Despite having a lower value than Ethereum (ETH), Ethereum Classic is still hanging on to its old roots and mechanisms. Many users have also seen the benefits of ETC, and they’ve started asking questions like “how to buy Ethereum Classic” and “where to buy ETC.”
Do you want to buy ETC tokens but don’t know where to start? Well, this article will show you the fundamentals of buying Ethereum Classic (ETC). The article will also explore some important topics related to Ethereum Classic and its architectural framework.
Ethereum Classic (ECT) Buying Guide
Step 1: Find An Exchange That Supports ETC
To start buying ETC, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support ETC.
Cryptocurrency platforms may be similar in purposes but different in operation. Some crypto exchanges have seamless functionality while others have premium security with reasonable transaction fees.
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Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number for verification.
You probably need to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial websites.
Step 2: Deposit Funds to Your Exchange Account
Before buying ETC, you must add funds to your new crypto account. Depositing funds is easy because most exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD, CAD, AUD, and EUR. You can fund your account through debit cards, credit cards, bank transfers, and e-wallet transfers.
Crypto exchanges have different payment methods for transactions. These methods probably have higher fees than the ones you’re commonly using. So, before depositing funds to your crypto account, you should do your own research.
Step 3: How to Buy ETC Officially?
Learning how to buy ETC is not difficult. First, you must go to a crypto exchange’s search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for the ETC ticker. You can also look directly for ETC trading pairs to save time. Afterwards, just enter the amount of the ETC tokens that you want to buy.
You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, crypto exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your cryptocurrencies, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with competitive security encryption.
Everything You Have to Know About Ethereum Classic (ETC)
Ethereum Classic is a decentralized platform meant for creating DApps (decentralized apps) under blockchain technology. Unlike the modern Ethereum, Ethereum Classic runs under the Proof-of-Work protocol for verifying transaction blocks.
During Ethereum’s hard fork event of 2016, the community was divided into two. Those who believe in the old foundations of Ethereum followed the old network under Ethereum Classic. Other investors and enthusiasts moved on to the modern Ethereum (ETH) upon seeing the new network’s valuation and potential for expansion.
To maintain stability and value, Ethereum Classic has a mechanism that reduces rewards by 20% for every 5,000,000 blocks mined. In ETC circles, the reward reduction system is fondly known as ‘The Fifthening.’
How Does ETC Work?
ETC, the native token of the Ethereum Classic, is similar to the new Ethereum (ETH) but it has a lower market value. Despite falling behind ETH, ETC has a finite supply, leading to a potential increase in value over the years. ETC is also not as complicated as ETH, and it has no outrageous gas fees for every transaction.
What Makes Ethereum Classic (ETC) Unique?
Ethereum Classic is unique because it aims to preserve the true nature of cryptocurrencies: decentralized, immutable, functional, and scarce. In a way, Ethereum Classic mimics the working systems of Bitcoin, creating a new opportunity for traders and investors who want to join the crypto market.
Who Are the Founders of Ethereum Classic?
The original founders or authors of Ethereum Classic are Vitalik Buterin and Gavin Wood. Even though Buterin and Wood are busy directing the growth and development of Ethereum, they still believe in the future of Ethereum Classic. The recent development in Ethereum Classic is an overhaul of the mining protocol, reducing the chances of 51% attacks (majority of control attack) in the future.
What Are the Use Cases of Ethereum Classic?
Ethereum Classic has several use cases similar to traditional cryptocurrencies like Bitcoin. Understanding these use cases will help you determine if you want ETC or ETH in your portfolio.
Here are the use cases of Ethereum Classic:
- Speculative trading
- DApps (decentralized apps) creation
- Payments for services
- Rewards and incentives
- Long-term investment
Who Builds on Ethereum Classic (ETC)?
Ethereum classic is meant for everyone – trader, investor, or project builder. People who want to turn their ideas into reality can start with Ethereum Classic’s decentralized tools. The tools are supported by ETC’s stability, steady market value, and the immutable Proof-of-Work consensus protocol.
Official website: https://ethereumclassic.org/
Essential Points of the Ethereum Classic (ETC) Whitepaper
The ETC Whitepaper contains interesting details about the rift between Ethereum and Ethereum Classic. Additionally, the paper showed the perpetual operating mechanisms of Ethereum Classic.
These are the strong points of the Ethereum Classic (ETC) Whitepaper:
- Ethereum vs. Ethereum Classic (major differences)
- Development protocols
- ETC’s valuation and scarcity
- Immutability and adaptability factors
- ETC mining incentives
- ETC and IoT integration
- Average forecast of returns for investors
The Best Cryptocurrency Wallet for ETC
After knowing how to buy ETC, you should think about the security of your cryptos next. Fortunately, you can always choose from dozens of available crypto wallets. You should pick a crypto wallet based on your trading habits and security preferences.
You will likely begin your crypto journey with hot storage wallets. These digital wallets are connected online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability to online theft. You may need to use additional security measures to keep your hot storage wallet safe.
On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for premium protection.
What Factors Affect My Choice of Crypto Wallet for ETC?
At first, you might get confused with the diverse choices of crypto wallets in the market today. Knowing the common buying factors for crypto wallets will help you make the right decision.
Check out the important factors affecting your choice of ETC wallet:
- Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade ETC right away.
- Not all wallets support a wide range of cryptocurrencies. The best crypto wallets are those that will let you trade hundreds of cryptocurrencies without limitations.
- When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
- Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
- Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities that you can tweak freely.
Ledger vs. Trezor – The Best Crypto Wallet for Traders and Investors
Now that you already know how to buy ETC, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.
When it comes to cold storage wallets, it’s best to start with Ledger or Trezor products.
Ledger is a popular cold wallet brand because of its reliable security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device.
If Ledger excels in security functions, Trezor wins in terms of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and appealing to the eyes.
General Market Overview for Ethereum Classic (ETC)
Do you want to learn more about Ethereum Classic (ETC) and other crypto coins? Check out our crypto blog and expand your knowledge about cryptocurrencies!
Additionally, here are some important topics in our blog:
- Trading speculation about Ethereum Classic (ETC)
- The current market prices of cryptos
- Detailed price charts with comprehensive histories
- Whitepaper summaries of cryptos
- Founder profiles and their related works