What is Ethereum Classic?

The Original Ether — ETC

Ethereum Classic’s native coin is also known as Ether, which can cause a lot of misunderstanding. The difference between them is in their ticker symbols. The new Ether is abbreviated as ETH, while Ethereum Classic is abbreviated as ETC.
In terms of functionality, the two ethers are identical. Users of Ethereum Classic, for example, pay the gas fee while transacting with ETC. Finally, ETC can be used for anything that can be done with any other cryptocurrency.

BitFlyer is a cryptocurrency exchange where you can buy, sell, and trade ETC. Sign up for bitFlyer today if you’re interested in the “original Ether.”

About Ethereum Classic

ETC is the native cryptocurrency of Ethereum Classic, a blockchain project that was founded in 2016 when Ethereum’s blockchain was split into two different chains due to a community debate.
The old chain that remained following the split became known as Ethereum Classic, and it has now adopted a deflationary monetary strategy with a hard cap on the total number of ETC that will be issued, further separating itself from Ethereum.
Price of ETC
When the split first occurred, everyone who possessed ether (Ethereum’s native cryptocurrency) received the equal amount of free ethereum classic in their wallets.

However, despite the fact that the two coins had the identical future supply forecasts at the outset, variances emerged over time as each coin matured. While Ethereum does not have a hard limit on the number of native tokens that may be issued, Ethereum Classic has implemented a number of enhancements to make its monetary policy deflationary, which means that the number of tokens created over time declines. Because its tokens are scarcer, ETC is considered to be a greater store of value than Ethereum.
Ethereum Classic’s supply is capped at 210.7 million due to the improvements, and its block reward decreases by 20% every 5 million blocks, or roughly every two and a half years.

Ethereum Classic (ETC): The Constitution

Today, most Ethereum Classic projects use Ethereum Classic as a public blockchain, allowing them to reach a bigger audience of users, network nodes, money, and markets. However, there are many times where a private blockchain or consortium blockchain is preferable (among a group of trusted participants).
Crypto-economics – the combination of economic incentives and cryptographic verification using mechanisms such as proof of work or proof of stake – is used to secure public blockchains as a substitute for centralized or quasi-centralized trust, following the general principle that the degree to which someone can influence the consensus process is proportional to the number of economic resources they can bring to bear. These blockchains are regarded “completely decentralized” in general.

A consortium blockchain is a partially decentralized blockchain in which the consensus process is controlled by a pre-selected set of nodes; for example, consider a consortium of 15 financial institutions, each of which operates a node, and of which 10 must sign every block for it to be valid.
For writing permissions, a whole private blockchain is actually centralized to one company. Read permissions can be made public or restricted to any degree. Database management, auditing, and other internal enterprise applications are likely candidates. As a result, public readability may not be required in many circumstances, yet public auditability may be desired in others.

By investing in Ethereum Classic software development, all of the aforementioned companies contribute to the overall Ethereum Classic ecosystem. This results in software upgrades, shared knowledge, and career prospects over time.

Concerns of Ethereum Classic

Despite the fact that both Ethereum and Ethereum Classic enable smart contracts and target the same market, Ethereum has grown in popularity as the more trustworthy of the two networks. In addition, Ethereum’s ETH is the world’s second most popular cryptocurrency, trailing only Bitcoin. 3
One of the main worries about Ethereum Classic is its possible scalability limits. The network can typically manage 15 transactions per second, which is significantly fewer than payment networks like Visa, which can handle over 1,000 transactions per second. Despite numerous software changes, the scalability of Ethereum Classic’s payment mechanisms remains one of the project’s largest concerns in the future. 4

Security is also likely to be an issue with smart contracts, especially since Ethereum Classic has already been hacked and millions of dollars stolen. These problems may preclude Ethereum Classic smart contracts from being used in big financial and real estate transactions.
The cryptocurrency market’s regulations are still evolving, which may or may not affect how Ethereum Classic—and other networks—operate. Because of their decentralized networks, the Securities and Exchange Commission (SEC) does not consider Ethereum or Bitcoin to be securities. 5

Future of Ethereum Classic

Because Ethereum is considered the more authentic of the two networks, Ethereum Classic’s future appears to be less bright than Ethereum’s, especially given Ethereum Classic’s security problems. Investors have lost faith in ETC over the years as a result of system hacks, and Ethereum Classic may face hurdles until it can revamp its code and software to prevent future breaches. However, it remains to be seen how the Ethereum Classic project develops smart contracts and whether they can be embraced for wider use.

Ethereum Classic Price Prediction 2021

This year, the original version of Ethereum made a lot of money. The opening price of ETC was $5.70. Furthermore, the price continued to rise. The price finally crossed the three-digit mark, reaching ATH $176.06 on May 6, 2021. A market crash took a toll on ETC. On July 21st, 2021, the price dropped by 440 percent to $41.51.
Since early July, the ETC price has risen steadily, with a comeback of more than 40%. Furthermore, the price has dropped to $45.47 as a result of the Chinese market instability in the first week of September.

The price of Ethereum Classic was seen trying to break free of important resistance between $50 and $55 in the fourth quarter. The significant increase in buy orders is expected to push the price action to $75, then gradually recapture the prior ATH of $130. On the contrary, the price would drop between the $40 and $45 support levels. The price would wind up trading around the $78.458 price zone if average buy and sell pressures were present.

Ethereum Classic Price Prediction 2022

If ETC concludes the year on a bearish note, it may start the following year on a gloomy note. In that event, the price of Ethereum Classic in January may be about $112.48. The price would resume on a bullish tone at about $134.458.
All along, the altcoin has proven to be a price-stable investment! Despite the fact that crypto markets are volatile, ETC has remained relatively stable. As a result, by the end of 2022, the price of Ethereum Classic might reach a high of $208.63.

On the other hand, unlike new currencies with a large user base and community, Ethereum Classic still has a small user base and community. If ETC fails in the following year because to increased market rivalry, it could fall below $142.01. However, if regular buying and selling indications are taken into account, the average price for 2022 may be $181.52.

How to Buy Ethereum Classic (ETC)

Open an online account

Ethereum Classic is one of the most widely used cryptocurrencies. ETC is a popular pick for inexperienced crypto investors due to its long block time and similar name with the world’s largest smart contract platform. Coinbase, Kraken, and Binance are all good places to get some.
You can skip the rest of this step if you already have an account with one of these centralized exchanges! If you don’t know where to start, click the link below. It’s straightforward to create an account, but you’ll need to authenticate your identity before you can access the market. Know your customer (KYC) is an SEC regulation that requires you to enter your name, social security number, and driver’s license.

Buy a wallet (optional). 

For the maximum security, use metamask or invest in a Ledger Nano if you like to store your crypto in an anonymous wallet.

Make your purchase

The only thing left to do is make your Ethereum Classic purchase once you’ve obtained an exchange account and a secure storage location for your Ethereum Classic. It’s difficult to time cryptocurrency purchases, but a reasonable rule of thumb is to wait for a downturn and then buy the drop.
Depending on whatever exchange you’re using, there are a few options for making a purchase. If you’re using Coinbase for the first time, your sole choice is to place a market order. A market order fills the specified number of coins at the current market price.

Alternatively, you can upgrade to Coinbase Pro for free and benefit from lower costs as well as the ability to place limit orders. Before executing your deal, a limit order will wait until the asset hits a predetermined price. However, if the asset does not reach that price, you will never be filled.

Ethereum Classic vs Ethereum — How do they differ?

ETC and ETH are identical in terms of basic functionality. Developers, for example, can utilize the open-source code to create and run decentralized applications (dApps). For their applications, they can also issue ERC-20 tokens. Read our guide to gain a better knowledge of ETC’s capabilities: What exactly is Ethereum?

However, Ethereum Classic’s key distinguishing feature is its incompatibility with ETH blockchain updates. A hard fork is a backwards-incompatible change by definition. The new chain, together with its users (nodes), is totally shut off from the old chain by applying a new set of rules. As a result, the original chain (Ethereum Classic) is unable to access any fresh chain upgrades (Ethereum).
One might ask, “What is the point of ETC if it can’t be updated?” As previously stated, the Ethereum Classic’s base is more ideological than anything else. Its most important function, or significance, is to preserve the original and unaltered Ethereum code. In this way, ETC acts as an unaltered record of the Ethereum network’s history.