XML or Stellar Lumens is one of the most popular cryptocurrencies and is the native coin of the stellar blockchain. XML is used to pay transaction fees on the Stellar blockchain, however, it is not the only crypto that can be used. The network stores and transmits cryptocurrencies through a network of decentralized servers with a shared ledger that is updated every 2 to 5 seconds. XML has seen its fair share of rising and falling in the market as many traders still believe in its potential. In this article, we described the easiest way to buy XLM in Nigeria, walking you through the process to simplify your trade journey.
Understanding Stellar blockchain
As earlier stated, Stella operates a network of decentralized servers similar to Bitcoin. However, unlike Bitcoin’s consensus protocol, Stellar’s does not rely on the network of miners to approve transactions. Rather, it makes use of the Federated Byzantine Agreement (FBA) algorithm which enables faster transaction processing. Basically, this is possible because FBA uses a portion of the network (quorum slices) to validate and approve a transaction.
How does stellar blockchain work?
Basically, Stellar blockchain makes use of a proof of agreement consensus algorithm to establish coordination between different nodes. Also, these nodes broadcast transactions to each other every 5 seconds to ensure that they all keep an identical version of the Stellar ledger.
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Step-by-step guide on how to buy XLM in Nigeria
The steps below outline how to buy XLM in Nigeria on the Bitmama app.
Purchasing XLM directly from Bitmama (Instant order)
Follow the steps below to purchase XLM directly from Bitmama:
1. Download the Bitmama app for Android or iOS, register and log in.
2. Navigate to the verification page in your ”Account” section. Click the verification button to submit the necessary documents and verify your account up to level 3.
3. Fund your Bitmama wallet with the sum you wish to purchase XLM by selecting “Fund” on the homepage and following the process.
4. Return to the homepage and, select “Buy”.
5. Select XLM from the drop-down menu offering the types of crypto you can purchase.
6. Select the wallet you wish to be debited from (Naira, Cedis or Shellings).
7. Lastly, crosscheck all the relevant details and select “Buy” if it checks out.
8. Your Bitmama crypto wallet will be credited instantly with the purchased XLM.
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Purchasing XLM from the Bitmama P2P exchange
Follow the steps below to purchase XLM from Bitmama P2P exchange:
1. Download the Bitmama app for Android or iOS, register and log in.
2. Navigate to the verification page in your ”Account” section. Click on the verification button to submit the necessary documents and verify your account up to level 3.
3. Select “P2P” in the bottom menu on your screen.
4. Lastly, proceed to browse the available listing and choose the XLM deal that works for you. Select “Buy” to initiate the transaction and complete the process.
As the best crypto exchange app in Africa, Bitmama offers a secure marketplace for crypto enthusiasts to trade XLM and other types of cryptocurrencies.
Perform activities like crypto exchange, crypto staking, and creating virtual dollar or crypto cards for online payment. Get started today by downloading the Bitmama app on Android or iOS.
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