Bitcoin Blockchain wallet to donate $ 125 million of cryptocurrency to encourage mass adoption


The world's most famous bitcoin portfolio is giving away $ 125 million worth of Stellar cryptocurrency as part of an important initiative to encourage its use as a traditional form of payment.

Blockchain, which takes its name from the technology behind bitcoin, will offer $ 25 of stellar lumens (XLM) for free to its 30 million users starting this week, making it the biggest homage to cryptocurrency in history.

The reason for the distribution of stellar stars rather than other popular cryptocurrencies like bitcoin or ethereum, Blockchain explained in a blog post, is because its network is well suited for large-scale use.

"[Stellar’s] token, XLM, enables fast, low-cost transactions all over the world, even when millions of people use it at the same time, "wrote Peter Smith of Blockchain.

"We're excited to add a whole new way for users to get their first encryption … Growing the Blockchain community, we can help more people own and control their financial future."

As part of the giveaway, or 'airdrop', Blockchain is collaborating with organizations to help build the crypto community, including and the emerging technology initiative of the Stanford school.

It is hoped that these partnerships will help drive user adoption by increasing the availability and usability of Stellar in developing and developed countries.

"By working with Blockchain to increase the availability and active use of lumens on the network, taking advantage of their nearly 30 million portfolios, we will increase the usefulness of the network by many orders of magnitude," said Jed McCaleb, co – founder of Stellar Development Foundation.

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Stellar's price largely mirrored that of bitcoin, having experienced massive growth at the end of 2017 before seeing significant losses in 2018. In recent months, its price has been relatively stable and is currently trading around $ 0.26 (£ 0.20). ), however the current Stellar transaction volume is less than 2% bitcoin.

Speaking at the Web Summit conference in Lisbon on November 6, Peter Smith of Blockchain explained his vision to spread the awareness and use of cryptocurrency.

"We are doing this because we want you to really understand the crypt," he told the audience. "And the only way to really understand it is to use it."

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