Ethereum Classic was released in 2015. It is an open-source platform, logically based on publicly available technologies. The digital currency has attracted particular attention because of its smart functionality. It uses the so-called Ethereum Virtual Machine (EVM). Many experts suggest that cryptocurrency will play its part, especially in the future.
What is Ethereum Classic?
Ethereum Classic (ETC) is a hard fork of Ethereum and its comparable cryptocurrency. ETC, though not one of the leaders of the crypto market, is firmly in the top 30 coins by capitalization. ETC, as well as ETH, can be earned by mining, stored in various wallets and transferred to other network participants.
Distinguishing Ethereum Classic from Ethereum is not always easy for a beginner. Logically, both developments use similar software code.
The fact that there are two different cryptocurrencies of the same origin are related to the hard fork. The original version of the cryptocurrency is now known as Ethereum Classic. The newer version is simply called Ethereum and abbreviated ETH. Naturally, the question arises: why did this split happen? It has to do with some disagreements within the community after an unknown attacker managed to hack into the blockchain and steal user funds. The issue has arisen: should we leave everything as it is or hold a hard fork to recover the stolen assets?
The hard fork was rejected by a large percentage of the community for philosophical reasons: code is law, so you cannot artificially influence the operation of the blockchain. From that point on, these users were still up to Ethereum Classic, while hard fork supporters started using the new Ethereum.
Key features of Ethereum Classic:
- Created by way of the Ethereum hard fork
- Legacy of the original blockchain
- Smart contracts and decentralized applications
- Strong focusing on decentralization
To be able to mine cryptocurrency yourself, you need the relevant software along with equipment. For example, a 4 GB video card and a GPU miner is desirable. In fact, it is important that this unit has at least 4 GB of memory to be able to gather the necessary processing power. But also you can buy currency and thus bypass the mining.
This is especially recommended for users who are primarily interested in digital coin, but want to avoid technical banter. Since there are a large number of users and even professional companies currently participating in the mining market, it is not easy for newcomers to make a real profit here.
There are special calculators that can now make profitability predictions for mining Ethereum Classic as well as take into account energy and processing power costs. Undoubtedly, this is why it is easier to participate in Ethereum Classic trading. At long last, it is one of the most common cryptocurrencies. Clearly, betting on the field involves some risk, but you are required to have less specialized knowledge and you can expertly protect yourself with personal safety tools.
The question of how to use ETC is crucial. Do you want to sell, buy or exchange Ethereum Classic? You need to start seeking the relevant wallet. Without it, it’s impossible to manage the cryptocurrency, let alone make transactions. The easiest way is to create an online ETC wallet on this website. The main advantage of the above wallet is the ease of use with a sufficient level of security. However, there are many other options for ETC wallets, including desktop and mobile wallets that require installation on the device, as well as hardware ones – Ledger and Trezor.
Trade Ethereum Classic
Trading is made as easy as possible due to modern crypto exchanges and brokers. Obviously, registration is also required here. So, this is definitely the type of thing that decides how you want to participate in trading. Either way, it’s important to stay up to date on current events.
A wide range of news can be found on various online platforms. Because the cryptocurrency market has grown to enormous proportions, the mainstream media has long been news sensitive. It remains to be seen which direction the rate will go. But trading can also benefit from falling values. It is clear that short positions are more suitable for experienced traders.
But even beginners should have no problem approaching a wide variety of trading methods. Providers offer a wide range of free training courses. Demo accounts allow you to try out strategies and various risk management tools increase safety. In this regard, traders are open to all options, regardless of whether it involves rising or falling prices.
Ethereum Classic is certainly one of the most outstanding cryptocurrencies in 2022. But even with that market power, it’s not easy to make a realistic prediction at all. Taking the two “brothers”, the duel of Ethereum Classic versus Ethereum should be exciting, as Ethereum developers promise to release an update to Ethereum 2.0 that takes away the ability for users to mine ETH.