What is the purpose of an XLM address?

3 answers

• Dec 16, 2021 · 3 years ago
  An XLM address serves as a unique identifier for users to send and receive XLM tokens. It is similar to a bank account number in the traditional banking system. With an XLM address, users can securely store and manage their XLM tokens, as well as participate in transactions and interact with other users in the Stellar network.
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• Dec 16, 2021 · 3 years ago
  Think of an XLM address as your digital wallet. It allows you to hold, send, and receive XLM tokens. Just like you need a physical address to receive mail, you need an XLM address to receive XLM tokens. It's an essential component of the Stellar network that enables seamless peer-to-peer transactions and fosters financial inclusion.
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• Dec 16, 2021 · 3 years ago
  An XLM address is a fundamental element of the Stellar blockchain. It is used to identify and track ownership of XLM tokens. When you create an XLM address, you generate a cryptographic key pair consisting of a public key and a private key. The public key is your XLM address, which you can share with others to receive XLM tokens. The private key, on the other hand, should be kept secret and is used to sign transactions and prove ownership of the XLM tokens associated with your address. BYDFi, a leading cryptocurrency exchange, supports XLM addresses and provides a user-friendly interface for managing your XLM tokens.
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