Stargazer Wallet Review: Is This The Best Option For Stellar Lumens?
Once upon a time, the Stargazer wallet was popular among users. It was one of the first options recommended by the Stellar Foundation for storing and trading their cryptocurrency. The Stellar Lumens, also known as the XLM, is the official digital currency of the Stellar Network.
Nowadays, this walletis not even among their list of suggested XLM wallets.
What happened? Read our review and find out.
What is the Stellar Network?
According to their documentation, “Stellar is an open-source network for currencies and payments. Stellar makes it possible to create, send and trade digital representations of all forms of money.” It’s also worth noting that, “Like Bitcoin and Ethereum, Stellar relies on blockchain to keep the network in sync.“
What is the Stellar Lumens?
For the network to function, the Foundation “has its own built-in token, called the lumen, created to fill a special role in the network. By design, Stellar requires that each account hold a small number of lumens at all times.”
To avoid attacks, the Stellar Network requires a small per-transaction fee. And since they’re a global system, they couldn’t use a national currency like the USD as their standard. So, their cryptocurrency, the Lumen was created to fulfill this role.
According to Coin Market Cap, at the time of publication, the Lumen is the 11th most popular cryptocurrency. It has a healthy USD 3,961,601,946 market cap.
To store and trade Lumens, you need a Stellar wallet.
Stargazer Wallet's Stellar Features
Stargazer wallet isn’t as well known as other wallets, but it’s a great option if you need a place to store your $DAG. This unique wallet offers support for multiple addresses in a single wallet and keeps track of all your transactions. It’s only available as a browser extension at this time, but for those keeping track of their $DAG, it gets the job done.
If you’re looking for a place to securely store your $DAG, be sure to check out the Stargazer wallet.Visit Stargazer Wallet
As online wallets go, this is one of the simplest.
The interface’s design is almost non-existent, which some people will consider a feature and others a great disadvantage. It’s very user-friendly, in any case.
The ease of use is tremendous; setting up an account is pretty straight forward, sending and receiving coins is a breeze. Simplicity is the name of the game, so it doesn’t do anything else.
This Stellar wallet’s main characteristic is that it runs on open-source software.
That means, the code is open to the public and they can make improvements or alterations as they see fit. Some people see this as a security hazard, others as a security guarantee, because everyone can review the code.
It should be said that it’s a very secure crypto wallet.
Your private keys are stored and encrypted in there.
You get a passphrase, a series of words that act as your secret key.
In case anything happens to your password, you can use them for authentication and gain access to your funds.
Also, there are virtually zero criminal reports linked to the Stargazer. Your private keys are safe.
The complaints come from another angle, though, and they’re numerous.
First, there’s a lack of customer support. The Android app store is riddled with one-star reviews from people frustrated with this fact.
Example: In 2019, some people have had their XLM coins locked inside their Android wallets. They saw the funds but were unable to transfer them anywhere.
The solution to the problem was simple: to install the latest version of the app.
Sadly, their emails went unanswered. There was no one to inform them of that fact.
Luckily, the Stellar Network has several web forums in which this and other questions can be answered by other users. It’s not the same as a customer support team, though.
It’s worth noting that the latest version, “Stargazer 1.7.0,” was released on May 14th of 2019. Light years ago in cryptocurrency time. And that the wallet’s official website, getstargazer.com, no longer exists.
Is this an abandoned project? It might be.
This is a special kind of wallet. It doesn’t support Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), or any other cryptocurrency.
This is an XLM wallet. It deals exclusively with Stellar Lumens.
Why Lumens only?
Once upon a time, the Stellar Network was isolated from the cryptocurrency ecosystem. It was hard to find a web wallet that supported Lumens. This simple project fulfilled that need.
Nowadays, there are other options for both Android and iOS. More on that later.
Where to get it?
If you want a desktop wallet, you can download the latest version of the Stargazer over at Github. It’s available for all operating systems: Windows, macOS, and Linux.
If you need the mobile wallet, an Android version is available at the Google Play app store. You’re out of luck if you have an iPhone, though. There’s never been an iOS version.
How to set it up?
In Windows, the process is pretty straight forward.
- Download the .exe and click on it. The installing process will begin automatically.
- The direct access icon will appear on your desktop. A one-page “Terms of Services” screen will pop-up. Read it and “Accept.”
- On the next screen, you can create a new personal account or import an already existing one using your Secret Key or your Phrasprase.
- Name your new account and select the public network. Remember that name, you’ll need it for the authentication process.
- Select “None” in the “Fund your account” screen. Unless you already have an account in their blockchain.
- Get your Passphrase. Preferably write it down on a piece of paper. Don’t share this with anyone. Ever.
- Tap down your Passphrase’s words. This is for security. They need to know you have these words safely written down. In case of an emergency, you might need them for authentication.
- That’s it. Both your account and your new wallet are set up. You’re going to need at least one Lumen to activate it, though.Notice the “Receive” and “Send” buttons down there. If you click on “Receive,” a screen will show you an Account ID and a QR code. That’s all you need.
The Stargazer is free to use. As with every cryptocurrency, you have to pay a fee for every transaction. The Stellar Network’s fees are on the low side of the spectrum. There are other prerequisites, though. You have to maintain a minimum balance of 20 XLM. And other wallets need to have at least 1 XLM in there for you to be able to send them Stellar Lumens.
Other hard/soft options besides the Stargazer
Let’s not beat around the bush, nowadays there are better storage options for your XLM coins. The Stargazer as a project seems to be dead, or at least on hiatus. There are better Stellar wallets out there.
If you’re into hardware wallets, both the Ledger Nano S and the Trezor support Stellar Lumens. And they also support an extended list of cryptocurrencies.
If you plan to interact with the whole Stellar ecosystem, the Lobstr Wallet seems to be subtly recommended by the Stellar Foundation. It’s a downloadable Stellar Lumens wallet that’s available for both mobile operating systems, iOS and Android. So, you know what to do if you’re an Apple/ iPhone person.
It’s worth noting that the Lobstr Wallet comes with an exchange component built into it. That is, you can buy XLM with a credit card through the app. You can also BTC, ETH, XRP, LTC, and other cryptocurrencies.
Where else can you buy XLM?
From the giant Binance to the US-based Coinbase and Kraken, nowadays several crypto exchanges offer Lumens.
We’re talking about software here. This review should not be taken as investment advice. The cryptocurrency space is still highly volatile, so we recommend that you do your own research before investing in digital currencies.