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 splintered off from Ethereum following the DAO controversy (Google it), and the project has dedicated itself to staying true to the original principles of Ethereum ever since. Recently, Coinbase announced that it would soon start.
5 Quick Steps to Buy Ethereum Classic
- Create a new eToro account – it only takes 2 minutes!
- Choose your payment method (Paypal, credit/debit card, skrill, Neteller, wire transfer etc)
- Deposit funds (min £200) – eToro is CysEC & FCA regulated so your funds will be in good hands
- Place an order to buy Ethereum Classic
- Watch your profits grow
Why Buy Ethereum Classic Now?
Ethereum Classic is at an interesting point in its history. When Ethereum Classic split off from Ethereum just a couple of years ago, most people in the Ethereum community didn’t take it completely seriously. The Ethereum Classic cohort was thought to be overly idealistic. They thought that Ethereum’s decision to hard fork in order to restore user funds was a betrayal of the protocol’s original “code is law” statement of purpose.
The intrepid team that broke off from Ethereum was smaller, but no less motivated. Though derided by many, who thought the sister blockchain would simply fizzle, Ethereum Classic has nonetheless attracted some innovative development talent, and a committed user base. Many months after the fork, Ethereum Classic has changed enough to be truly distinct from its parent blockchain.
Along with everything else in crypto, Ethereum Classic lost a tremendous amount of value in the January 2018 price crash. But because of its ongoing development, and its soon-to-be realized inclusion in Coinbase’s limited offering of digital currencies. we think that the best is yet to come for Ethereum Classic. If you buy now, you are likely to see your investment increase in value over the course of the rest of this year.
What is the Best Site Upon Which to Buy Ethereum Classic?
Many of our readers are relatively new to crypto, and thus are seeking a user friendly way to invest in currencies like Ethereum Classic for the very first time. As such, we want to show you the most convenient way to accomplish your goal, using eToro.
eToro is an alternative to familiar crypto exchanges like Binance, in that they don’t actually sell cryptocurrency. Instead, users pay the market price for Ethereum Classic, an investment deposit that gets locked into a contract. During the duration of this contract, the user has all of the profit rights associated with that amount of Ethereum Classic. The user can cancel the contract at any time. If the price is higher at the time of contract cancellation than it was when the contract was initiated, the user gets all of those proceeds. Of course, losses are incurred the same way, but because of the reasons we’ve already mentioned, it’s likely that Ethereum Classic is going to have significant upward momentum in the coming weeks and months.
This non-ownership model means that users don’t have to mess with complicated addresses and digital wallets. The investor can get all the profits from Ethereum Classic, without the worry of making a mistake and losing their funds. If you want to be able to spend or trade your Ethereum Classic coins, this method won’t work for you. But for the regular investor, we can’t think of a better way. eToro is well regulated and has a history of reliable, ethical performance for more than a decade. You can’t be in better hands.
How to Buy Ethereum Classic Through Exchanges
Ethereum Classic is available through numerous exchanges. Though it’s not yet available with Coinbase, we’ll assume that this is going to happen as planned, and that it will be the primary way customers around the world buy Ethereum Classic when trading is enabled. We’ll therefore use sales of Ethereum through Coinbase as an example, then show you how to do the same with Binance.
Coinbase, at the time of this writing, only sells 4 different cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Ethereum Classic is slated to be the fifth. ETC’s addition to Coinbase is significant because Coinbase is huge. It’s the #1 way new users get into crypto investing. This is largely because Coinbase accepts USD (and other fiat currency) payments. While most other exchanges use Bitcoin as the fundamental payment currency, people who don’t have any crypto yet but want to get started find Coinbase to be very helpful.
Create an account (almost exactly like eToro above) and connect your bank account or credit/debit card, as prompted. When your financial channel is connected, click on the green Etherem Classic logo and type in how much money you want to spend on Ethereum Classic. Make the purchase and wait for your Ethereum Classic to arrive in your Coinbase Ethereum Classic wallet. This will take several days if you used bank wire transfer, or just a couple of minutes if you used credit/debit card. Once your coins have arrived, send them to an Ethereum Classic wallet you control on your personal device, desktop or mobile (more on this later).
Binance is a great way to buy Ethereum Classic if you already own Bitcoin, Ethereum, Binance Coin, or Tether. These are the currencies that Binance uses to trade against the many dozens of altcoins for sale on its exchanges. Create an account using steps just like the ones in the two pervious sections. Send Bitcoin, Ethereum, Binance Coin, or Tether to your Binance wallet. Click “Exchanges”, then “Basic” and select the BTC/ETC trading pair (if using Bitcoin). Look at the bottom left of the screen to see the Buy Ethereum Classic interface. Select how much ETC you want to buy, click the buy button, and wait for your ETC to arrive in your Binance wallet. Once it has arrived, send it to an external digital wallet that you control on your desktop or mobile device.
How to Store Ethereum Classic in a Wallet
So what’s this about digital wallets? Well, digital coins have to be stored somewhere. The software used to store them are called digital wallets, because they fulfill basically the same function that the wallet in your pocket does for fiat cash. We use digital wallets for various reasons, and they’re always stored on a computer, a mobile device, or on the internet using password and encryption techniques to keep your coins safe.
You can see our complete list of Ethereum Classic wallets, where we give you a bigger explanation as well as several high quality examples. For long term storage, we recommend a hardware wallet like the Ledger Nano S. For regular spending, choose something like Exodus or a mobile wallet that supports Ethereum Classic.
Other Ways to Get Ethereum Classic
Ethereum Classic will always be minable, because this was the original intention of Ethereum, and Ethereum Classic refuses ever to break from this tradition. Ethereum Classic is smaller than Ethereum and a number of other minable coins, so it’ll be easier for you to get involved. Your upfront hardware costs won’t be as high as they would if you were to try to mine Bitcoin or Ethereum. Mining takes time and there is a lot of competition, but if plan correctly and get the right gear, you should be able to make a profit in no time, one which will grow in value as Ethereum Classic grows in value. Currently, miners get 3.88 ETC for every block they mine.
Ethereum Classic FAQs
What was the Ethereum/Ethereum Classic DAO Disaster?
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.
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.[/su_note]
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 Classic 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.
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.
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Ethereum Classic is a great coin. Against all odds, and in spite of a certain amount of industry ridicule, the project has survived and thrived, establishing itself as one of the important smart contract projects in the United States. Ethereum Classic is very cheap relative to Ethereum, and while this makes sense considering its comparative development levels and use cases, it’s nonetheless an active and dynamic project with a great future. We think that if you buy now, you are likely to reap big rewards over the course of 2018 and beyond.
If you want to know more about the nuts and bolts of Ethereum Classic, check out the Ethereum Classic FAQ below.
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