Ethereum Classic (ETC)

Ethereum Classic is a distributed network consisting of a blockchain ledger, native cryptocurrency (ETC) and robust ecosystem of on-chain applications and services. It was created after a decentralized autonomous organization (DAO) hacker attack on the Ethereum network in 2016. This is a hard fork of the Ethereum blockchain.

Hardfork is the introduction of a new rule to the blockchain system that needs a software update as it is not compatible with the old software.

A hard fork was carried out to return the stolen funds to their original address. Its native token is ETC.

New blocks of the Ethereum Classic network are generated using the Proof of Work (PoW) consensus algorithm. Miners are rewarded for their work. To initiate a transaction from one user to another, the sender must pay a gas fee.

The ether paid for the calculations performed is called "Gas". Gas serves not only to pay for the calculations performed, but also prevents DDOS attacks on the network. Ethereum Classic provides a permissionless way to manage digital assets without the need for intermediaries, such as banks and other institutions. Ethereum Classic allows uncensorable smart contracts to be written, deployed and executed; ETC enables truly unstoppable programmable money.

Ethereum Classic is the continuation of the unaltered history of the original Ethereum chain. The ETC network exists to preserve the principle of "Code is Law". But, since its launch, Ethereum Classic has strived to be distinct from Ethereum, and the technical direction of the two networks has diverged further and further over time. 

ETC information
ETC information

Creation of Ethereum Classic

Ethereum Classic is actually the legacy Ethereum chain, and therefore its real creators are the original Ethereum developers Vitaly Buterin and Gavin Wood.

Ethereum hard fork happened in 2016. Most of the Ethereum community wanted to fork to return the stolen funds back to investors, while others insisted that the code should never be tampered with. Eventually, a hard fork was carried out, resulting in two versions of Ethereum based on the same blockchain. All Ethereum owners at the time of the fork automatically became Ethereum Classic holders. Something similar happened with Bitcoin when Bitcoin Cash came along.

A hard fork is a kind of split or divergence where the community decides that they will no longer follow the same protocols on the same blockchain. Thus, a hard fork was implemented on the Ethereum blockchain to compensate the DAO investors for the losses. The hard fork invalidated the compromised transaction and a new version of the blockchain was formed. A minority of users were against the hard fork, so they continued to use the old blockchain and called themselves "Ethereum Classic".

The Ethereum Classic blockchain is the same in all respects with Ethereum up to the block where the hard fork was applied. Ethereum Classic is a continuation of the original Ethereum blockchain with an untouched history. 

Buy Ethereum Classic (ETC)

Ethereum Classic has many advantages, due to which many people choose this particular coin for mining and storing savings. This is, first of all, stability, market stability and high liquidity.

You can buy Ethereum Classic in the UAE using online exchangers or on the cryptocurrency exchange in the buy section by opening a crypto wallet. However, it will be more convenient and easier for beginners to buy ETC through the platform.

You can pay for coins with fiat money transfer from a bank card or electronic wallet, or by exchanging other digital money for Ethereum Classic. 

Buy Ethereum Classic (ETC) through the online trading platform
Buy Ethereum Classic (ETC) through the online trading platform

When to Invest in Ethereum Classic (ETC)?

Ethereum Classic (ETC) is a relatively stable cryptocurrency with small fluctuations in value. But before buying, you should still analyze the market by examining the price chart, news background and market trends.

Coins should be purchased if the analysis showed that their value is not artificially overstated at the moment.

The new ETC coin was created to address the security concerns of its predecessor. Thus, today you can buy Ethereum Classic without worrying about the safety of your investment. 

How to invest in Ethereum Classic (ETC)?
How to invest in Ethereum Classic (ETC)?

Where to store Ethereum Classic (ETC)?

Ethereum Classic holders have many options for storing their assets. In particular, the coin is supported by many well-known multicurrency wallets and has several official depositories. Exchange wallets can also be used for storage.

ClassicEtherWallet is an online wallet officially recommended by the development team for storing ETC coins. It has a user-friendly interface and easy to use, suitable even for beginners. It features a high level of security and allows you to quickly carry out financial transactions. There is also a web version of the wallet for installation on a PC, it has an even higher level of reliability.

The most secure option for storing Ethereum Classic can rightfully be called the Ledger hardware wallet. This wallet does not exceed the size of a USB flash drive, and for ease of use it is equipped with a small portable display. With its help, a private key that allows access to coins to be stored outside the network, which provides maximum protection against any attacks. 

How to safely buy and store Ethereum Classic (ETC)?

A novice cryptocurrency user can make many mistakes that can subsequently lead to theft or loss of funds. When working with cryptocurrency, be sure to adhere to the following rules: 

  • Avoid questionable services. Trust your finances only on trusted platforms with a good reputation;
  • Check website addresses. Before entering any of your details, make sure you are on the official website of the platform;
  • Choose a secure storage location. The greatest safety of assets is provided by cold storage wallets;
  • Set complex passwords. A good password should be at least 8 characters long and contain two cases;
  • Don't neglect two-factor authentication. This additional layer of protection will help you keep your savings even if attackers somehow gain access to your account.

Ethereum Classic is one of the most stable coins on the crypto market. In the entire history of its existence, several hacker attacks have been carried out on the network. But at the same time, thousands of people still trust the coin, keeping it high in liquidity and value.

Ethereum Classic (ETC) trading room
Ethereum Classic (ETC) trading room

Ethereum Classic advantages and disadvantages

According to many experts, buying Ethereum Classic in the UAE is better for long-term investment.

The following advantages of this coin can be highlighted: 

  • High liquidity. From the very first day of its existence, the Ethereum Classic coin has repeatedly outperformed its predecessor in sales. It is liquidity that is considered the most important factor when trading on open exchanges; 
  • Decentralization and permanent stability. The main task of the project is to fully preserve decentralization and freedom of choice for users in the market. It is this fact that has been restored in the Classic version; 
  • A fixed number of coins; 
  • Open source code; 
  • Stability in the market. Today the system can guarantee a reliable level of protection that is almost impossible for hackers to overcome. Despite the fact that over the entire period of its existence, the service has been repeatedly attacked, Ethereum Classic still continues to actively gain popularity; 
  • The project is supported by influential members of the global cryptocurrency community.

But also, there are some disadvantages of this cryptocurrency. First, the number of blockchain engineers developing a project is much smaller than that of competitors. In addition, the coin has disadvantages compared to any other cryptocurrency, so the risk is worth considering if you decide to buy Ethereum Classic.

However, despite all its shortcomings, thanks to a global network of developers and entrepreneurs, Ethereum Classic has been able to prove its sustainability and maintain a good momentum. 

Ethereum Classic : technical analysis of the market
Ethereum Classic : technical analysis of the market

How to mine Ethereum Classic?

You can get ETC cryptocurrency even without investing fiat funds. Mining will come to the rescue mining of coins by using the power of your own PC. In addition, compared to mining other digital money, it is much easier to get Ethereum Classic. This does not require building huge farms and consuming large amounts of electricity. For mining ETC, it is enough to have a normal PC in terms of power.

You have selected the hardware and created a wallet now you are almost ready to start mining ETC. But first you need to choose a pool and join it, because for the vast majority of users, mining on a pool is more profitable than mining alone. A pool is a server on which a block is distributed among miners.

Instead of looking for blocks on your own, you will receive a small part of the rewards of the entire pool, which means that your income will be much more stable.

ETC mining requires capital investment and special skills, but traditionally occupies the first lines in the list of the most profitable cryptocurrencies. 

Why invest in Ethereum Classic in the UAE?

ETC is a very popular coin. You can buy it almost everywhere.

Although the current value of ETC is significantly lower than that of ETH, its growth is still impressive. Ethereum Classic owners made almost 1,500% in the first six months of 2017 when ETC rose from 1.48 in early 2017 to 22.83 in June. Further, the growth rate slowed down somewhat. Now the Ethereum Classic rate gives reason to be optimistic about the future of this cryptocurrency. Moreover, ETC was also able to obtain institutional support through the Ethereum Classic Investment Trust. This support gives ETC additional security.

The most compelling reason to invest in Ethereum Classic is its current market value. ETC still has tremendous upside potential at its current rate. It also means much greater profit potential if the focus on ETC grows.

It's never too late to start investing in Ethereum Classic, because this cryptocurrency is on the cusp of big changes.

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