How To Buy Ethereum Classic (ETC)?
A common question you often see on social media from crypto beginners is “Where can I buy Ethereum Classic?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy Ethereum Classic on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.
Step 1: Create an account on an exchange that supports Ethereum Classic (ETC)
First, you will need to open an account on a cryptocurrency exchange that supports Ethereum Classic (ETC).
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In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase Ethereum Classic (ETC) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy Ethereum Classic (ETC)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Ethereum Classic (ETC) or Ethereum Classic (ETC) trading pairs. Look for the section that will allow you to buy Ethereum Classic (ETC), and enter the amount of the cryptocurrency that you want to spend for Ethereum Classic (ETC) or the amount of fiat currency that you want to spend towards buying Ethereum Classic (ETC). The exchange will then calculate the equivalent amount of Ethereum Classic (ETC) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of Ethereum Classic (ETC) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What Is Ethereum Classic (ETC)?
Ethereum Classic is a decentralized blockchain platform that lets anyone build and use decentralized applications that run on blockchain technology. Like Bitcoin, no one controls or owns Ethereum Classic – it is an open-source project built by people around the world. Unlike the Bitcoin protocol, Ethereum Classic was designed to be adaptable and flexible. It is easy to create new applications on the Ethereum Classic platform.
In 2014, Ethereum founders Vitalik Buterin, Gavin Wood and Jeffrey Wilcke began work on a next-generation blockchain that had the ambitions to implement a general, fully trustless smart contract platform. What is Ethereum?
In 2016, after a controversial hard fork, Ethereum mainline spawned a new network with new consensus rules. Ethereum Classic continued following the original network rules and has maintained the original Ethereum vision ever since.
Ethereum Classic maintains the original, unaltered history of the Ethereum network. The Ethereum project’s mainnet initially released via Frontier on 30 July 2015. However, due to a hack of a third-party project, the Ethereum Foundation created a new version of the Ethereum mainnet on 20 July 2016 with an irregular state change implemented that erased The DAO theft from the Ethereum blockchain history. The Ethereum Foundation applied their trademark to the new, altered version of the Ethereum blockchain; Ethereum (ticker: ETH). The older, unaltered version of Ethereum was renamed and continued on as Ethereum Classic (ticker: ETC).
ETHEREUM CLASSIC MONETARY POLICY
On 11 December 2017, the total supply of Ether (ETC) on Ethereum Classic was hard capped at 210,700,000 ETC via the Gotham hard fork upgrade. This added a Bitcoin inspired deflationary emission schedule that is documented in Ethereum Classic Improvement Proposal (ECIP) 1017. The emission schedule, also known as 5M20, reduces the block reward by 20% every 5,000,000 blocks. Socially, this block reward reduction event has taken the moniker of “The Fifthening.”
Official website: https://ethereumclassic.org/
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