ETC

Overview of ETC

Ethereum Classic (ETC) is a hard fork of the Ethereum blockchain that occurred in July 2016. It is the original version of Ethereum that has not undergone any major changes, and it remains committed to the original principles of decentralization and immutability. ETC is a Turing-complete blockchain that supports smart contracts, which are programs that can automatically execute when certain conditions are met. ETC is used for a variety of applications, including decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming.

Pros and Cons

What Makes ETC Unique？

Ethereum Classic (ETC) carries its uniqueness in maintaining adherence to the original Ethereum blockchain following the split due to the DAO attack in 2016. It asserts the philosophy of “code is law,” meaning that once a smart contract is deployed on the platform, it should remain immutable, thereby upholding the principle of decentralised governance. This sets ETC apart from many other cryptocurrencies that have pursued upgrades, hard forks, or revisions to their protocols.

In terms of innovation, contrary to Ethereum and other cryptocurrencies, Ethereum Classic has followed a less aggressive path. Instead of prioritizing scalability as Ethereum has done with its transition to Ethereum 2.0, Ethereum Classic has remained consistent with its original Proof-of-Work consensus mechanism. It underscores ETC's commitment to preserving the original intent of its blockchain technology.

How Does ETC Work？

Ethereum Classic (ETC) operates on a Proof-of-Work (PoW) consensus mechanism, similar to Bitcoin (BTC). In the PoW model, miners use computational energy to solve complex mathematical problems. Once a problem is solved, the miner adds a new block to the blockchain and is rewarded with ETC tokens.

Commonly used mining software for ETC includes Claymores Dual Ethereum GPU Miner, Phoenix Miner, and GMiner. These tools allow miners to utilize their computer's graphics processing units (GPUs) to mine ETC, although more dedicated and powerful hardware such as application-specific integrated circuit (ASIC) miners can deliver better results.

In terms of transaction processing time, Ethereum Classic, with a block time of about 13 to 15 seconds, is faster compared to Bitcoin, which has a block time of around 10 minutes. This means that on average, ETC is capable of confirming transactions quicker than Bitcoin.

Exchanges to Buy ETC

Several major cryptocurrency exchanges support the trading of Ethereum Classic (ETC). These exchanges provide a platform for users to buy, sell, and trade ETC against various pairs including other cryptocurrencies and fiat currencies. Here are some examples:

1. Binance: Binance is one of the largest and most widely used cryptocurrency exchanges in the world. It supports a wide range of cryptocurrencies for trading, including ETC. Binance enables users to trade ETC for other cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), among others.

See this link for details on how to buy ETC:https://www.gate.io/how-to-buy/ethereum-classic-etc

Buying Ethereum Classic (ETC) is a relatively straightforward process that can be completed on a variety of cryptocurrency exchanges. Here is a general overview of the steps involved:

Choose an exchange: There are many cryptocurrency exchanges that support ETC trading. Some popular options include Binance, Coinbase, Kraken, Huobi, and OKX. Consider factors such as fees, trading volume, and supported currencies when choosing an exchange.

Create an account: Once you have chosen an exchange, you will need to create an account. This typically involves providing some personal information, such as your name, email address, and country of residence. You may also need to verify your identity by providing additional documentation.

Deposit funds: Before you can buy ETC, you will need to deposit funds into your exchange account. This can be done using a variety of methods, such as bank transfer, credit card, or debit card.

Place a buy order: Once you have deposited funds, you can place a buy order for ETC. This means that you are specifying how much ETC you want to buy and at what price. You can choose a market order, which will execute your order immediately at the best available price, or a limit order, which will execute your order only if the price of ETC reaches a certain level.

Store your ETC: Once your buy order has been executed, your ETC will be stored in your exchange wallet. However, it is generally considered more secure to store your ETC in a personal wallet, such as MetaMask or Exodus.

2. Coinbase: Coinbase is another popular cryptocurrency exchange that supports ETC. Known for its user-friendly interface, Coinbase offers the opportunity for users to buy ETC directly with fiat currencies like USD, EUR and GBP.

3. Kraken: Kraken is a US-based cryptocurrency exchange that also supports ETC. Users can trade ETC for various other cryptocurrencies and fiat on their platform. Kraken is known for high security and a broad selection of available cryptocurrencies.

4. Bitfinex: Bitfinex offers advanced trading features, high security, and multiple currency pairs for trading with ETC. It allows users to trade ETC with USD, EUR, GBP and JPY, as well as other cryptocurrencies.

5. Huobi: Huobi is a popular cryptocurrency exchange in Asia that supports a wide range of cryptocurrencies and trading pairs. ETC can be traded on Huobi with USD, EUR, GBP, and BTC.

How to Store ETC？

Storing Ethereum Classic (ETC) involves using digital wallets designed to store cryptocurrencies. Here are some wallet types and suggestions for storing ETC:

1. Trust Wallet: Trust Wallet, owned by the popular cryptocurrency exchange Binance, is a widely-used mobile wallet that supports Ethereum Classic along with many other cryptocurrencies. It's an HD wallet which generates a new address for each transaction. Trust Wallet is compatible with both iOS and Android smartphones.

2. Ledger Nano S/X: Ledger Nano is a hardware wallet that allows users to securely store their ETC offline. It's considered one of the safest ways to store cryptocurrencies due to its enhanced security features that protect against both virtual and physical theft. Ledger offers two models, Ledger Nano S and Ledger Nano X, both of which support ETC.

3. Trezor: Trezor is another type of hardware wallet similar to Ledger. Trezor devices offer secure cold storage, storing your ETC offline and thus protected from online threats. Both of the main models, Trezor One and Trezor Model T, support ETC.

Is It Safe？

The safety of Ethereum Classic (ETC) depends on a number of factors, including the security of the ETC blockchain, the security of the exchanges that support ETC trading, and the security of the wallets that are used to store ETC.

The ETC blockchain

The ETC blockchain is a secure and robust network that is resistant to attacks. However, it is important to remember that no blockchain is completely unhackable. There have been a few high-profile attacks on the ETC blockchain in the past, but the network has always been able to recover.

Exchanges

The security of ETC exchanges varies depending on the exchange. Some exchanges have very strong security measures in place, while others are less secure. It is important to choose a reputable exchange that has a proven track record of security.

Wallets

The security of ETC wallets also varies depending on the wallet. Some wallets are very secure, while others are less secure. It is important to choose a reputable wallet that has a proven track record of security.

How to Earn ETC Coins ？

Existing in the market since 2016, Ethereum Classic (ETC) is a decentralized platform that runs smart contracts. Given its unique fundamentals and market position, certain types of investors and users might find ETC suitable for their needs. However, as this advice is entirely objective, individual circumstances and risk tolerance might differ, leading to different decisions.

1. Long-Term Investors: Investors who believe in the original vision of Ethereum blockchain and are prepared to hold on to their investment over an extended period might consider investing in ETC. However, keep in mind that ETC's growth prospect might be less compared to some other high-innovation cryptocurrencies given its adherence to the original blockchain.

2. Project Developers: ETC might appeal to developers or businesses looking to build or migrate decentralized applications (DApps) or smart contracts using the original Ethereum blockchain.

3. Short-Term Traders: Traders willing to take advantage of market volatility might also consider ETC. The value of ETC, like most cryptocurrencies, can fluctuate significantly in short periods, providing opportunities for short-term buying and selling.

FAQs

Q: What are some exchanges that support the trading of Ethereum Classic？

A: ETC is tradable on several major exchanges including Binance, Coinbase, Kraken, and Bitfinex, among others.

Q: Which wallets can I use to store ETC securely？

A: Users can store ETC in various types of wallets, such as Trust Wallet, Ledger, Trezor, and more.

Q: What differentiates Ethereum Classic from other cryptocurrencies？

A: Ethereum Classic distinguishes itself by adhering to the original Ethereum blockchain and the principle of “code is law”.

Q: What are the advantages and disadvantages of Ethereum Classic？

A: Smong the advantages of Ethereum Classic are maintaining the original Ethereum blockchain and broad exchange support, while less developer backing, lower market cap, and fewer updates are among its drawbacks.

Q: In terms of mining, how does Ethereum Classic compare to Bitcoin？

A: Ethereum Classic, like Bitcoin, operates on a Proof-of-Work consensus mechanism, but it has a faster transaction processing time due to its shorter block time.