6 ways you can use XLM wallet
Your XLMwallet can do much more than store Stellar coins. It’s a versatile instrument that lets you do many things — from investments to sending remittances to your family in other countries. We’ve selected the main 6 uses; try to think of others!
1) Send money overseas
Crypto is the best way to send cross-border transfers, and XLM is the fastest and cheapest crypto for this purpose. If you have someone in another country that you need to send money to, forget banks and systems like Western Union. They will charge you 3% of the amount or more, while Stellar will only charge you a tiny share of a cent. Plus, instead of having to wait for days for a bank transfer, your recipients will get the transfer at once.
Now, with the coronavirus pandemic, it’s especially important that one doesn’t need to leave their house to get a transfer from XLMwallet. (Unlike Western Union, where you have to visit their office.) In order to exchange the XLM into local cash, your recipient can use any of the numerous online exchange services.
2) Get paid for your work
Nowadays more and more freelancers get paid in crypto: coders, web designers, writers, community managers, marketing specialists, and so on. If you are self-employed and you work with clients, ask them if they can send you part of the money in Stellar to your XLM wallet. This way you’ll be saving and investing part of your income automatically, which is what most finance professionals recommend. Remember that XLM is cheap right now and bound to grow a lot in 2020, so you’ll be happy that you made this step.
3) Charge your clients and customers
If you provide services to individuals and companies, ask them to pay for at least some of your services in XLM. A lot of digital marketing and web development agencies already pay do that. Especially if your client resides in a different country, it will be better for them, since they won’t have to pay the bank fees.
4) Pay for purchases online
There are hundreds of online stores that accept Stellar, and you can seamlessly pay with your XLMwallet for just about anything. Electronics, gifts, and even — of course, after the pandemic is over — hotel rooms and car rentals. You can find a comprehensive list of sites and e-stores here: https://cryptwerk.com/pay-with/xlm/
5) Invest in startups
Even though most IEOs and ICOs are based on Ethereum, there is a constantly growing number of crypto projects built on Stellar. XLMwallet lets you store any assets created on the Stellar blockchain, so crowdfunding such projects isn’t a problem. You can even start your own project and issue a new token yourself with XLMwallet. It’s fast and almost free.
6) Hedge your risks
Right now there’s a lot of volatility in the markets, so the best investment advice is ‘diversify, diversify, diversify’. Stellar is an undervalued coin right now, but its fundamentals are very strong. So even if you already hold BTC and ETH, you’ll be wise to purchase some Stellar and keep them in your XLMwallet. You’ll minimize your risks and most likely maximize your ROI. As long as you are prepared to wait around 6 months, you can make a good profit on Stellar.
How do you use your XLMwallet? Are there any features that you’d like us to add? Share in the comments or on Twitter!
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