Long before I knew of other cryptocurrencies, I already knew stellar lumens, I don’t need to explain to you all about that, now the cryptocurrency has developed and is known to many people. Especially stellar lumens, which is very famous.

Beginning in 2015, my friends have been hunting stellar lumens through a facebook account and email for free. It’s just that, at that time I only knew that, but didn’t try to find out about how the cryptocurrency system works.

Can you believe it !, at that time the price of stellar lumens (XLM) was very small, but it was in accordance with the price of BTC at that time. I remember the price of BTC at that time was not up to $500. So, for Stellar Lumens itself has a price of 0.00000391. Really cheap right! Now you can see the price, 0.00002895 BTC / 1 XLM. With BTC price at $3530.

Until then I knew Steemit. In 2016, friends again introduced me to a cryptocurrency-based platform, it’s called steemit. A platform that has been created by Dan Larimer re-brought me to the Steem and SBD currencies, which can be exchanged to bitcoin, and of course, it can be withdrawn to rupiah (Indonesian currency).

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Small Fee

When I use bittrex to withdraw steem, I just found out that to get rupiah, I have to transfer BTC to vip.bitcoin Indonesia (now indodax.com). Of course, the fee I have to pay is very expensive. I went back to thinking and looked for coins in the VIP. I found stellar lumens again. Well, at that time, Stellar Lumens helped me again, because the transfer fee I had to pay was smaller than others.

That happens when the price of bitcoin has reached $14,000.ย Bitcoin withdrawal fees from Bittrex is 0.001 BTC. That is a huge amount of fees, at least for now. Because by today’s calculations, bitcoin has touched the range of US $14,000 / BTC. If we count, then the fee that we must pay for Bittrex in each withdrawal of our funds is the US $14. Hoho!

I have counted some coins which transferable to VIP Bitcoin (Bitcoin Indonesia/Indodax), and for the smallest fee which I have obtained is by using Stellar Lumens services. I bought STR / XLM (Stellar Lumens) which I will convert to IDR (Indonesian Rupiah) in my local exchange. Of course, the fee taken by Bittrex is only 0.01 XLM, or equivalent with US$ 0.00139. Damn! A super little fee is not it!

But to do such a thing, sure we should consider the difference between the selling price and the purchase price of the coin, either in Bittrex or in other exchange, which you will use as a place to withdrawal into your country’s currency.

I’ve been Accustomed to Using XLM

Don’t ask again, I still use XLM/STR (Stellar Lumens) to withdraw coins to indodax.com. Once, I felt confused because Stellar Lumens itself has 2 abbreviations, XLM or STR! Well, on the Poloniex exchanger use the abbreviation STR, while in Bittrex and Indodax still use the XLM abbreviation. The Stellar network launched at 2014 with 100 billion stellars, the original name of the networkโ€™s native asset.ย 

How about you? Intend to use XLM to reduce the fees you have to pay? Please comment!

Part of this article (especially for the fee withdrawal discussion) I’ve written it in Steemit, you can read it here. Thanks!


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Responses

  1. James Diegel

    Hi Mawardi – very cool update man. Personally I if I have to transfer I try to use coins without fees (EOS or NANO) or I just suck it up and pay the fee (ETH, BTC). It’s actually the exchange fees that hurt me the most – as depending upon the coin and exchange some are really high – in a couple cases I got coins stuck on the exchange because I didn’t check first and the withdraw fee was too high – then the price dropped – so my coins were stuck (These exchanges I don’t use anymore and took it as a learning experience). That said, I really do like XLM and I’m sure someday I will have to think more about these kinds of things. Thanks for the nice story of your experience and the reminder to always look for a cheaper option ๐Ÿ˜‰

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    1. Mawardi Ismail Post author

      Thanks @jrdeosa
      Nice, now we can use EOS. Of course, it’s very helpful. In my case, EOS and NANO are not available in the local market, so I might not be able to withdraw coins to my country’s fiat currency at that time. So, lumens has helped me a lot, it’s appropriate because I use poloniex, bittrex and indodax.

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