Cryptocurrencies are taking the financial industry by storm, and are electronic forms of money that are not directly related to a government or financial institution. Their popularity is on the rise, but many people are leery of using them, as they are unsure of how the system works or how to transfer funds to others. The following is a quick look at how the Stellar Network operates, which was first discovered by the online publication Filthy Lucre.
Sending currency to others is easy, but a person must first purchase credits, which are typically sold to users through an anchor. Once the anchor receives the request, they will usually credit the person's account with the funds promptly, often in as little as 2 to 5 seconds. After a person has successfully funded their stellar account, they are free to use the funds as they wish, as the credits do not expire and will remain on record until transferred or withdrawn.
One of the benefits of the Stellar Network, when compared to other blockchain platforms, is the use of a decentralized sever system. Every time a transaction is processed it is recorded on an electronic register, which is updated in real time. The benefit of a decentralized server is that any fund transfers are initiated in their country of deposit, which increases the efficiency of the process and allows a person to avoid the harrowing cost of foreign transaction fees.
Initiating a fund transfer is simple, and the only information the sending party needs is the account information of the recipient. If the person is located in a foreign country, then the request will automatically be sent to the proper server. After the deposit, the funds are available for use and may be transferred to another user or cashed out at any time.
If a person is looking to diversify their investments and where their money is held, cryptocurrency may be a viable option. Filthy Lucre is dedicated to helping individuals with moderate wealth live the best life possible, and they offer a plethora of online resources that allow anyone to spend their money wisely. Check out their site to learn more and discover tips and tricks from the working-wealthy.