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?
- 1 What is Ethereum Classic (ETC) Exactly?
- 2 The Ethereum Classic Controversy
- 3 How is Ethereum Classic Different Than Ethereum?
- 4 Why Is ETC the Better Investment For Some People?
- 5 So How Do I Invest in Ethereum Classic
- 6 Making a First Deposit in Your AvaTrade Account to Invest in Ethereum Classic
- 7 How to Execute an Ethereum Classic Buy
- 8 Can you Buy Ethereum Classic on Coinbase?
- 9 Storing Your Precious Ethereum Classic
- 10 Ethereum Classic FAQ
- 11 Final Thoughts on 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!
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.
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.
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.
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.
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.
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.
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!