The Ethereum Classic cryptocurrency appeared as a result of the hard fork of the main Ethereum network on July 20, 2016. The hard fork was the solution of most of the Ethereum community as a way to restore finances and reputation. In this article we will tale a close look at Ethereum Classic, whose market indicator has rapidly gone up, and the coin itself has entered the TOP 20 according to Coinmarketcap.
What is an Ethereum Classic (ETC)?
The 2016 Ethereum hard fork was made to compensate investors of The DAO (a smart contract that works as a venture fund, a hacker attack on which allowed an intruder to withdraw about $50 million). To compensate for the losses, the Ethereum Foundation has proposed to change the cryptocurrency blockchain.
The mechanism of operation of Ethereum Classic is almost identical to Ethereum – the creation of decentralized applications (dApps) and the writing of smart contracts. But despite the fact that most users do not see any differences at all, in fact they are. First, the Ethereum Classic network is immutable. Users cannot correct data or change the registry. Secondly, the network has a larger bandwidth (25 t/s, Ethereum has 15t/s). Third, Ethereum Classic has an issue limit (the emission is limited to 210,700,000 coins). In this way, the developers have protected digital money from possible inflation and its negative impact on the exchange rate price.
For Ethereum Classic and Ethereum, a significant difference is that the latter plans to switch to the Ethereum 2.0 network, which will work on the Proof-of-Stake consensus mechanism, and Ethereum Classic will continue to work on Proof-of-Work.
The main advantages of ETC:
- The project is truly decentralized and develops freely.
- Good conditions for mining.
- The bandwidth is 1.5 times better than that of Ethereum.
- High level of liquidity.
- Increased network security.
Why should I exchange Ethereum Classic?
- The value of the coin is growing quite steadily, experiencing, like any other cryptocurrencies, jumps and falls. Those who bought ETC for $6 a year ago can now sell for $38.82, which is very good.
- As of July 20, 2021, the market capitalization of ETC is $4,993,101,053, the asset is in the top 20. On May 6, 2021, the coin sharply soared in price and broke a new record of $176.16. And the minimum cost for one coin was $0.4524 in July 2016.
- Over the past 2 years, the cost of ETC has not fallen below $4. To sum up, the coin has high liquidity, an ever-growing price rate, and now is the best time to buy, while the asset has adjusted its value after a sharp increase.
How much ETC will be worth?
According to the ETC review, made by Wallet Investor, ETC might hit 5x within 5-years term. At the same time the price is going to grow within a shorter time-period, which make ETC suitable for both long-term and short-term investments.
Simply put, $100 invested in ETC in 2021 will surge up to $519 in 2026.
At the same time we encourage our readers to do their own research, as far as the information given above is not a financial advice.
Where to trade Ethereum Classic?
If you decide to trade ETC, then you will not have any problems, since the asset is included in the top 20 cryptocurrencies and is traded on most crypto exchanges and brokers. The best platforms for buying or selling ETC are:
- Binance – the fee is calculated according to the maker/taker system. Its final size is influenced by several factors: BNB, referral link, and the level in the VIP-program.
- OKEx – offers users to trade top digital assets and dozens of fiat currencies, as well as engage in margin trading of cryptocurrency futures.
- 7b crypto broker app – provides an excellent user experience thanks to its intuitive design, low and transparent fees, and ease of use.
How to trade Ethereum Classic using the 7b crypto broker app?
To buy or sell ETC on 7b, just follow a few simple steps:
- Open the 7 b crypto broker app.
- Go to the “Deposit” section and top up your balance.
- Use the magnifying glass icon to quickly search for ETC.
- Enter the amount in the input line.
- Confirm the operation.
- Success!
FAQ
Is Ethereum Classic a good investment?
Yes, the project is an excellent investment both in the short and long term. The price of ETC has been steadily growing over the past years, and over the past year the value of the asset has increased by 500%.
How do I invest in Ethereum Classic?
To invest in ETC, use the 7b crypto broker service and withdraw your coins to a reliable and secure wallet. Open the application, select ETC from the list of crypto assets, enter the amount in the input line, confirm the operation.
How to trade Ethereum Classic for beginners?
Carefully study the basic trading strategies and practice on a demo account. To trade on 7b, create a verified account, find ETC using a magnifying glass, set the transaction details, approve the payment.
What is the Ethereum Classic Blockchain?
ETC is a hard fork of Ethereum, it has an open source code and full decentralization. It differs from the latter in limited emission, greater bandwidth, and more accessible mining.
How safe is Ethereum Classic?
The native coin of Ethereum Classic – ETC, is an absolutely safe asset, both suitable for long-term and short-term investments. The guarantee of ETC security also comes from the platforms listed it – Binance, Gate.io, 7b.
How do I exchange Ethereum to Ethereum Classic?
Step 1. Log in to your crypto exchange account
Step 2. Search ETC/BTC exchange pair
Step 3. Enter the necessary amount of ETC
Step 4. Confirm the exchange operation
Step 5. Receive ETC
How do I invest in Ethereum Classic?
To invest in Ethereum Classic (ETC) one should first exchange fiat money on ETC. The operation can be made via an exchange or swap platforms. Afterwards the sum should be sent either to wallet or a broker account. “Also you can compare rates and to buy ETC using debit or credit card on fiatom.io
