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Stellar Philippines | How to Buy XLM in PH

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Cryptocurrency increasingly serves philanthropic goals, offering faster, more cost-effective transactions than traditional financial institutions. In a significant development, various organizations within our country now accept cryptocurrency donations.

One particular token stands out for its dual role: not only is it the native token of a blockchain network, but it also champions financial inclusion, education, and environmental sustainability. These initiatives are in harmony with the network’s foundational vision of fostering equitable global economic access.

XLM Price to PHP

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Cryptocurrency increasingly serves philanthropic goals, offering faster, more cost-effective transactions than traditional financial institutions. In a significant development, various organizations within our country now accept cryptocurrency donations.

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One particular token stands out for its dual role: not only is it the native token of a blockchain network, but it also champions financial inclusion, education, and environmental sustainability. These initiatives are in harmony with the network’s foundational vision of fostering equitable global economic access.

The Stellar Network

The Stellar Network is an open-source blockchain, energized by the Stellar Consensus Protocol (SCP), a Proof-of-Agreement (PoA) consensus mechanism. This innovative mechanism enables the network to facilitate transactions that are rapid, economical, and energy-efficient.

“The Stellar blockchain allows for the creation, sending, and trading of digital representations of a wide range of values, including currencies like US dollars and Argentine pesos, as well as assets like gold and real estate,” states the network’s official website.

Stellar extends beyond its role as a payment system. It empowers users to create and issue a variety of digital assets, including cryptocurrencies. Essentially, Stellar provides a platform for the creation, sending, and trading of diverse digital assets.

“Stellar’s architecture combines a potent, decentralized blockchain network with a global ecosystem of innovators. It’s designed to unlock both human and economic potential, offering tools that have real-world applications. The network facilitates the development of new digital asset products and services, enhancing access to the global financial system,” the network explains.

Stellar has evolved since its inception. The original network, launched in 2014, was a modified fork of the Ripple protocol. The current version, introduced in 2015, incorporates the PoA consensus mechanism.

Stellar Development Foundation

The Stellar Development Foundation (SDF), a non-governmental organization, underpins the Stellar Network.

“As a non-stock, non-profit entity, SDF operates without shareholders, focusing solely on our mission to democratize access to the global financial system,” the foundation’s team elaborates.

The foundation recognizes the limitations of the current financial system, which doesn’t cater to everyone’s needs. Leveraging the Stellar Network, they aspire to improve and revolutionize this system:

“As a nonprofit, our focus is steadfastly on our mission. This commitment means prioritizing the network’s health and our vision for inclusive financial access. We support builders, changemakers, and problem solvers who drive us towards this goal.”

Stellar Lumen Token

The Stellar Network’s utility token is the Lumen Token, $XLM. All network transactions are facilitated using $XLM.

Initially named Stellar, $STR, with a supply of 100 billion, the token was rebranded as Lumen to distinguish it from the network itself.

The network employs $XLM for currency swaps. For instance, when a user wishes to exchange Currency A for Currency B, the network first converts Currency A to $XLM, followed by converting $XLM to Currency B. For example:

  • PHP → USD: PHP to XLM, then XLM to USD
  • PHP → BTC: PHP to XLM, then XLM to BTC

Stellar (XLM) Basic Information

Ticker Symbol$XLM
Year Launched2014
Consensus MechanismProof of Agreement
All-Time High$0.875563 (January 03, 2018) 
All-Time Low$0.00047612 (March 05, 2015)
Websitehttps://www.stellar.org/
Socialshttps://twitter.com/stellarorghttps://www.facebook.com/stellarfoundation/

How to Buy $XLM?

  1. Start by creating and verifying an account on exchanges like PDAX and Coins.ph, providing necessary details like personal information, email, phone number, valid ID, and a selfie.
  2. Select the desired $XLM trading pair, which could be $XLM/USDT, $XLM/USD, $OKB/PHP, among others.
  3. Purchase $XLM by entering the amount you wish to buy.
  4. Transfer $XLM by selecting the appropriate option in your crypto wallet, ensuring compatibility with $XLM.
  5. Confirm the transaction. Typically, the amount should now reflect in the wallet.

Closing Thoughts: Stellar Philippines

The similarities between Ripple and Stellar are notable, primarily since Jed McCaleb, a co-founder of Ripple, launched Stellar in 2013 after leaving Ripple.

Regardless of whether one engages with the network for asset creation, supports the foundation’s causes, or trades the token for profit, it’s crucial to practice due diligence and conduct thorough research.

This article is published in BitPinas: Stellar Philippines | How to Buy XLM in PH

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Original Article Follows (May Contain Outdated Information)

Designed to support any type of currency, Stellar is a decentralized platform, is open source, and can support thousands of transactions per second. Its currency – Lumens (XLM) cannot be bought in the Philippines with a trip to the convenience store (unlike your bitcoins). But you can still buy Stellar’s XLM in PH using the steps listed in this article.

This article had a slight update on October 2, 2018.

(Note: Various companies in the Philippines have portions (or all) of their remittance/money transfer systems built on the Stellar blockchain, like Coins.ph, Tagcash, etc). This article is all about the ways into buying XLM.

How to Buy Stellar in the Philippines

As mentioned, you cannot buy XLM directly in the Philippines. There are currently two ways to do this by means of trading your bitcoins for XLM.

By the way, I should mention that even if we cannot buy XLM with our Pesos directly, you should know that it is also impossible in most places in the world to buy XLM with their fiat currency. XLM, like other altcoins, are usually traded in exchange for bitcoins. Fiat is mostly traded only with Bitcoin (and to an extent – Ether and Lietcoin). So do not worry if it feels like you need to do this workaround.

In short, if you think the process below is inconvenient, take solace with the fact that this process is almost the same for virtually every other person in the world.

Buy in Binance Through P2P

You can purchase XLM from Binance through P2P. This is the simplest out of the options mentioned in this article. Here are the steps:

  1. Log in or register to Binance
  2. Go to its P2P page
  3. Find a seller of USDT for your PHP
  4. Transfer USDT from Binance P2P to Binance Spot
  5. Find XLM/USDT Pair
  6. Trade

Here is our step-by-step guide to buy crypto using Binance P2P: How to Use Binance P2P to Buy Bitcoin, USDT in the Philippines

Buy Stellar on Abra

Abra supports depositing fiat via local banks and through credit cards. You can exchange bitcoins for XLM within the Abra App. Should in case you want to cash out, you can do via partner merchants like Tambunting.

Buy Stellar using Credit Card on Changelly

The Changelly platform allows anyone with a credit card or debit card to purchase XLM with USD. Changelly can also be used to trade bitcoins (and other altcoins) to XLM. Register for Changelly here.

Buy XLM using Credit Card using Cex.io

CEX.io is a reputable crypto exchange that allows users to exchange fiat (notably USD) for cryptocurrency like XLM.

Register for CEX.io here.

Buy Stellar On Binance (Old Method)

Binance is one of the world’s largest cryptocurrency exchange in terms of volume. You can trade your bitcoins for XLM or any other coins.

Register for Binance here.

The process will involve sending your bitcoins from your bitcoin wallet such as Coins.ph into your Binance’s bitcoin wallet address. Click here for the steps.

Buy Stellar Lumens from Abra:

Users with Abra can now trade their bitcoins for XLM within its app. The instructions should be similar to how you buy ethereum through Abra. For the original announcement article, click here.

Buy XLM in Cryptocurrency Exchanges

Majority of foreign cryptocurrency exchange sites trade XLM for Bitcoins (and also for Ether). We will use Bittrex as an example. But first, check out these two articles that discuss funding your Bittrex account and buying coins from there.

  1. How to fund your Bittrex account with your Coins.ph / Abra Account
  2. How to buy altcoins from Bittrex for beginners

Note: You may choose not to use Bittrex. Majority of cryptocurrency exchanges may differ in website design, but all basic features (the trading of coins and how it is done) are basically the same.

Step by Step Guide to Buy XLM from the Philippines using Bittrex

  1. Send Bitcoin from your Coins.ph or Abra accounts to your BTC wallet in Bittrex.
    1. You can also use Buybitcoin.ph and use the Bittrex BTC wallet as your destination address.
  2. Go to Bittrex’ XLM page.
  3. Buy XLM using instructions from this article.
  4. Depending on how much worth of XLM do you want, proceed to transfer your XLM coins in an XLM wallet.

XLM Wallet

Here are the wallets mentioned by Stellar to keep your Lumens (XLM). Note that Stellar also stated that they do not own, maintain, or operate any of these wallets:

  • Ledger
  • Stronghold
  • StellarTerm
  • Stellar Desktop Client
  • Blackwallet
  • LuPoEx
  • Lobstr
  • Stargazer
  • Saza
  • Centaurus
  • Papaya

Other Ways to Buy XLM

Can I keep my XLM at Coins.ph and Bitbit?

No. Bitbit only supports BTC at the moment. Coins.ph, on the other hand, now supports BTC, ETH, and BCH.

Overall

Currently as the world’s 8th best-performing cryptocurrency (as of January 9, 2018) according to Coinmarkecap, Stellar is poised to stay in the top 10 or atleast within the top 20 coins in the future.