Sending crypto to an email address? It's possible with XLMwallet
Co-founder and CTO of Stellar Jed McCaleb once said that sending money across the world should be as easy as sending an email. Here at XLM wallet, we take it literally. To send lumens, you don't need a wallet address anymore – an email is enough.
Imagine that you need to pay a friend of yours for something, and the easiest way is obviously crypto. You happen to have some lumens in your wallet – an in any case, you prefer to pay in XLM. It's super-fast, there's almost no fee, you don't need to wait for dozens of confirmations for the transaction to go through. Stellar beats Bitcoin and Ethereum every time when it comes to money transfers.
There's just one problem: your friend has never used XLM before. She doesn't have a lumens wallet. She's never heard of Stellar. Let's make it even more difficult: she doesn't use cryptocurrency at all.
What she uses are standard systems for sending fiat money – like PayPal or PaySend. In these apps, users are identified by their emails or phone numbers. It's enough to know the email address – and you can send money from your bank card or app account balance. It's easy and convenient, but there's always a fee (sometimes 2% or more), not all countries are supported, and often it's not instant.
So you think, I wish there was a way to send her lumens so that she would easily claim them – just like with PayPal! Good news – a way to do that already exists. XLM wallet allows you to send money using just the email address of a person – even if they don't have a lumens wallet yet.
Here's how it works:
1) You enter your friend's email and the amount you want to send in the XLMwallet.
2) The lumens are placed in custody.
3) A new wallet address is automatically generated for your friend.
4) Your friend receives an email saying that she's received some XLM from you and has 30 days to claim them. The email contains a link that will take her straight to her new wallet.
5) She is provided with the public and secret keys. The private key is not not stored anywhere in the system, so nobody could get access to it and steal her lumens.
6) The lumens you sent are released from custody and instantly transferred to her wallet.
7) It happens so fast that she finds the XLM already there once she's finished with the keys.
8) Your friends also receives useful welcome tips and a beginner guide that explains how Stellar (and cryptocurrency as a whole) works and why it's a better way to send money that PayPal and other apps she's used to.
As you can see, the only thing you have to do in this scheme is provide your friend's email address and hit Send. XLM wallet will do the rest for you. This is money transfers on a completely new level.
Of course, this also works for users who already have XLMwallets – as long as you know their email. You don't have to copy and paste long blockchain addresses anymore. You can form a contact list in the wallet and simply select the recipient you want.
Now, the small caveat: some of these features are still under development. It will take a couple more months until email lumen transfers are fully operational. But our team is working hard, so keep up with our updates!
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