Blockchain are passionate about decentralised platforms and cryptocurrency, to show this they’ve partnered up with the Stellar Development Foundation to provide approximately $50 (open to change) worth of Stellar Lumens (XLM) to Blockchain users who choose to verify their photographic identity.
What is Stellar?
Stellar is a payment network designed to operate efficiently on a global scale, what you do with it is up to you! XLM was designed to be used to transact with your friends and family across the globe in seconds, whether you’re an individual or a business.
This is part of a wider program to encourage usage of secure, decentralised fast payment systems with low overheads and to educate users about the many benefits of these modern technologies and dispell the illusion of government monitored black magic.
How can I claim my free XLM?
First off, if you want to withdraw your XLM from your digital wallet into your real world bank account or PayPal account you’re going to need to register for a Coinbase account here. Coinbase is kind of like a Bureau de Change for digital payment networks, they’re the ones who take your digital currencies and churn out tangible real world money.
Other exchanges do exist, however I already have a Coinbase account and have used them for many years so will only be covering their platform.
Once you have your Coinbase (or other exchange) account you’re ready to accept payments in a variety of digital currencies, we’ll start by heading over the Blockchain website and claiming your free Stellar.
Once you have completed registration you want to click on the Stellar link in the side menu.I have already verified my Blockchain account, so I cannot demonstrate the steps required to proceed however you should expect the following:
- Blockchain.com will ask politely for your full legal name and address
- Blockchain.com will request access to your Webcam (via a browser popup)
- You must first take a selfie to match your ID against
- You must take a photo of a government issued ID document, I used my passport
- Blockchain.com will verify your ID by matching your selfie against your ID document, this may take several hours but you may use your account like normal in this time
Once Blockchain.com have verified your identity they will proceeed to deposit your free cryptocurrency into your Stellar wallet and notify you via email that this transaction has occurred.
If you just wanted to earn a free $50 and don’t care about withdrawing it in the immediate future then you can stop reading this guide now, if you wish to earn another $10-50 XLM free (Coinbase users only) as well as learn how to withdraw the money into your bank account or Paypal then keep reading!
How can I transfer from Blockchain to Coinbase? (to Paypal!)
Coinbase will warn you that you should only send Stellar Lumens (XLM) to this address, and that you must send payments using both an XLM address and memo or else your funds will be lost forever.
Back on the Blockchain website where we see our $50 free XLM we want to click Send, select our Stellar wallet and input our wallet address and XLM Memo as shown on Coinbase.
Select “ID” as the Memo type and optionally add a description to remind yourself what this is for, I’ve referenced this tutorial. Hit Continue and your funds will be deposited into Coinbase instantly.
If your funds are not transferred almost instantly please confirm that you have entered the Wallet Address and Memo ID correctly, if you notice any discrepancy then contact Coinbase support ASAP.
How can I earn extra XLM?
As mentioned before, this is part of a wider program to educate users and so to earn the additional $10 you simply have to watch 5 short videos about how Stellar works, each video rewards you with $2 of XLM.
Coinbase will also give you $10 XLM for every user you enroll in their education program, up to a limit of $40 XLM or 4x referrals.
How can I withdraw my XLM?
Before you can withdraw your XLM you must first convert it to a real world currency, you do this on Coinbase by selling assets in your portfolio. Navigate to the Buy/Sell tab on the Coinbase site once you’ve logged in and click Sell, you will see something like this. If you haven’t already been asked to, you should be asked to link your Paypal around this step.
Simply select XLM Wallet from the dropdown list and fill in how many lumens you wish to convert and hit sell. If you created your Coinbase account recently you may need to wait a couple of hours before you can see the XLM Wallet option to avoid people frauding the system.
Funds are now in a region-appropriate currency we can bring into the real world, navigate to the Accounts tab and select the wallet you deposited to when you sold your XLM.
Note: At the time of writing I have chose to create a new account due to a lost 2FA device, SIM and phone number pending the fraud check I cannot demonstrate the withdrawal process myself but will update this page soon.
After selling your XLM via the Buy/Sell page you can use the Withdraw button to open the Withdraw wizard which allows you to select the funds source, destination and amount.
Once you have completed the Withdraw wizard your money will be shifted into your Paypal account almost instantly, just like that.