How Long Does a Stellar Lumens XLM Transfer Take?
Stellar Lumens XLM Transfer Duration
A Stellar Lumens (XLM) transfer takes between 3 to 4 hours for it to be successful. It is not the fastest one, compared to Litecoin or Ethereum, but it is not the slowest, compared to Bitcoin.
In January 2021, many crypto news websites were talking about the new partner of the SDF, Stellar Development Foundation (SDF).
It was said that the company decided to cooperate with the government of one of the countries in Eastern Europe Ukraine. According to their deal, the SDF will help the country develop its digital infrastructure and digital banking system.
📌 To prevent further economic instability, the owners of Stellar decided to reduce the number of coins to 50 billion XLM and created no more. However, you can still easily buy lumens or complete a Stellar to Bitcoin exchange online, as 20 billion lumens are available in the market.
📌 The XLM cryptocurrency has an average lag transfer time of 3 hours. It is not the fastest one, compared to Litecoin or Ethereum, but it is not the slowest, compared to Bitcoin. So, when you decide to buy a new cryptocurrency, always take into account not only its price but other associated factors.
The Stellar Development Foundation deal with a few countries has led to a surge in the price of the company’s assets by 40%. Also, more people have become interested in this ecosystem and its cryptocurrency, XLM. Here you can find out more facts about this cryptocurrency, its price, and the transaction time it needs.
SEE ALSO: How to Mine Stellar Lumens In a Nutshell
What is Steller Lumens (XLM)?
XLM is an abbreviation for the cryptocurrency named Stellar Lumens. It is a cryptocurrency created for Stellar, a blockchain payment system. The main point of this ecosystem is to connect different international financial institutions through blockchain to develop the market and the economics of developing countries.
The price of XLM is not below one USD as of the time of writing, its all-time high for this currency was $0.9381, which was in January 2018.
See XLM Price today…No coins selected
Such a low price of a crypto coin can call for any questions. The major one is: is it low because of crypto inflation? Yes, it was influenced by inflation for some time during the 2018-2019 periods. At that time, the system created 100 billion lumens, which led to its price reduction.
To prevent economic instability, it was decided the number of coins will be contained at 50 billion XLM, and create no more. However, you can still easily buy lumens or complete a stellar to bitcoin exchange online, as 20 billion lumens are available in the market.
The other 30 billion coins are the property of the Stellar Development Foundation. They are needed to develop the system and will be released on the market in the next few years.
Stellar XLM is highly volatile by nature. In 24 hours its price can increase or decrease by more than 18%, which is higher than ETH’s or LTC’s levels of volatility.
See Interactive Price Chart for Stellar XLM below…
The fee for each Stellar transaction is 0.00001 lumen. This number is nominal, developers of the Stellar system say. It is required to keep access to the system free for everyone and not turn the ecosystem into some kind of an arbitrary database system.
Why Transfer Time Matters
With fast payment alternatives being a major consideration in deciding which framework to build an efficient payment system, the transfer time a token takes to complete a transaction is important. Why does it matter that much? Here are some major reasons why the transfer time of any cryptocurrency is important
Cryptocurrency needs to be as easily accessible as cash. It is important for both users and the company. Users stop feeling the difference between regular money and crypto money, and the company gets more users.
The fast transfer time shows that the system operates efficiently, correctly, and synchronously. It means that the company invests in its system and gives its users the ability to access their funds quickly.
The time the transfer requires to complete is important not only for the user of the cryptocurrency but also for the company that creates the cryptocurrency.
The price and volatility of cryptocurrency are important, without any doubt, but the transfer time is the factor that determines the goal of buying the currency. Fast transfer, the currency is good for everyday operations; longer transfers, better for the long-term investments. That is why you should always take the transfer time into account.
Cryptocurrency Transfer Times – Comparison
Another way to understand speed is through comparison. In the table below, you can see the transfer times of XLM and other popular cryptocurrencies.
|XLM (Lumen)||3 – 4 hours|
|BTC (Bitcoin)||10 – 20 minutes|
|LTC (Litecoin)||2 – 8 minutes|
|ETH (Ethereum)||30 seconds – 5 minutes|
You can see that the transfer time of different cryptocurrencies varies. Starting from seconds and up to several days, the transfer time changes depending on how much money you transfer and the load on the network.
The XLM cryptocurrency has an average transfer time of 3 – 4 hours. It is not the fastest one, compared to Bitcoin, Litecoin, and Ethereum.
Frequently Asked Questions (FAQ)
1. Can I Transfer XLM to Binance?
You can store your XLM safely on your Binance account or our crypto wallet app Trust Wallet, the most user-friendly and secure mobile wallet. As one of the major cryptocurrencies, Stellar allows you to easily transfer value around the world, fast.
2. Is XLM a Good Investment?
The Stellar Lumens (XLM) has been in a strong bullish trend in the past few weeks. The coin’s price has jumped to $0.3872, which is about 92% above the lowest level in July. This brings the total market cap of the ecosystem to more than $9 billion making it the 18th biggest coin in the world.
3. How long does it take to buy XLM on Coinbase?
The process might take up to one hour (vary according to different exchanges). After completing these steps, click the “Exchange” tab on the top menu and “Basic”. Search for ETH/XLM and proceed with the transaction.
4. Does XLM have a Future?
The Stellar coin forecast reveals powerful information about the long-term Stellar lumens growth and potential. Prices range from as low as $0.25 to as high as $13 per XLM coin, proving the asset has long-term value.
XLM has a good enough transfer speed although it doesn’t rank high up there, like the likes of Ethereum, it still however does transfer within a day hence making it more efficient than Bitcoin and some other cryptocurrencies out there which take days sometimes for their transfers to be successful.