Ethereum Classic Crypto: ETC Price Analysis and Review
Crypto converter Ethereum Classic (ETC)
ETCEthereum Classic
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TRYTurkish LiraEthereum Classic appeared in 2016 as a result of the split of the Ethereum network. As a result, the main network remained under the leadership of the founder Vitalik Buterin, and Ethereum Сlassic became an independent network.
The split of the main Ethereum network started after popular DAO exchange was hacked and hackers stole $70 million. Users who lost their money began to demand that the blockchain be rolled back to the block that existed before the attack. However, part of the community spoke out for the safety and immutability of the blockchain. Ethereum community split into two parts: those who disagreed with the decision to rollback the blockchain continued the original chain, calling the network Ethereum Classic.
The internal currency of the Ethereum Classic network received the ticker ETC. The coin is traded on many major exchanges. The main way to buy ETC is on a crypto exchange, but in addition to this, coins can be bought through payment systems, in banks like Revolut and so on.
Where and how to buy Ethereum Classic in 2024 year – read in the TGDRatings experts’ review.
What is Ethereum classic
Ethereum Classic retains the original Ethereum mainnet architecture and, in particular, the Proof-of-Work consensus algorithm. All new blocks in the blockchain are created by mining. All transactions are carried out using the native cryptocurrency ETC, which also serves as a reward coin for miners.
Issue of Ethereum Classic limited: there are 210.7 million coins will be issued.
Where to buy Ethereum classic (ETC)
There are many ways to buy ETC: on crypto exchanges, through payment systems or banks like Revolut.
Instructions on buying Ethereum classic
Since cryptocurrency exchanges are the most profitable way to buy cryptocurrency, let’s consider buying ETC using the example of top crypto exchange Binance. The step-by-step instruction includes 5 main steps is below.
Decide on the level of risk
The main risks of investing in cryptocurrency are associated with excessive market volatility. The course of a digital asset is constantly changing, and no one can accurately predict its movement. Therefore, the invested money can be both increased and lost. However, the loss will be less tangible if you follow the basic rules: don’t buy with all your money, don’t invest your last money and more than you can afford to lose.
Choose a crypto exchange
Each cryptocurrency exchange offers its own working conditions. When choosing a platform, pay attention to the following parameters:
- Interface usability;
- Number of trading pairs supported;
- Trading volumes;
- Commissions amount;
- Features of the trading terminal;
- Availability of ways to earn passive income;
- Reviews from real users, including the work of technical support;
- The security level of the platform.
To buy ETC, we recommend using the following reliable platforms with large trading volumes:
Register the account
First, let’s figure out how to open an account on Binance. If you are a new user, then you need to start with registration.
To register on Binance:
- Go to to the official Binance website and press Register;
Beginning of registration on Binance - Select country of residence from the list → click Confirm;
Choosing country of residence - Specify the type of account: if you are creating personal account, then select Create Personal Account, if account for business – Create Entity Account;
- Enter other required information → Next.
Entering data for registering an individual account
The last step of registration is confirmation of email address and phone number.
Top up your account
Before buying ETC, determine in which pair the coin is traded on the selected exchange. For Ethereum Classic, Binance offers Crypto/Crypto or Crypto/Fiat pairs. Choose the best option for you and follow the instructions:
- In your account select Wallet → Fiat and Spot;
- Select currency for deposit (for example, USDT);
- In the USDT line, activate the Deposit option;
USDT Deposit - Then select the network (for example, TRX Tron). Make sure you choose the same network as the one in the wallet you are withdrawing coins from (otherwise the funds will be irretrievably lost);
- Based on this, the system will generate an address for transferring USDT in the Tron network. This address must be inserted in the wallet from which you transfer coins.
Address for depositting USDT on the exchange
After a short time, check the transfer of funds to the exchange account.
Buy Ethereum classic (ETC)
After USDT are on the account, we can buy ETC using them. To create an order to buy ETC on the Binance spot market follow next steps:
- Select the tab Trade → Spot in your personal account;
- Specify the currency pair ETC/USDT in the trading terminal;
Selecting a trading pair - Fill out the ETC buying order form: select order type and amount of coins;
- Click Buy ETC.
Buying ETC by USDT
How to sell Ethereum classic
To sell ETC, follow the same steps, just fill out the Sell ETC form.
Where to store ETC
The choice of wallet for storing purchased ETC depends on your plans.
If you need coins for active trading, then hot wallet is better. This type of storage is continuously connected to the network and provides quick access to funds. At the same time, it is important not to forget about security measures, since “hot” wallets are prone to hacking (use complex password, enable two-factor authentication, etc.).
If you purchased ETC for the purpose of long-term storaging of coins, then it is better to use a “cold” wallet. Such vaults work offline and are connected to the network only to conduct a transaction. This is a more secure way to store coins than in hot wallets.
Reliable wallets for storing ETC cryptocurrency:
- Trust Wallet, the official wallet of Binance exchange;
- Atomic Wallet;
- Trustee;
- Ledger Nano X or Ledger Nano S.
How to withdraw Ethereum classic to a wallet?
To withdraw ETC from Binance, you can use the exchange’s official wallet Trust Wallet. To withdraw coins, follow next steps:
- Login to your Binance account;
- Select Wallet → Fiat and Spot tab;
Binance exchange wallet - Specify ETC as a coin to withdraw and press Withdraw in the same line;
Withdrawing of ETC from the exchange - Select the transaction network, for example, ETC. Make sure you choose the same network as one in the wallet you are withdrawing coins from (otherwise the funds will be irretrievably lost);
- Enter the address for withdrawing coins in the Address line. To find it out, go to the Trust Wallet application installed on your mobile device;
Application for the withdrawal of cryptocurrency from the exchange - Select the Receive tab on the main page of app;
How to Withdraw ETC to Trust Wallet Step 1 - Type ETC in the search bar;
- App will generate a unique recipient address: copy it and then enter in the Address line on the exchange.
How to Withdraw ETC to Trust Wallet Step 2
FAQ
It is most profitable to make a purchase on the stock exchange. Advantages of this method: the best exchange rate, a large selection of payment methods, the ability to use fiat, high reliability, etc.
In addition, Ethereum Classic supported by large investment companies who are ready to invest in the development of the ecosystem. All this has a positive effect on the prospects of ETC. But remember that any investment in cryptocurrencies comes with high risks.
For active trading and quick access to funds, it is more convenient to use hot storage like Trust Wallet or Atomic Wallet. At the same time, do not forget about security settings (2FA, complex password, etc.).
Ethereum is a decentralized network created in 2013 by Vitalik Buterin. The internal currency of network is ETH.
Ethereum Classic is a hard fork of the Ethereum mainnet that occurred in 2016 as a result of the DAO exchange being hacked and the community split in two. The internal currency of the network is ETC.
