, great post m8
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@chudnofsky23 Even I was amazed when I came to know about these features. I guess we just have to wait for FairX next update but still SDEX is something very concrete.
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i think steller can be a top crypto soon but steemit also became popular day by day .
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@pendrive I believe so, XLM might become one of the top cryptos for our day to day lifestyle in value exchange and Steem is becoming the content king :)
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moon time
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I love XLM. I bought about $30 worth in early 2017 because I'm in the lighting business. I totally forgot about it in my Kraken account. When I opened it up I thought it was a mistake. GO LUMENS!!!!! I think I'm going to grab some more today.
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@thewidowmaker seems like you have made a brilliant decision buying XLM back then 😀
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Just dumb luck.
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They say XLM is the Ripple killer but i don't believe it. Ripple is the bankstas coin and has yuge alliances within the banking sector. Can't compete with being first and better management even tought is centralized: offers real value.
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@luiggih I don't deny the fact that ripple is providing a good background technology for the banking system and more banks will come on board.
XLM has also being adopted by banks for the same solution and they are not only banking solution technology. They are an NGO trying to reach masses.
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I would pretty much love to see XLM or Doge being a major trading pairs. I really hate it when I get ripped off every time I move funds away from exchanges.
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@introverspeaks that's a major problem with everyone actually. :)
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But Jesus said:
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I am a huge fan of XLM and TRX, got a bit discouraged with Tron lately, I can't figure out if it's all a made up thing or a real thing. But stellar looks awesome and will take over ripple very soon!
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TRX seems good project they do have some updates coming up. Also, it's Chinese and there is Chinese new year coming up. If you see there is not much movement in NEO as well.
I think we will see some movements after 16th Feb. @mmoefs
@introvertspeaks if you can share your thoughts?
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Lol TRX--no offense but get over it!
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Tnx for sharing awesome story
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Nice blog.keep it up.people will very helpful on this post.keep sharing.waiting for your next post
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thank you @ausharya
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very nice research. It is very useful to other people.
Thanks for sharing!
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Thanks for the timely clarifications.
Quite beneficial and useful!
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@samal thank you
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