There is no problem with storing lumens. Perhaps the owners of this digital currency should become aware of the safety – that is a concern. We can suggest that the easiest way to save your lumens is to store them on the exchange. You can do it, but this place is not the safest one. We’d rather say that when you store your digital money on the exchange, you take risks because you leave your money in the trust of its administration, which is not interested in your prosperity as you understand or we’d rather say that it cannot guard your property against thieves and hackers completely.
There is another reason to be aware. Remember that the current cost of lumens can be not very tempting, but they might be worth hundreds of dollars tomorrow as far as the Stellar is developing and attracts more investors increasing the value of its tokens. So, you should think over the way to store your lumens safely and that means that only you must know the private key allowing access to your account and as you understand this is not possible on the exchange.
Our recommendation: you should choose the appropriate and reliable wallet where you can store the cryptocurrency and create at least one backup of your private key and keep them separately. The case may be when you lose your laptop where there is the key and, if you lose the key, you say goodbye to your digital money holdings. We’d like to give one more recommendation: do not tell anybody of your wallet with lumens. The fewer people know about them, the more chances you have to save them. And on the contrary: the more you speak about your storage, the bigger chance of them being stolen.
The Best Wallets
Of course, the most trustworthy are Stellar Lumen Wallets. There are personal digital storages for any cryptocurrency as you know and lumens are of no exception. They can be kept in personal wallets created within the system itself. There are lots of them intended for desktop, mobile devices and web resources.
If you choose the Lumen Desktop Wallet, you will store your funds on your own computer. These wallets are created for various operating systems like Mac (Stellar Desktop Client, Stargazer), PC (Stellar Desktop Client, Ledger, Stargazer, and Stellar Portal), and Linux (Stargazer, Stellar Desktop Client, and Stellar Portal).
When you prefer to have the lumens always about you, you can store them on Lumen mobile wallet – a perfect solution for those, who are continuously moving. It is easy to have access to lumens just using your smartphone both operating within Android (Stargazer, Lobstr, and Centaurus) and iOS – that is Lobstr only.
And at last the Lumen Online Wallet, which, being online personal one, is not such reliable compared to mobile or desktop due to the high chances to be hacked. You can draw from a rather large pool: Ledger, eBitGo, Stronghold, BlackWallet, StellarTerm, Lobstr, LuPoEx, SAZA, Stellar Portal, Stellarpay, Papaya, and Luuun.
As you see the choice is rich and it is reasonable to find out the details of each wallet before to make a decision. As to prevent your confusion, we offer the brief description of five wallets mentioned above, which are the most popular ones at the current moment.
To summarize we should say that the Stellar Lumens is another blockchain project being an open-sourced, distributed payments system, which tries to make a worldwide financial network available to everyone. It unites the individual investors, traders, financial organizations, and payment systems via its platform where they can make reliable, cheap and quick monetary transactions. You can compare it to PayPal or a bank.
Converting currencies for a transfer, the system uses the lowest exchange rate. In order to benefit from the offer of the Stellar Lumens, you are suggested the built-in cryptocurrency called Lumens. As far as the platform is launched as a fork of Ripple project, its coins are often confused with Ripple, but they are different.
The experts say that Lumens have high potential. Now this is one of the strongest altcoins at the crypto market being in rather aggressive competition with Ethereum. We should underline that it lives on IBM blockchain applied as a bridge asset. It took off from there! The current collaboration of the platform with banks makes the Stellar to be employed for issuing fiat-supported cryptocurrencies with high probability. We should not rush things but there are public talks concerning such perspective. Indeed there is a large supply of these digital coins.
Alex Dovbnya
Vladislav Sopov
Dan Burgin