How to buy or sell Ethereum Classic? (ETC): 4 main ways to exchange the Ethereum Classic cryptocurrency
The Ethereum Classic (ETC) cryptocurrency gained attention in 2021, when it grew by 490% in a month, reaching a price of almost $ 100. On the Coinbase exchange, the price even reached $ 150 – this gap is due to the complexity of arbitrage – it takes up to 36 hours to get ETC on Coinbase. The gap has already narrowed.
The editorial staff of Btcnewsweb.com will tell you how to buy or sell Ethereum Classic in 2021, and what are the future prospects for this cryptocurrency.
What is Ethereum Classic?
Ethereum Classic is a fork of Ethereum that is very similar to it, but aimed at wider adoption. In particular, it facilitates the integration of asset exchange functions. Smart contracts on the Ethereum Classic platform are used to take advantage of a decentralized governance system. By using them, Ethereum Classic guarantees that there is no censorship, manipulation or other third-party interference in the management system.
The split occurred in 2016 in response to a DAO hack that resulted in the loss of $ 70 million in minutes. The users who advocated the fork intended to roll back the blockchain to a point prior to the hack and recover the lost funds. Adherents of the classic version believed that there are adequate reasons not to do this, since it contradicts the principles of decentralization: a hard fork to recover lost funds violated two key rules of peer-to-peer finance that give them value:
- Immutability. The blockchain is inviolable, transactions that were once validated are those from the point of view of the cryptographic protocol of the network.
- Interchangeability. The property of money is that one unit of currency is equal to any other unit of currency. In the situation with Ethereum, it turned out that when the blockchain rolls back, one ETH is no longer equal to another ETH. The coins stolen in the amount of $ 70 million are recognized as worthy of censorship, that is, not as “good” as the rest.
If these rules are violated, then all transactions on the blockchain can be considered questionable, which makes the blockchain and all applications running on it open to fraud.
How to buy or sell Ethereum Classic? (ETC)
There are the following ways to legally and safely buy or sell Ethereum Classic:
Examples of exchanges: Binance, EXMO, FTX, Crex24, OKEx, Huobi, Gate.io, Kraken, KuCoin and others.
A wide selection of trading platforms allows you to purchase ETC with both fiat money and other cryptocurrencies or stablecoins. On such sites, it is convenient not only to make trading operations, but also to timely monitor the state of the market, choosing the moment for the most profitable transaction. Different types of trading orders allow you to define the moment of entering the market as accurately as possible.
General instructions for using exchanges to trade ETC:
- Register and verify (if the exchange requires it).
- Top up an account in fiat money or cryptocurrency.
- Create a buy order.
- Confirm the action.
If the platform provides such an opportunity, then you can also buy Ethereum Classic (ETC) directly from a bank card. It is advisable to withdraw the resulting cryptocurrency to your personal wallet.
Exchangers are a simple and affordable way for everyone to exchange cryptocurrency for fiat money or vice versa. The services have reserves for all available currencies and cryptocurrencies, which makes it possible to quickly exchange one asset for another, charging a commission, which is usually not indicated separately, but is included in the purchase / sale price. There are monitors to choose the most profitable and safe exchangers, the most famous of which is BestChange.
General instructions for using exchangers for exchanging Ethereum Classic (ETC):
- Select an exchanger using monitoring or a list.
- Register (not required, but if you specify an e-mail, an account will be automatically created for it).
- Select the exchange direction, for example, Ethereum Classic to Qiwi or Visa to Ethereum Classic.
- Indicate the amount for the exchange, familiarize yourself with the rate and the amount that will be obtained at the exit.
- Enter details for payment.
- Make a payment using the details issued by the exchanger. It is important to do this within the allotted time (15-20 minutes) and do not forget to press the “I paid” button later.
Immediately after the exchanger receives your payment, it will send a return transaction to the specified details.
Some exchangers, such as Prostocash, 60cek, NiceChange, AbcObmen, provide an opportunity to buy Ethereum classic not only through the site interface, but also through a special bot in the Telegram messenger. To buy and sell ETC through a bot, you need:
- Add a bot to contacts, took its address directly from the official website of the exchanger, so as not to be mistaken.
- Select currencies / cryptocurrencies to exchange.
- Specify the amount.
- Fill in the details of sending and receiving funds.
- Press the button “Start exchange”.
- Send money to the details sent by the bot, just like it happens in the exchanger.
- Receive a return payment to your account.
When choosing a bot, you should be careful – often scammers disguise themselves as well-known bots, making a similar name. It is best to copy the name from the official site rather than writing it by hand or from memory.
Some cryptocurrency wallets (e.g. Matbea, Trustee Wallet, Trust Wallet, Myetherwallet) provide card purchases.
For example, Ethereum Classic can be purchased through the Trust Wallet mobile wallet. This requires:
- Open the application.
- Press the “Buy” button on the main screen.
- Select the desired cryptocurrency.
- Enter the quantity.
- Click “Next”.
- Enter all the required data about the card and its holder.
- Check the entered information and confirm the purchase.
- Assets acquired in this way are credited to the account in no more than 15 minutes.
The well-known Ethereum has strong investor support. However, ETC also has institutional support. In particular, the actions of the investment company Grayscale are considered one of the main catalysts for the price of this cryptocurrency. It is reported to have more than 161,000 ETC at its disposal.
What forecasts do analysts give? :
- The Economy Forecast expects over $ 338 by the end of the year. Although the trends will remain bullish in the near term, they will decline in the long term. Within 1-4 years, ETC will return to below $ 150.
- Gov Capital expects ETC to rise to $ 117 over the course of the year, but longer-term projections are higher, to $ 167 over five years.
- DigitalCoinPrice predicts ETC will close 2021 at over $ 160.
Thus, Ethereum Classic is still among the reliable cryptocurrency assets for investment. It is in the top 20 in terms of capitalization, which indicates high user confidence.
Where to store ETC after purchase?
The official website contains all wallets in which you can store the Ethereum Classic cryptocurrency. Among them:
- Online wallets – MyEtherWallet, Portis.
- Browser extensions – Metamask, Opera Wallet,
- Hardware wallets – Trezor, Ledger, SafePal.
- Software wallets for PC and mobile devices – Exodus, Atomic Wallet, Trust Wallet, Guarda, Coinomi and many others.
Ethereum Classic was created by people who are loyal to the principles of decentralized cryptocurrencies, and therefore, since its inception, it has been quite popular. The current growth is likely due to the desire of users to bypass Ethereum, where transactions are becoming slower and more expensive. The classic version fully supports smart contracts and other functions of the primary blockchain. We talked about different ways to buy Ethereum Classic (ETC), you can independently choose the most convenient and productive one. Also, don’t forget about choosing a secure place to store your digital assets.