|Circulating Supply||107,712,422 ETC|
|Max Supply||210,000,000 ETC|
About Ethereum Classic
If you have been around the cryptocurrency scene for any given time, there is little doubt that you would have heard of Ethereum. It is the second largest cryptocurrency behind Bitcoin and has created a number of hard forks over the years. Ethereum Classic is one of those and currently it has a market cap of $2,165,933,261, a coin supply of 99,719,766 and a daily trading volume of close to $272 million.
Ethereum Classic makes use of the many features that Ethereum does such as Smart Contracts and the Ethereum Virtual Machine but aims to do so in a more secure and safe manner. This is done via its double blockchain technology.
Carry on reading if you want to hear more about what Ethereum Classic has to offer and why it is already one of the most traded coins at the cryptocurrency exchanges.
What is The Ethereum Classic Coin (ETC)?
Ethereum Classic is actually the original Ethereum despite being the hard-fork of the currency. Back in 2016, the original Ethereum suffered from being hacked for around 3.6 million coins due to a flaw in the network. This led to the governing council deciding to create a hard-fork of the digital currency. This was disputed by some, however, who wanted to carry on with the previous Ethereum – which is Ethereum Classic.
Ethereum Classic can be described as being a completely decentralized open-sourced blockchain platform. All transactions on the network are peer-to-peer using miners on the blockchain to approve any of these transactions.
Whats Special About Ethereum Classic (ETC)
Ethereum Classic shares extreme similarities with Ethereum as you might expect with there really only being a few minor differences between the technologies. Of the benefits of Ethereum Classic, some are following:
- Fast Transactions – Due to Smart Contracts, Ethereum Classic is able to complete transactions as quickly as within 10 to 20 seconds.
- Actually the Original Ethereum – While Ethereum Classic is officially a hard-fork of Ethereum, the roles are really actually reversed. Ethereum is actually the hard-fork while Ethereum Classic continued where the original Ethereum left off. Confusing, we know.
- DApps – Using the Ethereum Classic Machine, applications are able to be developed and used on this platform. This is where Ethereum as a whole stands out compared to cryptocurrencies such as Bitcoin.
- More Secure Transactions – Because Ethereum Classic uses double blockchain technology, there is very little chance that a hacker can defraud users. This is because no single blockchain has the full information of a single transaction as this information is split across both blockchains. Therefore, if one blockchain and transaction was hacked, they would still not be able to access the complete data of the transaction.
There are many other benefits that Ethereum Classic has but those above are the key selling points of this cryptocurrency. There are also a number of updates expected in 2018, so this really could be a big year for the ETC coin.
Where to Buy Ethereum Classic (ETC)
As a hard fork of the Ethereum cryptocurrency (although technically the original Ethereum) and therefore using very similar blockchain technology, there will be no trouble finding cryptocurrency exchanges that support the trade of ETC. Add to that the popularity of Ethereum and you will no doubt see a similar, albeit on a smaller scale, that popularity coming to Ethereum Classic as well.
The following are five cryptocurrency exchanges that we already know support the trading of the ETC currency.
Initially starting out as an ICO themselves, Binance is a great place to find and trade your favourite cryptocurrencies. It only allows crypto-to-crypto trades which is great for anonymity but not so good if you planned to use fiat currencies to purchase your cryptocurrencies.
In many ways, Gate.io has plenty of different trading pairs and cryptocurrencies to make use of and it offers a highly anonymous trading experience. This is also a fairly new cryptocurrency exchange in much the same way as Binance.
For many traders out there, Kraken is regarded as the best cryptocurrency exchange around. Launched in 2011, this exchange has a good reputation, accepts credit cards and allows the trade of cryptocurrencies using other cryptos and some fiat currencies as well.
Cryptopia is a New Zealand-based cryptocurrency exchange that was first established in 2014. Since then, Cryptopia has become one of the more popular crypto-to-crypto exchanges. No fiat currencies are accepted here, so you will need to own some cryptocurrencies before you can trade here.
If you do require a cryptocurrency exchange that allows the use of fiat currencies, the South Korean-based Bithumb might be a good destination for you. It does not have the wide selection of cryptocurrencies to choose from compared to some of the others but does have most of the more popular cryptocurrencies.
You will probably be able to find many more cryptocurrency exchanges that support ETC but those listed above are the ones that we know are reputable. For that reason, do your homework on any other potential exchange that you are thinking of using.
Investing in Ethereum Classic (ETC)
Ethereum Classic as mentioned is extremely similar to Ethereum with only some minor changes in reality. The core functionality and blockchain technologies are almost identical.
This cryptocurrency will no doubt grow in value over the next year and will certainly be an option for traders whether they are chasing a quick buck or more of a long-term investment. We recommend doing a bit of research on both Ethereum and Ethereum Classic before decided which of them or possibly both of them to invest in.
Also, you can expect to see a number of updates to both cryptocurrencies in 2018 – so keep an eye out for them.
Do I Need an Ethereum Classic Wallet?
Wallets are imperative if you want to have improved security for your cryptocurrencies. Hackings are fairly commonplace in the cryptocurrency world and this is something that will probably always happen on occasions. Cryptocurrencies carry a lot of value and offer an anonymous way to transact, so this makes it a very valuable target for hackers.
We have always advised our readers to keep their cryptocurrencies away from the wallets on exchanges unless they are there to trade. Once finished, the first thing any trader should do is move their currencies out of those wallets and into their own third-party wallets.
Ideally, you should be using hard wallets but if not, a software-based wallet at the very least should be used. Never keep your currencies, especially large amounts on the cryptocurrency exchanges.
For unparalleled security, hardware wallets which are otherwise called hard wallets, are definitely your best bet. There is only a handful of them available right now and they will only support a small selection of coins but if you can make use of them, we strongly suggest that you do.
- Ledger Nano S
This Ledger Nano S hard wallet, like many others, connects to your device via USB and will store your portfolio of cryptocurrencies offline. They also keep both private and public keys offline too and only need to be connected to your device when sending currencies – not receiving them.
The Trezor was actually the very first hard wallet to be developed and released and to this day it is still one of the best options. It comes in at a higher price compared to the Ledger Nano S but many claim that it is a more rugged device and therefore worth that extra.
Many of you will only be casual traders with small amounts of cryptocurrencies and in those situations, you will probably be better off just using a third-party software-based wallet. There is a good selection of these available but the following two support ERC and are among the best.
Available on Windows, OSX and Linux, this wallet is a downloadable client that will allow you to store any of your Etherium-based cryptocurrencies. This is a highly reputable wallet and one that we always recommend.
Jaxx is another good option and one that can be used on the same operating systems as Exodus but also on mobile platforms such as Android and iOS as well. It can be downloaded and used on your devices to store and manage your Eth-based cryptocurrencies.
Pros & Cons
Ethereum Classic is already a massively popular cryptocurrency that enjoyed an excellent 2017. Can it enjoy the same levels of success in 2018? That remains to be seen but it is definitely a solid currency to be investing in.
- Original Ethereum
- Faster Transactions
- Smart Contracts & EVM
- Was Once Hacked
- Not as recognized as Ethereum