How to Buy Ethereum Classic (ETC)
Beginner’s Guide
What Is Ethereum Classic (ETC)?
Ethereum Classic (ETC) is a hard fork of Ethereum (ETH) that launched in July 2016. Its main function is as a smart contract network, with the ability to host and support decentralized applications (DApps). Its native token is ETC.
Since its launch, Ethereum Classic has sought to differentiate itself from Ethereum, with the two networks’ technical roadmap diverging further and further from each other with time.
Ethereum Classic first set out to preserve the integrity of the existing Ethereum blockchain after a major hacking event led to the theft of 3.6 million ETH.
How to Buy Ethereum Classic Summary
- Get a Ethereum Classic wallet (e.g. Ledger, Trezor ,Guardia, Exodus , AtomicWallet)
- Find an exchange that sells Ethereum Classic (e.g. Binance, Coinbase, Kucoin, Bitfinex , Crypo.com)
- Deposit money and make the trade
- Withdraw the Ethereum Classic to your wallet
Buying Ethereum Classic in 3 Simple Steps
Step 1 – Get a ETC wallet
Ethereum Classic (ETC) Hardware Wallets
Hardware wallets are physical devices that store private keys and enable users to securely store and manage their cryptocurrency assets offline. They are considered to be one of the most secure methods of storing cryptocurrency, as they are immune to online attacks such as hacking and phishing. If you are looking to store your Ethereum Classic (ETC) in a hardware wallet, here are some options to consider:
Ledger Nano S: The Ledger Nano S is a popular hardware wallet that supports over 1,500 cryptocurrencies, including Ethereum Classic. It features a secure element chip that provides a high level of protection against hacking and tampering. The Ledger Nano S is portable and easy to use, and supports multiple wallets for different cryptocurrencies.
Trezor: The Trezor hardware wallet is another popular option for storing Ethereum Classic and other cryptocurrencies. It features a small, portable design and a user-friendly interface. The Trezor uses a secure pin code and recovery seed to protect your assets, and is compatible with a range of third-party applications and services.
KeepKey: The KeepKey hardware wallet is a sleek and stylish device that supports Ethereum Classic and other cryptocurrencies. It features a large, easy-to-read display and a simple, user-friendly interface. The KeepKey supports multiple accounts and provides a high level of security through its pin code and recovery seed.
Ellipal: The Ellipal hardware wallet is a newer player in the market, but it offers a high level of security and convenience. It features a large, touchscreen display and a durable, tamper-resistant design. The Ellipal supports Ethereum Classic and over 30 other cryptocurrencies, and allows you to manage your assets through a mobile app.
Regardless of which hardware wallet you choose, be sure to follow the manufacturer’s instructions carefully and keep your recovery seed in a safe and secure location. This will help to ensure that your Ethereum Classic and other cryptocurrency assets are protected and secure.
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
Ethereum Classic (ETC) Software Wallets
A software wallet is a digital application that stores and manages cryptocurrency assets. Software wallets are a convenient way to store and manage Ethereum Classic (ETC), as they can be accessed from a variety of devices and platforms. If you are looking to store your ETC in a software wallet, here are some options to consider:
MyEtherWallet (MEW): MyEtherWallet is a popular open-source software wallet that supports Ethereum Classic and other ERC-20 tokens. It is easy to use and provides a range of features, including a secure login process, the ability to store multiple wallets, and integration with hardware wallets for added security.
Atomic Wallet: Atomic Wallet is a multi-currency software wallet that supports Ethereum Classic and over 300 other cryptocurrencies. It features a user-friendly interface and provides a range of security features, including two-factor authentication and the ability to store private keys locally.
Trust Wallet: Trust Wallet is a mobile wallet that supports Ethereum Classic and other cryptocurrencies. It is available for both iOS and Android devices and provides a simple and intuitive user interface. Trust Wallet supports multiple wallets and provides advanced security features, such as biometric login and hardware wallet integration.
Exodus: Exodus is a desktop and mobile wallet that supports Ethereum Classic and a range of other cryptocurrencies. It features a sleek and modern design, and provides a range of features such as an integrated exchange, portfolio tracking, and the ability to store multiple wallets.
Jaxx Liberty: Jaxx Liberty is a multi-currency wallet that supports Ethereum Classic and over 90 other cryptocurrencies. It is available for desktop and mobile platforms and provides a user-friendly interface. Jaxx Liberty allows you to store multiple wallets and provides advanced security features such as seed phrase backup and two-factor authentication.
When choosing a software wallet, it is important to consider factors such as security, ease of use, and compatibility with your devices and platforms. Be sure to research and compare different software wallets before making a decision, and always keep your private keys and recovery phrases safe and secure.
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest Cosmos software wallets to get started with are undoubtedly Exodus, AtomicWallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Step 2 – Find an LTC Exchange
Buy Ethereum Classic through Binance
- Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.
Buy Ethereum Classic through Okex
- OKX (Chinese: 欧易), formerly known as OKEx, is a Seychelles-based cryptocurrency exchange and derivatives exchange. It was founded by Star Xu (徐明星) in 2017. OKX is owned by Ok Group, which also owns crypto exchange Okcoin. It is not available to US based investors. The company’s CEO is Jay Hao and CMO is Haider Rafique. Initially headquartered in Beijing, China, OKX is now under a blanket ban by Chinese regulators. On October 13, 2021, it issued a “Notice on Regulatory Policy in Mainland China”, announcing that it would continue its policy of “withdrawing from the Chinese mainland market” and would not establish an office or team in the region. However, according to Caixin, although the exchange officially announced that it would no longer set up an office in Mainland China, it still has a large number of R&D staff working in the region, including engineers, who continue to work for OKX in the form of third-party outsourcing companies.
Buy Ethereum Classic through Kucoin
- Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.
Buy Ethereum Classic through Bitfinex
- Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc registered in the British Virgin Islands.Their customers’ money has been stolen or lost in several incidents, and they have been unable to secure normal banking relationships.Bitfinex was founded in December 2012 as a peer-to-peer Bitcoin exchange, offering digital asset trading services to users around the world. Bitfinex initially started as a P2P margin lending platform for Bitcoin and later added support for more cryptocurrencies.
Buy Ethereum Classic through Crypto.com
- Crypto.com is a cryptocurrency exchange company based in Singapore. As of May 2022, the company reportedly had 50 million customers and 4,000 employees. The exchange issues a token, Cronos.
Buy Ethereum Classic through Coinbase
- Coinbase is a convenient and cheap way to buy Ethereum and the platform is open to 100+ countries). Coinbase will sell you LTC for a variable fee that depends on your payment method (credit cards have a higher fee than wire transfers), order size and market volatility. Here’s how you buy Ethereum on Coinbase: Open a Coinbase account Add your payment method (Credit card or bank account) Go to “Buy/Sell” and select the amount of Ethereum you desire Click “Buy Litecoin”
Step 3 – Withdraw Your Ethereum Classic
Once you decide on an exchange, open an account and buy your Ethereum Classic . Make sure to withdraw the Ethereum Classic from the exchange to your personal wallet.
Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past).
OVERVIEW
Who Are the Founders of Ethereum Classic?
Ethereum Classic is in fact the legacy chain of Ethereum, and its true creators are therefore the original Ethereum developers — Vitalik Buterin and Gavin Wood.
A contentious hard fork on Ethereum occurred in July 2016, when participants disagreed over whether to revert the blockchain to cancel out the effects of a major hack. This impacted The DAO, a decentralized autonomous organization (DAO) which had raised approximately $150 million in an initial coin offering (ICO) several months earlier.
Ethereum Classic came into being as the network which did not revert the chain. Developers state that there is no “official” team attached to the project, and that its “global development community is a permissionless ‘do-ocracy,’ where anyone can participate.”
What Makes Ethereum Classic Unique?
Ethereum Classic (ETC) is a unique cryptocurrency and blockchain platform that has several distinct features and characteristics that set it apart from other blockchain networks. Here are some of the key factors that make Ethereum Classic unique:
Immutable Blockchain: The Ethereum Classic blockchain is immutable, meaning that transactions are irreversible and cannot be deleted or modified. This is in contrast to other blockchains, such as Ethereum, which can perform hard forks to reverse transactions under certain circumstances. The immutability of the Ethereum Classic blockchain makes it more resistant to censorship and tampering.
Decentralization: Ethereum Classic is a decentralized blockchain platform, meaning that it is not controlled by any central authority. This ensures that the platform is more resilient to censorship and manipulation, and that it is more transparent and trustworthy.
Security: Ethereum Classic uses a proof-of-work consensus algorithm to secure the network, which is based on the same algorithm used by Bitcoin. This provides a high level of security and ensures that the network is resistant to attacks such as 51% attacks.
Community-Driven: The Ethereum Classic community is a passionate and dedicated group of developers, users, and investors who are committed to the vision of a decentralized and immutable blockchain. The community is active in developing and improving the platform through the use of Ethereum Improvement Proposals (EIPs) and other means of collaboration.
ETC Monetary Policy: Ethereum Classic has a fixed monetary policy, with a maximum supply of 210 million ETC. This means that there is a limited amount of ETC that will ever exist, which can help to preserve the value of the cryptocurrency over time.
Overall, Ethereum Classic’s unique combination of an immutable blockchain, decentralization, security, a passionate community, and a fixed monetary policy make it a unique and promising blockchain platform with a lot of potential for the future.
How Many Ethereum Classic (ETC) Coins Are There In Circulation?
ETC began in a very similar technical state to ETH, with the exception of how the DAO hack transactions were handled.
Since launch, however, changes in tokenomics have occurred, with participants voting to cap the supply of ETC in December 2017. The maximum supply is thus 210,700,000 ETC, roughly ten times that of Bitcoin (BTC), while ETH has no cap.
ETC uses a PoW mining algorithm, which functions like Bitcoin — miners are rewarded with new coins for validating the blockchain in competition with each other. The ETC block reward decreases with time, with the next drop due at block 15,000,000, roughly in April 2022 — from 3.2 ETC to 2.56 ETC per block.
How Is the Ethereum Classic Network Secured?
The Ethereum Classic network is secured using proof-of-work, but as a minority chain, it has suffered regular attacks itself.
These include several 51% attacks to gain control of mining hashrate and execute spurious transactions and double spend coins, the most recent of which occurred in August 2020.