If you hope to acquire the cryptocurrency in question, then you cannot do without ETC wallet. Simply put, coins need to be stored somewhere, and a specialized wallet is ideal for this. In addition, wallets are different, and to protect your money, you need to choose the right one. For example, is it more convenient to use the standard option or choose the online option? Although there is always the option to choose an offline wallet. Or even store coins in portable devices.
In general, there are now many wallets suitable for storing and using Ethereum Classic. Which option to choose depends on? what the user wants to use the currency for. If you just store it, then one type of wallet will do, but if you regularly carry out transactions, then it is better to use another. In general, the choice of a crypto wallet depends on what the crypto holder expects from it. The final choice is an entirely individual decision.
How to buy or sell
There are three ways to buy or sell Ethereum Classic cryptocurrency:
- On crypto exchanges.
- In cryptocurrency exchangers.
- Exchange between people.
Exchanges
ETC is traded on most major exchanges. The most popular of them are exchanges: Binance (the largest in the world in terms of trading volume) and Eksmo (focused on working with fiat).
To trade, you will need to create an account, top up your balance and select a currency pair in the trading terminal. After analyzing the chart, trading history, and order book, you should create an order to buy or sell Ethereum Classic.
Pairs ETC/BTC, ETC/USD, ETC/RUB are available on the Exmo exchange:
On Binance: ETC/BTC, ETC/BNB, ETC/ETH, ETC/USDT.
Exchangers
An easier and faster way to purchase Ethereum Classic or exchange it for other currencies, such as rubles and dollars. Select a reliable exchanger from the list and carry out the operation. Proven services are ProstoCash, 60cek, Kassa.
To create an application, select exchange directions, for example, Sberbank - Ethereum Classic; indicate the quantity; wallet to receive (ETC cryptocurrency address); card or account number from which payment will be made; email; Click Exchange and follow the instructions.
Ethereum Classic project. The main principle of ETC
ETC can be thought of as a secure platform for creating decentralized applications (dApps).
This coin is almost a complete copy of the Ethereum cryptocurrency, however, ETC has completely retained its original system code and has not been changed in any way by the developers, since this is precisely the main principle of this company - to be an independent platform that itself makes transactions based on smart contracts.
The development of this cryptocurrency is primarily carried out by two teams: ETCdevteam and Grotendieck, who fully devoted themselves to the development of the project.
The main principle of this project, which the developers put above all else, is the belief in the principle of decentralization, which will not be changed under any circumstances. The company's founders believe that their Blockchain system should function itself based on smart contracts, without any outside intervention.
And if the Blockchain code is ever changed for any reason, then it will no longer be the original Ethereum, but only its unsuccessful parody.
Advantages and disadvantages
The main advantages of the Ethereum Classic cryptocurrency are:
- Stable structure. The developers believe that the founders of the original Ethereum destroyed the basic principles of cryptocurrency platforms - freedom of choice and maximum decentralization. The fork tried to fix this.
- High liquidity. Ethereum Classic has always shown excellent trading volumes, in some cases even exceeding those of Ethereum.
- Many large investors express a desire to invest in the development of the project.
The disadvantages of Ethereum Classic are standard and inherent in almost all cryptocurrencies. These are the difficulty of mining, the inability to get your money back if you lose access to your wallet, high volatility, and mistrust from the authorities. Therefore, as with any other cryptocurrency, when investing in Ethereum Classic you need to be aware of the risks and be careful.
How Ethereum Classic came to be.
As mentioned earlier, Ethereum Classic is a fork of the Ethereum cryptocurrency. Therefore, before talking about the emergence of ETC, it is worth touching a little on the topic of the Ethereum currency itself and the creation of the famous Blockchain project The DEX, with which the creation of ETC is connected.
Ethereum cryptocurrency is a decentralized application platform built on smart contract technology. This system allows you to make automatic transactions between people without interference from anyone outside. This technology, of course, appealed to many programmers who wanted to create their own cryptocurrency on the Ethereum platform. As a result, the Ethereum Foundation began to develop very quickly in the digital currency market. And soon she was able to gain many supporters in the form of large investors and serious support in the cryptocurrency community.
Even very large companies of that time began to slowly test the system’s professional suitability and try to create their own Blockchain projects on it, one of which is The DAO.
Wallets
The official wallet for storing ETC is Emerald Wallet. This is a multi-platform desktop wallet with support for Ethereum Classic and Ethereum, as well as other ERC-20 compatible tokens. Private keys are stored in secure local storage. Can work in conjunction with hardware wallets (Ledger Nano, Trezor).
In the Resources section on the official website ethereumclassic.org/resources there is a list of wallets for Ethereum Classic: Atomic Wallet, Daedalus, Mantis, Emerald, Exodus, Guarda, Parity, Classic Ether Wallet, My Ether Wallet, MyCrypto, SATURN Wallet; Coinbase Wallet, JAXX, Coinomi, Trust Wallet.
First steps of Ethereum Classic. Exit of currency to exchanges
ETC was born in July 2020. Immediately after entering the digital market, this asset was able to surprise everyone a lot by being listed on such a well-known exchange as Poloniex, which, as you know, does not simply add little-known and unreliable projects to its list of cryptocurrencies.
And this, in turn, indicates that Ethereum Classic is not just a fork of Ethereum, but a full-fledged asset with its own perspective.
A few days after the auction, ETC was able to grow in price and capitalization by more than 250%, overtaking its current competitor Ethereum. At that time, the capitalization of the Ethereum Classic project was able to reach more than $250 million.
However, despite this growth, which seemed very natural, it later turned out that the development of Ethereum Classic was not due to investor confidence in this project or the support of a powerful developer community, but due to the planned speculation of the ETC coin by a large number of traders on the Poloniex exchange. That is why the capitalization and rate of ETC were very unstable and highly volatile due to short positions of traders, on which they were able to earn a lot of money.
But in the end, such manipulations did not undermine the authority of Ethereum Classic and did not stop its development.
Soon after the addition of ETC to Poloniex, many other exchanges also began to adopt this digital asset and add it to their list of sales. The most famous of them are Bittrex and Kraken. And of course, each time the listing of ETC on a new trading platform significantly boosted its price, capitalization and overall development of the project.
In addition, the development of Ethereum Classic was influenced by the fact that this system retained the possibility of mining. And since the difficulty of mining the asset was easier than that of the Ethereum currency, many miners around the world and individual mining pools chose to mine this coin rather than its competitor.
Mining
The method of mining the Ethereum Classic coin is similar to that used by its progenitor. The algorithm is also the same. Classic ether is most often mined using video card farms. To start mining, you will need:
- created ETC wallet;
- connection to a mining pool that works with this coin;
- farm of 4-6 or more modern powerful video cards;
- special software configured properly.
It is important to have a stable and fast Internet connection and reinforced wiring in the room.
The DAO. The theft that marked the beginning of ETH.
First, it’s worth explaining what The DAO is. This company is a kind of large investment fund, which was based on the then developing Ethereum system. The DAO had its own tokenized system and a completely decentralized economy.
This Blockchain project seemed very interesting to many investors. Users invested their money in it, hoping for the development of the company and its future prospects. As a result, The DAO was able to collect very large investments at that time, more than $100 million.
However, shortly after The DAO Blockchain project entered the market, a very unpleasant incident occurred, caused by a hacker attack on the company, during which investor funds were stolen. Then, millions of dollars in the form of Ethereum cryptocurrency were stolen from The DAO. The main reason for the hacking of the company was a vulnerability in the smart contract code on which the project was created.
As a result of this incident, the price of digital shares of DEX, as well as the Ethereum currency itself, almost immediately dropped sharply by almost 2 times. In general, companies found themselves on the brink of their existence and were slowly losing their authority, so extreme measures were needed.
First of all, the Ethereum Foundation developers tracked down that hacker and froze his account with the stolen cryptocurrency. However, they could not simply return the funds to the DAO company; to do this, they had to change the ETH system code. Therefore, the development team decided to hard fork their cryptocurrency ETH in order to roll back to the moment when the theft occurred and return investors’ funds.
However, not all members of the Ethereum team agreed with this decision, since this implied centralized intervention in the Blockchain system code and the substitution of the main idea of Ethereum about “complete decentralization of the system and non-interference of people in the smart contract process.”
On the other hand, by refusing this opportunity to create a fork of the cryptocurrency and compensate people for the loss of 50 million dollars that were stolen from the DEX project, the developers would maintain complete decentralization of the system, but they would have to pay for the damage themselves. After all, it is they who are to blame for presenting their “crude” product to users, which had critical vulnerabilities.
ETH-ETC hardfork
In general, the situation turned out to be ambiguous. Part of the community was in favor of creating an ETH fork and changing the Blockchain system code, while others were against it. As a result, most of the community decided to compensate users for the considerable damage by changing the Ethereum code and forgetting about its principle of complete decentralization.
After this decision, the network split into two and a new digital asset appeared called Ethereum Classic .
Where to buy Ethereum Classic cryptocurrency
The digital currency ETC is a fairly popular asset, so you can purchase it on many of the best cryptocurrency exchanges without any problems.
The largest volume of trading in the digital market occurs on the trading platform through the OKEx trading platform. The daily sales volume of this coin on this exchange is about 42 million dollars. In general, there is quite enough supply and demand for ETC there; all orders are processed quickly and without any delays. The most popular trading platforms trading ETC:
- Binance
- Huobi
- Bitfinex
- HitBTC
- Poloniex
- Kraken
- Bittrex
- KuCoin
