How to Buy Ethereum Classic - The Complete Guide

People all over the world are losing their minds over Ethereum right now. The world’s second largest cryptocurrency is playing host to countless ICOs and new smart contracts, with new commercial partnerships and software enhancements added every week. This leads one to wonder, what’s the deal with Ethereum Classic?

Ethereum Classic is in many ways the little brother to Ethereum. It has much of the same technology, but there is much less real world activity on the network. For investors, this is not necessarily a bad thing. While Ethereum is worth 20x more than Ethereum Classic, it is also highly volatile. ETC, however offers stability and steady growth – all at a much lower price.

We think Ethereum Classic is a very good buy for investors looking for certain coin traits. In this Ethereum Classic review, we’ll explain exactly what Ethereum Classic is, why it exists, where and how to buy Ethereum Classic, and what to expect for the future. Stay tuned!

What is Ethereum Classic (ETC) Exactly?

Buy Ethereum Classic 1So is Ethereum Classic related to Ethereum kind of like Cherry Coke is related to Coca-Cola Classic? Sort of, but not quite.

Ethereum Classic came into the world in May 2016. Disaster had just struck the Ethereum network. Ethereum had recently launched a venture capital project called the DAO (pronounced “dow”), which stands for Decentralized Autonomous Organization. Part of Ethereum’s MO is the creation of decentralized applications (Dapps) and Smart Contracts: useful algorithms that run apps and websites, without the need for active human management.

The DAO was the biggest and most impressive example of this philosophy in action. It was all going according to plan. The DAO contained $216 million in Ethereum, until…it can hacked. 3.6 million Ethereum were lost forever from wallets all around the world, never to be recovered. Never to be recovered, that is, unless the network took drastic measures.

It turned out that the coins could be returned to their rightful owners if the network would just perform a Hard Fork. Basically, the core software would be cloned and broken away from the original chain, at a point before the hack took place. In the new chain, everyone would have their Ethereum back, just like the attack had never happened. The attack would still exist on the old chain, but the hope was that this chain wouldn’t be used by anyone so it wouldn’t matter.

The Ethereum Classic Controversy

However, this is not what happened. Blockchain technology is full of philosophical purists, hundreds of whom made up a strong core of the Ethereum community. “Code is law!” became a new mantra. Immutability of code turned out to be a priority to a significant minority of Ethereum users, who felt that if the network was dramatically changed because of a single mistake, this meant that its core purpose was fundamentally compromised. Even if it brought back all of that missing money.

Thus, when the fork occurred, many Ethereum users maintained activity and mining on the old chain. This smaller chain became known as Ethereum Classic or ETC as its short code – technologically identical to Ethereum, but in a universe where the DAO hack still happened, and with a much, much lower Ethereum Classic price. ETC has been hard at work ever since instituting its own vision of the original Ethereum protocol, and still maintains its spot as the world’s 9th largest cryptocurrency.

How is Ethereum Classic Different Than Ethereum?

The two chains were identical when the hard work of 2016 occurred, but major changes have been instituted since.

  • Ethereum has WAY more ICOs and Smart Contracts being developed on it than Ethereum Classic, and you see this reflected in the Ethereum Classic price. This has made Ethereum much more congested as a network, but it has also caused the value to go much higher than Ethereum Classic.
  • Ethereum Classic has decided to continue to be minable for the foreseeable future, while Ethereum is going to set off its “difficulty bomb” that will make mining unprofitable in a push to institute its new Proof of Stake financial and security system.
  • Ethereum Classic has decided to cap the number of ETC coins that can ever exist at around 92 million as a way of supporting the Ethereum Classic price in the long term. Ethereum (ETH) plans to introduce new coins at roughly 13 million per year forever! ETC fears that this will dilute ETH’s price in the long term because it violates principles of supply and demand. ETH counters that Ethereum coin is not meant to be a currency so much as it is a payment vehicle for network transactions, and that staking and coin loss remove Ethereum from the markets at a rate equivalent to the rate at which new coins are produced. That has yet to be proven correct in the real world, so Ethereum Classic and the Ethereum Classic price don’t have this problem.

Why Is ETC the Better Investment For Some People?

We love Ethereum, but there is a strong argument to invest in Ethereum Classic. We’re not saying ETC is better than ETH, just that someone could intelligently choose ETC over ETH, and that portfolios that contain both might have the right idea. Here are Ethereum Classics best features for investors.

It’s cheap. You can buy 20 ETC for the price of 1 ETH. If you think the Ethereum Classic price has good potential, a larger position would make sense, and the current price makes that more than possible.

Ethereum Classic benefits from the “Ethereum” in its name. Every day people invest in Ethereum Classic thinking they’re getting some version of Ethereum, but not knowing exactly why they do it. The low Ethereum Classic price is another factor, sometimes making it seem like this is just a discounted Ethereum. This will continue.

It is true to its original purpose. If you are the kind of person for whom “code is law” rings a bell, ETC is for you. The steady Ethereum Classic price reflects the commitment and idealism of its user base.

Ethereum Classic has most of the capabilities of Ethereum. If Ethereum gets as congested as Bitcoin and businesses have trouble using it, they could fairly easily use Ethereum Classic for enterprise solutions instead.

It’s stable. The Ethereum Classic price has proved it can sustain its value well. This is a hard thing in cryptocurrency, when coins pump and dump all the time. If you want to keep your money in crypto, but don’t have anywhere else to put it, you could do a lot worse than ETC.

Ethereum has a better financial model for a currency. Capping the maximum coins that will ever exist, and keeping the coin minable, will insure scarcity which could be a good thing for the Ethereum Classic price long term.

So How Do I Invest in Ethereum Classic

As one of the world’s largest cryptocurrencies, it’s easy to buy Ethereum Classic. If investing in Ethereum Classic is your aim, we’ve got the guide to tell you how to do just that. Invest now while the Ethereum Classic price is still low!

Invest in Ethereum Classic 1

First, head on over to AvaTrade, where you can trade Ethereum Classic CFDs and Forex. Click “Trade Bitcoin Now”.

Invest in Ethereum Classic 2

Next, input some basic information. You can alternately link your Facebook or Google+ to make this step 10 seconds faster.

Invest in Ethereum Classic 3

Continue the process on this page, then click “Web Trading”. Note, you can also invest in Ethereum Classic with the PC software or with the Android/iPhone apps.

Invest in Ethereum Classic 4

You’ll find yourself on this screen. See the empty white block right above the word “symbols” in the bottom lefthand corner? Left click in that space and select “symbols”.

Invest in Ethereum Classic 5

Select “CFD-Crypto” and find Ethereum Classic/ETC in the dropdown menu. This will take you to the trading screen where you can make all of your trades. If you want to buy Ethereum Classic, not just use ETC CFDs, look deeper into this Ethereum Classic Review.

Invest in Ethereum Classic 6

Making a First Deposit in Your AvaTrade Account to Invest in Ethereum Classic

This step is super easy and you can likely figure it out yourself. If you have trouble, simply choose VISA, wire transfer, or MasterCard, whichever options works best for you. Deposit at least $250 so you can start to invest in Ethereum Classic. If you choose wire transfer, it will take 3-4 business days to complete the transfer. Credit card transfers work more quickly.

How to Execute an Ethereum Classic Buy

Let’s say you want to perform a real Ethereum Classic buy action. To buy Ethereum Classic, you’ll need to find an Ethereum Classic exchange that actually sells coins. Fortunately to buy Ethereum Classic is easy to do. For the purposes of this guide we’ll describe how to buy Ethereum Classic on Binance exchange. Binance is an Ethereum Classic exchange and a whole lot more. You’ll be able to buy dozens of coins once you make your account.

Start by creating an account on Binance will ask for the usual details, as well as personal identifiers like ID cards and pictures of your face. This is only necessary if you wish to have your account verified for big withdrawals. People just buying a bag of Ethereum Classic shouldn’t have to worry about withdrawal limits, but the option is there if you happen to buy a large position on this Ethereum Classic exchange.

Ethereum Classic Buy

In order to buy Ethereum Classic, you’ll first need some Ethereum. Ethereum is one of the coins most often used as fundamental currency when trading for smaller altcoins, when fiat currency purchases like USD and EUR are not available. You can buy Ethereum on Coinbase or anywhere else, then transfer it to your wallet on Binance.

Go to “Exchange”, then select “Basic”. This will take you to the basic exchange page. On the right hand side, you’ll see a listing of all of Binance’s trading pairs. Type in “ETC” for Ethereum Classic, and the ETC/ETH pair will pop up. Now you’ll be able to use the Buy and Sell options at the bottom of the screen to buy and sell Ethereum and Ethereum Classic. You can set a specific buy value with a limit order if you want. Otherwise, just click “Buy ETC”, and you’ll get ETC at the current market price.

Can you Buy Ethereum Classic on Coinbase?

The simple answer is no, unfortunately you cannot. Coinbase currently only offers four cryptocurrencies; bitcoin, bitcoin cash, litecoin and ethereum. They have recently allowed users access to bitcoin cash on their platform, meaning those who owned bitcoin before the fork will soon get delivered the exact amount of bitcoin cash as they had bitcoin.

Coinbase Logo

This is good news for those who had ethereum during its fork. Because there may be a chance that Coinbase will one day allows users to buy ethereum classic on Coinbase. Currently nothing has been announced by Coinbase, so this is just speculation but given the prospects ethereum has onver bitcoin, don’t be surprised to see some shift in the years to come.

To buy ethereum classic via coinbase you must buy one of the four cryptocurrencies previously highlighted and then traded for ethereum classic using an external exchange. Such exchanges include bittrex, poloniex, plus lots more.

Storing Your Precious Ethereum Classic

Now that you have finished investing in Ethereum Classic, you definitely want to keep your coins safe and secure so that your investment can mature. We recommend a wallet called Jaxx, which can be used to hold many coins including Ethereum Classic. Jaxx is a free download, is easy to use for beginners, and has active support online. Make sure to write down the keys and codes Jaxx gives you so that you can restore your wallet if your computer ever dies or you forget your password!

Ethereum Classic FAQ

Can I Buy Ethereum Classic With Credit Card? There are many exchanges with different rules. If you want to trade CFDs on AvaTrade, you can essentially buy Ethereum Classic with credit card. But if you want to buy on a site like Binance you can’t buy Ethereum Classic with credit card.

Can I Buy Ethereum Classic With USD? There are many exchanges with different rules, but there are not any options we know of where you can buy Ethereum Classic with USD. The closest thing to being able to buy Ethereum Classic with USD would be to buy Ethereum on Coinbase with USD, then transfer it to Binance and use it to buy Ethereum Classic.

Can I Buy Ethereum Classic With Paypal? To the best of our knowledge you cannot buy Ethereum Classic with Paypal.

Final Thoughts on Ethereum Classic

Ethereum Classic is never going to be as big as Ethereum unless something major changes. However, this is not its goal. Ethereum Classic is all about providing steady, integritous value. Invest in Ethereum Classic if you want an affordable coin that holds its value and provides steady growth. Growth and stability are never guaranteed in crypto, but Ethereum Classic is one of the best options if that’s what you’re looking for.

Trade Ethereum Classic on AvaTrade with CFDs if you want to make all the profit from an ownership stake, without the expense and responsibility of actually owning coins. We hope you have a lot of profit investing in Ethereum Classic. Good luck!

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