Is there any reason to actually own XLM?
Is there any reason to actually own XLM?
Now granted I only have a slight knowledge about the uses of XLM due to the fact that I have been into cryptocurrency for no more than six or seven months and currently I’m only in the investing and accumulating stages.
But from my readings, a common thread is that people use XLM to transfer money from one exchange to another by converting a Crypto, say bitcoin, to XLM then sending the XLM to where they want it to go and then converting the XLM back into bitcoin. They do that because it is a more cost-effective way to transfer They are coins than in their native form.
It seems that the only time you realistically should purchase XLM is when you are wanting to move a different currency, am I correct in my understandings?
XLM actually pumped 5x or more before BTC coming out of crypto winter in 2020. that was an anomaly, but it is basically worth watching and using.
I’ve used it for transfers and it’s excellent for that purpose. I’ve yet to hold it more than a few minutes.
That’s exactly how I use it. It’s basically a digital currency exchange booth for me.
That’s because XLM’s sole purpose is money transfer.
You buy it and sell it a minute later. Job done.
No reason to hold it or invest in it.
Technically XLM is XRP but better =p