Lobstr Wallet

Lobstr Wallet represents a paradigm shift in the world of crypto management, especially for Stellar XLM users. Immerse yourself in a cutting-edge platform that seamlessly blends security and usability

There are many different Stellar (XLM) wallets to choose from. But which is the best? In fact, do you even have to bother with a crypto wallet? Our Lobstr Wallet Review will help you decide if storing your XLM coins is the right option and we'll even show you how to set them up.

‍Why use a wallet like Lobstr for your Stellar Coins?

If you have money, you have to keep it somewhere. Finally, it is not advisable to keep an eye on the money lying around.

The digital currency can be intangible, but it also needs to be kept in a safe place. However, each cryptocurrency can only be stored in a compatible wallet. That means you need to find a storage option that is specifically designed to hold XLM coins.

Digital wallets look different from the ones we have in our pockets. They are either software applications that need to be installed on your computer, or hardware variants that look like USB sticks.

When it comes to storing XLM coins, Lobstr is one of the most popular options among cryptocurrency investors. This makes it one of the best Stellar wallets to keep your XLM coins in. In this review, we're going to talk about the Lobstr, how to use it, and whether it's the best way to store stellar lumens.

What is the Lobstr Wallet?

The Lobstr Wallet was developed to only store the Stellar Lumens (XLM) cryptocurrency. While XLM hasn't been around for too long, it has made a name for itself for two reasons.

It was created by the same person who created Ripple - Joe McCaleb. Second, it was created to fund the unbanked. Stellar wallets are extremely important on this second point. They essentially act like a bank account for Stellar coin owners.

While there are other options that support XLM, Lobstr is one of the safest and most popular options. It was also released the same year that the Stellar Lumans Project was founded and was one of the first ways to store this cryptocurrency.

The wallet took off with a bang, with Lobstr co-founder Gleb Pitsevich explaining that the wallet is an easy and secure way to manage Stellar assets for the best experience for web and mobile users.

One of the main advantages of Lobstr is that it has an excellent web application and offers mobile app versions for Android and iOS. In addition, the apps are completely free to download.

Is the Lobstr Wallet safe?

The big question that plagues any crypto investor when it comes to storing their tokens is whether or not the storage method they are looking at is secure. Several crypto wallets have exposed vulnerabilities over the years and resulted in private keys being hacked and coins stolen. While every wallet is advertised as being secure, not all of them offer top-notch security.

The good news is that Lobstr has been found completely safe and secure. In fact, Lobstr is one of the few wallets recommended by the Stellar network on the official website. Although Stellar claims not to endorse any third-party software, the fact that it found a place on the Stellar official website shows that it bears the project's stamp of approval.

So how does Lobstr actually work? Well, XLM coins are actually stored on the Stellar network itself, and Lobstr communicates with the network. This is a pretty smart move because the network is "indestructible" which means your tokens are securely stored on the network. The private key that is stored on the wallet is also secure. Remember, however, that if you lose your private key there is no getting it back. You cannot access your funds if the private key is lost and there is no other way to get it back. Remember to take good care of your private key and not to lose it.