Bitvavo makes Stellar as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
Stellar (XLM) is an open-source decentralized network which, with the help of blockchain technology, wants to make it possible to exchange various forms of values safely, quickly and affordably. This is achieved by means of 'anchors' that make it possible for fiduciary currencies to be deposited on the Stellar Blockchain, after which they can be sent at lightning speed to the desired address and removed from there by an 'anchor' to be paid to the receiving party.
An example is a transaction in which a person in Europe sends euros to a person in the United States. The amount to be sent is put on the Stellar Blockchain by an anchor which sends it to the anchor that can convert the amount to be received into dollars at the most favorable exchange rate. Since the value transfer on the Stellar Blockchain can take place within a few seconds, the euro amount can be sent in just a few seconds and at very low costs to the person in the United States who will receive it in dollars, says Stellar.
Stellar consists of a network of decentralized servers, where each server keeps a digital ledger of the transactions. This is also called the Stellar Blockchain. Every server always has exactly the same ledger and the more servers are connected to the network, the more solid the network becomes. All servers in the network are in constant contact with each other to verify transactions and when such a transaction has taken place on the Stellar Blockchain, the value of the transaction is debited to the sender's wallet and credited to the wallet of the receiver. Stellar's technology is fast and inexpensive, making it suitable for international micropayments.
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Stellar. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing Stellar and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Stellar without any technical knowledge. Here is a brief overview of the existing wallet options to store your Stellar:
Hosted Wallet
Hosted wallets are wallets where the private keys to your Stellar are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Stellar online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
Software wallet
A software wallet is a program installed on your computer or other device in order to use and manage your Stellar. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Stellar, and if malicious parties have access to your device, your private keys (and therefore your Stellar) can be stolen.
Hardware wallet
A hardware wallet is a physical device on which you can store your Stellar offline. It is one of the safest ways to store your Stellar, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Stellar is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Stellar. Once you have purchased Stellar on Bitvavo, you can choose to send your Stellar from your Bitvavo wallet to your own software or hardware wallet.
