Currencies> Ethereum Classic (ETC)

Ethereum Classic (ETC)

What is Ethereum Classic?

Ethereum Classic (ETC) is a cryptocurrency positioning itself as the main competitor and the main antagonist of Ethereum. The story of its appearance is connected with a number of scandals that haunted Ethereum in 2016. It was then that there was a series of hacks, because of which there were shortcomings in the security system of the cryptocurrency. The result was the theft of part of the investment of the DAO. After further events, the patience of some supporters came to an end.

As a result of the incident with the DAO, 3.6 million ETH was stolen, which corresponds to $50 million at the rate at that time. Vitalik Buterin suggested a full rollback of the system and its restart, which would help to return the stolen funds. However, part of the community did not support this idea and decided to separate. Ethereum split up. On July 20, 2016, an Ethereum hard fork occurred, as a result of which a separate branch, ETH fork, separated from the blockchain, which was called Ethereum Classic. In fact, the ETC token is an authentic Ethereum version until July 20, 2016. And initially, the ETC crypto produced a huge boom in the markets. Now it remains quite popular as it’s seen from the recent Ethereum Classic news. Ether Classic mining is provided on the same principles as Ethereum, with minor differences.

What are the advantages of the ETC cryptocurrency?

  • The idea of the rule of the code. This means that the community provides a guarantee of preserving the decentralization of the network and the inviolability of the code, which is the basis for the work of cryptocurrencies.

  • Open source.The ETC technology can be used to implement various projects, and may also be of interest to external contributors.

  • Limited emission. Ethereum Classic will release a strictly limited number of coins, which protects against sharp fluctuations in the exchange rate and makes the cryptocurrency less dependent on ETC mining.

  • Interest in the “Internet of Things”. This was said by the project managers themselves. With the development of the “Internet of Things”, and the increase of the share of Ethereum Classic in it, the cryptocurrency rate will continue to grow.

  • Active community. Ethereum Classic is supported by a huge number of miners and users who did not want to work with the updated Ethereum blockchain. Among them, there are quite well-known people in the crypto community, such as Gavin Wood and Charles Hoskison.

Where to store the ETC coin?

Ethereum Classic can be stored in any wallet intended for cryptocoins, which are based on Ethereum. The most famous ETC wallet is MyEtherWallet – the official wallet for coins on the Ethereum blockchain. Besides it, any other storage can be used. For example, the Jaxx universal wallet.

In addition, Ether Classic can be stored in hardware wallets. For example, you can use the most popular Ledger Nano 5 for storage. Also, the cryptocurrency works well with another well-known hardware wallet - the Trezor Wallet.

How to buy Ether Classic?

Ethereum Classic is traded on all major cryptocurrency exchanges. It can be bought on OKEx, Poloniex, Cryptopia, UpBit, Bittrex, HitBTC, Bitfinex, Kraken, Exmo, Exrates, Yobit, C-Cex, etc. You can buy ETC on exchanges both for cryptocurrency (BTC, ETH) and for fiat money (USD, EUR). Monitor the actual coin rate before investing in ETC at Coinmarketcap.

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