In the world of cryptocurrency, everyone is aware about Ethereum and Bitcoin, and being the second most popular cryptocurrency of the world, Ethereum also has a younger sibling, popularly known as Ethereum Classic.
Also abbreviated as ETC, Ethereum Classic is a result of hard-fork on original Ethereum chain, that led to splitting of the chain into original Ethereum (ETH) and the new Ethereum Classic (ETC).
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The Creation of Ethereum Classic
Ethereum is not just a currency, but a platform. Just like one needs Chrome or Firefox (web browser) to access internet, similarly you need Ethereum platform to construct decentralized applications. It works on smart contracts, which is something that enforces legalization of a contract in the cryptocurrency eco-system.
In the year 2015, Decentralized Autonomous Organization (DAO) was formed that aimed to revolutionize and change Ethereum forever. They aimed at opening a distributed venture capital fund to provide monetary aid to all those who intended to develop applications on this platform, but a hack that took away millions of dollars, worth of Ethereum, changed the history forever, as from that moment onward, Ethereum Classic came into existence, after the Ethereum Classic fork was conducted.
A hard fork splits the network into two, but simultaneously requires all users to upgrade. It is like an iPhone update, but then, it is not backward compatible, hence either all users must update, or some may opt to leave the network. And that is what exactly happened in the case of Ethereum and Ethereum Classic.
ETH vs ETC or Ethereum vs Ethereum classic has always been a debatable matter since the conception of the cryptocurrency. Ethereum classic miners and communities that opposed the fork, decided to stick to the original Ethereum, and changed the name to Ethereum Classic (ETC), while those who were in favour of the fork, switched to Ethereum. Ethereum Classic news speculates that this platform has a long way to go.
The Growth of ETC
According to Ethereum Classic Reddit, ETC has grown substantially from the moment it started. Back in mid-2016, if we see Ethereum Classic Price Chart, it started at somewhere at half a dollar per piece, but now, as of 2018 the current price of ETC stands at 35 to 40 dollars per piece, which is approximately 80 times more than the beginning value! The counterpart Ethereum on the other hand, recently crossed a thousand dollars, but it has greater volatility compared to Ethereum Classic. Ethereum Classic, has stable and uniform growth, and rises carefully against the market odds.
Ethereum Classic Wallets
There are many Ethereum Classic wallets – both online and offline, where you can store Ethereum Classic and even other cryptocurrencies.
Ethereum Classic Online Wallets like Jaxx and Electrum are two popular software wallets. They can be downloaded on a mobile phone easily as an app. Coinbase is an online wallet where you can buy Ethereum Classic, and also store it. It is a popular online wallet in the market.
There are some Ethereum Classic paper wallets and hardware wallets as well. Some popular names are – Nano Ledger S, Trezor and KeepKey which are easily stored like a pen-drive or a flash-drive. Here, you can keep your cryptocurrency securely without a risk of losing it. With Ethereum Classic exchanges, there is always an underlying risk of losing your money because they always stand at a risk of hacking. But with offline wallets, this risk gets eliminated completely.
The Pros and Cons of Ethereum Classic
The pros of ETC (Ethereum Classic) are that it stands true to the original nature of the intended blockchain. It retains the core values with which ETH (Ethereum), as a platform and as a cryptocurrency commenced. Some big players like Greyscale Investments LLC, popular crypto-exchange ALFAcashier and many others.
The cons however are that it cannot get access to updates happening on the Ethereum blockchain. The reputation of Ethereum Classic in general, is not welcoming or positive. That is because some people think that those who did not support the hard fork and stayed with the original network, are scammers and the attack is considered as an insult to the Ether community.
Doesn’t matter what anyone would say about miners and communities who support Ethereum Classic wholeheartedly, Ethereum defied and went against the policy of immutability and somehow also defies the underlying principle of blockchain, which keeps indisputability as one of its central elements.
The Reason to Buy Ethereum Classic (ETC)
The best reason to buy Ethereum Classic at this point is its low price. When an investor gets into a cryptocurrency and buys more coins in quantity, a low hike can give him better profits. The price of ETC is low for now, and it is where Ethereum used to be many years back. As of now, very few people have invested in cryptocurrency. And as the number of investors will grow, so will the price of every cryptocurrency. Ethereum Classic is still better option than all other new upcoming coins who have no strong backing or limited support. Ethereum Classic future is optimistic, and it can see an upward trend if you believe the sources.
Many experts and cryptocurrency enthusiasts predicted crazy numbers for Ethereum and Bitcoin, and against all odds, their predictions came true. Same can be the case of Ethereum Classic in future. As speculations and experts predicted, Ethereum Classic will move with steady pace towards $50 to $60 a piece. In future, it can see an onward growth of around $100 and even more, in coming two to three years. A lot of market price analysis depends upon multiple factors. None of which can be said to be guaranteed or reliable measure to believe or depend upon.
The conclusion is – Every cryptocurrency has a lot of scope in future, because the world of blockchain is at its infancy right now. Where cryptocurrency right now is, the internet was in the 1990s. Hence, you can yourself imagine where it would be in coming future.