Trading Ethereum Classic (ETC) on Beaxy
Ethereum Classic (ETC) is a cryptocurrency and a decentralized, open-source blockchain platform. It supports smart contracts and enables the development of dApps on its network.
It was developed in 2016 as a result of ideological and technical disagreements within the Ethereum community brought on by the infamous DAO incident. The original Ethereum blockchain was divided into two, with Ethereum Classic serving as the elder of the two.
In June 2016, the DAO attack on Ethereum Classic took place. A split was carried out to return the $50 million worth of funds that were taken by hackers to their rightful owners. The earlier network, now known as Ethereum Classic, utilizes ETC as its coin, whereas the more recent network, Ethereum, uses ETH or ether.
Who Are the Ethereum Classic Founders?
Since Ethereum Classic is the legacy chain of Ethereum, its initial creators are Vitalik Buterin and Gavin Wood, the original Ethereum developers.
For Ethereum, a divisive hard fork occurred in July 2016 as members debated on whether to roll back the blockchain to undo the effects of a significant hack. This had an effect on The DAO, a decentralized autonomous organization (DAO) that many months before had raised almost $150 million through an ICO.
The network that did not revert the chain was called Ethereum Classic. The project’s global development community, according to its developers, is a permissionless “do-ocracy,” in which anybody can contribute. There is no “official” team associated with it.
What Is Special About Ethereum Classic?
The primary goal of Ethereum Classic is to maintain the Ethereum blockchain in its original form without artificially addressing the DAO hack.
The legacy network’s appeal was first limited to individuals who disapproved of Ethereum’s response, but it has now attracted a larger following, including influential investors like Barry Silbert, CEO of the investment firm Grayscale.
The creators of ETC do not intend for the network to become a for-profit business because it is a volunteer organization. As with Ethereum, users pay transaction fees, which are collected by miners using the proof-of-work (PoW) mining process.
Unlike Ethereum, Ethereum Classic has no intention of switching to a proof-of-stake (PoS) mining process, while several developers are still working on potential upgrades like scaling options.
What are the main components of ETC, and how does it operate?
In terms of their fundamental capabilities, Ethereum Classic and Ethereum continue to be comparable. For instance, developers can create ERC-20 tokens for usage on such applications and create decentralized applications using the open-source code.
However, Ethereum Classic varies greatly from ETH in that it cannot be updated. It is unable to access any updates or modifications made to the Ethereum system. This is because the two broke apart as a result of a hard fork, which is a backward-incompatible update by definition. Due to the implementation of a new set of rules, the new chain and its users (nodes) are in fact severed from the first chain.
Ethereum Classic historical price
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The maximum supply of Ethereum Classic is 210.70 million tokens, with 138.20 million tokens currently in circulation. The daily trading volume for Ethereum Classic is $70.89 Million. It is traded on 52 exchanges and 109 marketplaces.
A few years after the first cryptocurrency emerged, Ethereum Classic made its appearance. Like other cryptocurrencies, the value of Ethereum Classic fluctuates in response to any project-related news or rumors. Due to the significant rate volatility caused by this, there is a large profit margin for the traders. Trading Ethereum Classic could potentially result in higher returns than other assets because more traders are choosing to do so these days, and because its value dynamics frequently outperform those of other cryptocurrencies, creating greater rewards for the owners. You should be aware that, in contrast to the more well-known cryptocurrency, significant market players aren’t yet as active in Ethereum Classic trading. As a result, its value is less vulnerable to malicious rate manipulation.
Today, you may obtain a lot of security and many practical advantages from bitcoin exchanges. Cryptocurrency exchanges are rapidly developing. They are no longer merely a venue where asset buyers and sellers can meet. At the exchange, you have a lot more options than just buying and selling digital currency. There are several opportunities for managing capital and generating passive income here.
You must first choose the cryptocurrency exchange that best meets your needs. To achieve this, compare the features provided by various exchanges, take into account transaction commissions, and determine whether there is customer support and tools available.
You’ll have to go through these steps if the cryptocurrency exchange you chose needs any documentation to verify your identity. The procedure for registering at the exchange is standard. Verification might take some time, but after it’s complete, you’ll be able to utilize all of the cryptocurrency exchange’s features, increasing your chances of making money. After signing up, you can top off your deposit using any practical means, after which you can buy any kind of digital money.
Ethereum Classic exchange
You will also need to use an intermediary, such as a cryptocurrency exchange, if you wish to exchange Ether. It is traded on 52 exchanges and 109 marketplaces. You will get a broad range of digital currency pair options after signing up and funding your account. You can evaluate a cryptocurrency’s current value and recent price changes before deciding to trade it. For instance, the price of Ethereum Classic is currently $18.84, down -5.81% from the previous day. The All Time High (ATH) of $167.47 for Ethereum Classic was hit on May 6, 2021, and it is currently -88.8% lower. With a market capitalization of $ 2.60 billions, Ethereum Classic currently holds a 0.30 percent market share throughout the entire cryptocurrency industry. Ether is extremely volatile, much like every other cryptocurrency, which makes it possible to make profits that are hardly ever realized when dealing in fiat money or commodities.