The cryptographic currency Stellar has been making some major waves recently and for a number of good reasons. Traders who follow its progress under the symbol “XLM” have seen how this relative newcomer enjoyed a major burst of price appreciation before settling back down to more usual levels. A new, in-depth article comparing XLM with Ripple (XRP) reveals why so many are taking an interest.
XLM Goes Even Farther Than Ripple
The creators of XRP decided that the world badly needed a cryptographic currency that would excel in areas where Bitcoin has come up short. Although XRP has been successful in a variety of ways, one if its co-founders was not entirely satisfied.
Jed McCaleb sat down with a number of other cryptographic currency veterans to design a new platform that would build even further on the progress made by XRP. In releasing XLM to the world, they have made some important strides that should be appreciated.
Now Becoming the Choice of Many Who Were Previously Enticed by XRP
One problem that virtually all cryptographic currencies have faced regards how best to transform these novel, digital forms of money into traditional ones. That single stopping point has troubled more potential fans than any others, and relatively little was done to address it until recently.
The release of the XLM token heralded a new era where such concerns could finally be put to rest. With the supporting network and technology providing everything needed to host a virtual currency exchange, troubles with converting from one form to the other have been done away with.
As a result, anyone with an XLM balance can now use it to send payments denominated in just about any widely employed conventional currency. An XLM wallet can just as well be used to fund transfers of United States dollars or the euros of the European Union as to transact with other cryptographic users.
This alone gives XLM an enormous advantage even over other cryptographic currencies that perform well compared to Bitcoin. As a result, many who had previously jumped on board with XRP have recently turned to XLM with even greater enthusiasm. That accounts for a good deal of the recent XLM price appreciation, as well as much of the talk about it online.