What is ETC?
How to Buy ETC?
Ethereum Classic is a decentralized blockchain service that allows people to create and utilize decentralized applications operating on a blockchain. It was created to be flexible and accommodating to simplify the process of designing new applications. How to Buy Ethereum Classic?
1. Get a Beaxy account.
To get an account at Beaxy, just load the site and enter the requested data. The data you can provide include, your name, and email address. A confirmation message gets shared in an email address after you register.
2. Have your verification for purchasing Ethereum Classic.
In the My Account section of the Beaxy platform, click on the KYC tab and submit a Driver’s license if you are a U.S. citizen or a passport if you reside outside of the U.S. Your documents can be approved in as little as 5 minutes.
Purchase BTC to trade ETC
Once your account is verified, log into the Beaxy platform and navigate to the Buy Crypto page. This is where you will use a credit card to purchase the BTC needed to buy or sell ETC.
Trading for ETC
When your newly purchased BTC becomes available in your Beaxy wallet, go to the ETC-BTC trading pair on the platform and enter an order for the quantity of ETC that you want to buy.
ETC value and price
As of 16th June 2020, the cost of Ethereum Classic was 6.28 dollars. The market cap was 730,602,931 dollars, and the trading volume was 816,770,325 dollars.
ETC advantages and disadvantages
Advantages
1. Original developers
Ethereum Classic still has its initial developers behind it. These developers are still adhering to the initial roadmap.
2. Higher hash rate
ETC has a higher hash rate, implying that it has many miners to validate transactions on its network. This feature also makes ETC more secure.
3. Enterprise Ethereum Alliance support
ETC has the Enterprise Ethereum Alliance on its side. The alliance comprises the world’s most prominent organizations and banks that experiment with the network. When members started getting announced for the Enterprise Ethereum Alliance, the cost of Ethereum went up.
4. Original nature
Ethereum Classic remains true to the fundamental nature of the intended blockchain. It maintains the central values with which Ethereum, as a platform and crypto, started with distinguished players such as Greyscale Investments, ALFAcashier cryptocurrency exchange, and several others.
Disadvantages
1. Breaking blockchain rules
Ethereum got split to form ETC and ETH. When that happened, a significant blockchain rule got broken. The blockchain is required to be fully immutable (cannot be altered). If it got modified before, it is likely to get changed again.
2. No access to update
Ethereum Classic does not have access to upgrades taking place on Ethereum blockchain. Its general reputation is not good since some individuals feel that those who never supported the hard work and remained with the first network were scammers. This attack was an insult to the Ethereum community.
3. Separate wallets
Ethereum Classic needs separate cryptocurrency wallets if a person wants to have both Ethereum and Ethereum Classic coins. Though there are wallets like the Ledger Nano S, which can store both.
Best ETC wallet – how to choose
Below are the features to look at when looking for a perfect Ethereum Classic wallet.
1. Compatibility
Ensure that the wallet you select is compatible with ETC. For instance, certain apps support ETH but not ETC. So, look at the little details carefully before registering.
2. Interface
If you are new to the crypto field, for instance, you might find it confusing to use a wallet. So, ensure you choose an app that has an interactive service. The platform must be simple to use.
3. Security
Consider a service that lets you manage the private keys. Besides that, consider other safety features such as multi-sig functionality, two-factor authentication, and additional safety from a security PIN.
4. Options for backing up
Consider a wallet that is simple to back up. Check what you need to do to recover it and get your coins should the service be compromised.
5. Continuing development
Ensure the app you select is from a legal creator and has a robust support team. A platform like that will always create updates to improve its service. Frequent upgrades also make the app more secure.
6. Help
Client service is crucial when choosing the Ethereum Classic app. When you encounter some challenges, the customer support representatives will assist you. So, check what you need to do to get assistance whenever you encounter an issue. Also, find out if the customer care officials have an excellent reputation for helping on time.
The right wallet to use
a) ETC wallet
After considering all the above features, the perfect wallet for Ethereum Classic so far is the web ETC wallet. This application is light and can perform excellently on any device. It does everything that a perfect ETC app should. For instance, it can send and get crypto, keep money, check balances, and communicate with the blockchain. With this app, it is also possible to do offline transactions in Ethereum, Ethereum Classic, and ERC20 tokens.
If you are new to cryptocurrencies, you will not have any difficulties using the ETC service. It has a straightforward and interactive interface suitable for starters.
If you are an experienced member, this app offers features for communicating with several smart contracts. Also, if you have created a dApp on the ETH blockchain, it is possible to deploy your contract via the app interface. Like ETH, ETC allows writing, implementing, and executing contracts on the blockchain. Unlike Ethereum, Ethereum Classic is immutable and can’t get tampered with by people.
b) Ledger Nano S
The Ledger Nano S is also among the leading ETC apps to use. The best thing about it is that it may connect to any gadgets with a USB, and it can support many coins. The allowed currencies encompass ETC, ETH, BTC, LTC, and several others. The platform also has companion applications that make the process of cryptocurrency holdings simple.
The Ledger Nano S is also suitable for Ethereum Classic due to its security features. It encompasses the 2-factor authentication, a PIN code, and a recovery feature.
The wallet also has the OLED display for checking transaction information through double-tapping.