Ethereum Classic (ETC) is an open-source, decentralized, blockchain-related distributed cryptocurrency platform that runs smart contracts. It was discovered as a result of a hack of The DAO, a smart contract operating on the Ethereum blockchain. The original blockchain was resolved into two, with most of its customers choosing to reverse the hack and return the stolen finances.
Related to the principle that “code is law,” a small number of inventors and miners believed that The DAO’s investors should suffer the consequences of investing in a defective design. Still, most of the Ethereum community decided to roll back the blockchain, effectively creating a bailout for The DAO’s investors.
How to buy Ethereum Classic
Look for an exchange that supports both fiduciary and cryptocurrency to simplify buying Ethereum Classic.
Compare cryptocurrency exchanges that support ETC
Cryptocurrency exchanges differ by charges, security, and payment styles, so you will need to know which is the right fit for you. As an amateur, you do not need a big range of features, and you can always change exchanges later.
Set up an account on an exchange
You can log in to an account by opting for the Go to point button. This will take you to the account creation page, where you can fill in your details, starting with your name and mail address.
Deposit finances into your account
Fund your account with a bank transfer, pay with a credit or debit card, or deposit cryptocurrency from a crypto wallet to buy it.
Buy Ethereum Classic
Complete your Ethereum Classic purchase and also find the best wallet to store ETC.
What to put in mind when buying Ethereum Classic
Before deciding whether or not to invest in ETC, you must understand many of the factors that may impact the price of the coin;
Evidence-of-work
After 2016, Ethereum switched to an evidence-of-stake technique, which involves customers locking up tokens on the network to validate deals. It still maintains an evidence-of-work agreement technique, which works much like mining bitcoin. This means you can not stake your ETC for extra prices and that the cryptocurrency places an advanced strain on the platform more than other options.
Competition with Ethereum
It exists in a tight market space, much of which is taken up by its stock, Ethereum (ETH). Still, you must understand how it differs from Ethereum If you do decide to buy ETC. However, it would probably make further sense to invest in Ethereum due to its important advanced use case, relinquishment, and market cap.
Hacks
After Ethereum Classic separated from Ethereum in the first place due to a hack, it has been on the receiving end of several other exploits. In August 2020 alone, the network encountered three separate 51 percent attacks which resulted in hackers making down the millions worth of ETC. Several exchanges decided to remove Ethereum Classic from their platforms.
Where to Buy Ethereum Classic
EToro
Reputable broker eToro has attracted over 23m customers. Since its launch in 2006, the broker has developed a super-simple interface and a fee structure that charges just a 1 percent commission on crypto trades. You can buy as little as $10 from the platform. The broker supports 60 plus major cryptos, including Defi coins like Aave, Metaverse coins like Decentraland, and Meme coins likeDogecoin.
Crypto.com
Estimable Crypto Exchange with Beginner-Friendly Mobile App
Unlike a broker, Etoro,Crypto.com is a cryptocurrency exchange. Grounded in Singapore, a normal $1.7 bn crypto business gets done every day withCrypto.com so be assured that this is no small-time outfit.
Coinbase
Widely known Cryptocurrency Exchange with Great Newbie Options
You may have heard of Coinbase because it was the first crypto exchange to go public on the stock market with a 2021 IPO on the NASDAQ. With over 73m customers, a diurnal trading volume of over $2bn, and 167 cryptos to choose from, California-located Coinbase is an exchange to be reckoned with.
Take away
You have a plenitude of options If you’re considering how to buy ETC. More advanced crypto dealers might find the sheer size of exchanges like Crypto.com, and Coinbase, a breath of fresh air. But for amateur investors, the best is broker eToro. With eToro, newcomers get the consolation of stiff regulation, just 1percent commission on crypto purchases, and — best of all — social trading. With eToro’s in-house CopyTrader service, you can take a look at over 600 crypto dealers and simply copy what they’re doing. That’s a real perk for newcomers. With eToro, it’s up to you how you trade. But there’s always help and support on hand.
