Remember, if you lose your private key, you lose all your lumens. Ideally, keep your backups in different places, so, if you lose one computer on which the key is backed up, you can always retrieve it from another backup. Once your lumens are safely held in your own wallet, make sure you have at least one backup of the private key. The only way to keep your lumens safe is to be the only one to have access to the private key of the address where your lumens are stored. (Source: " 5 Tips for Storing and Sending Lumens Safely," Stellar Community, last accessed December 27, 2017.)Īgreed, your lumens might be worth just a few dollars today, but-with the way Stellar is growing-they could be worth a lot more in the near future. Leaving your lumens on the exchange is dangerous because your coins are now in the trust of someone else. Since that "someone" might not be working in your best interest, your lumens could be subject to one of the many hacks that have targeted cryptocurrencies. While the most convenient place to store your lumens is on the exchange itself, it is definitely not the safest.
BEST WALLET FOR STELLAR LUMENS MAC OS HOW TO
But I firmly believe that the concern should be more about how to store lumens safely. People are concerned about how to store lumens. But you can store them in Lumen wallets, also called XLM wallets.īefore we dive into which are the best Stellar Lumen wallets, it’s important to understand why lumens need wallets in the first place. You can’t hold a lumen in your hand, because they are built into the network. The original name for Lumen in 2014 was "Stellar" but, in 2015, the name was changed to Lumen to avoid confusion between the currency and the network itself. Lumen (XLM), the native cryptocurrency of the Stellar network, is creating quite a buzz in the crypto-market, thanks to Stellar’s recent tie-up with IBM (NYSE:IBM). 12:03:52 best stellar lumen wallets stellar lumen wallets review how to store stellar lumens how to store lumens safely lumen wallets lumen desktop wallet lumen mobile wallet lumen online wallet XLM wallets best XLM wallet Here is a detailed look at the different types of Lumen wallets, reviews, the best wallets to use for sending, receiving, and storing Stellar Lumens safely. How to Store Stellar Lumens: Best XLM Wallets with Reviews
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