By Larry Wright
Every day, new scientific discoveries are made, which inevitably leads to advancements in technology. Along the same lines, cryptocurrency has also undergone development over the course of time, and it has gotten even more solid, dependable, and flexible as the years have progressed.
Although Bitcoin was the original cryptocurrency, other cryptocurrencies have since been developed that provide more characteristics, advantages, and real-world implications. Though even today, Bitcoin is the most popular crypto, Litecoin and Ripple clearly offer a better range of advantages such as rapidity, stability, and definitely, cheaper premiums. In addition to that, Ethereum, the second-most known crypto, is even more versatile as it facilitates the formation of smart contacts, which are essential blocks to develop a variety of distributed systems, which are also referred to as Dapps.
However, were you aware of the fact that Ethereum was first developed under the name Ethereum Classic? Because of a disagreement in the cryptocurrency community concerning how to respond to a data breach within the blockchain, the twin technologies ended up breaking apart. Consequently, Eth was broken down into Eth or regular Ethereum and Ethereum Classic or ETC. Those who support Ethereum Classic (ETC) assert that this will demonstrate to be a more reliable cryptocurrency than Ethereum (ETH) due to its emphasis on ‘inexorable’ smart contracts. They believe that although ETH apparently proves to be the better one, it is just a matter of time until roles are really reversed.
Are you keen to learn about ETC and what exactly distinguishes it from the modern-day Eth? In this guide, we concentrate on how to acquire Ethereum Classic in a way that is both simple and risk-free via the use of a service that has been subject to regulatory oversight. Moreover, we would learn how ETC is distinct from regular Ethereum and how exactly ETC came into being. I am sure you are curious to learn all this, so keep reading my guide.
Introduction to Ethereum Classic
Ethereum Classic is quite similar to Ethereum in many respects due to the fact that it was created in the same environment as Ethereum. It is a digital currency that enables the development of other applications on top of itself. As a consequence of decentralized programs, which are more often referred to as dapps, individuals no longer need the services of an intermediary in order to engage in the exchange of information, commodities, or any other kind of asset. These implementations make use of a kind of programming known as smart contracts, which are the fundamental building blocks of blockchains that are based on Ethereum.
Vitalik Buterin, Anthony Di Lorio, and Joeseph Lubin were among the group of developers that were responsible for the launch of the Ethereum network, which was first introduced as a modified replacement for the Bitcoin system. The usefulness of the public blockchain was significantly altered with the introduction of the Ethereum network, which resulted in newer and even innovative cryptocurrency applications and smart contracts that leveraged Ethereum as their underlying infrastructure.
After the remarkable achievement of the first introduction of the Ethereum network, a multitude of programmers from all around the globe began using the infrastructure in order to create new apps related to cryptocurrencies and DeFi. Indeed, this new blockchain met a lot of success and was able to entice investors from all across the globe.
Nevertheless, in 2016, a group of cybercriminals made the discovery of a security flaw in the Eth system and began their exploitation assault on the fragile Ethereum network. The investors ultimately suffered a loss of around sixty million dollars worth of Ethereum tokens as a direct consequence of the hacking attempt. The Eth programmers were given just 28 days to find a solution to the problem, whereas the speculators in Ethereum were experiencing significant financial turmoil as they had just incurred huge economic losses.
In light of these events, the suggestion of performing a “hard fork” on Ethereum in order to retrieve the cash garnered the greatest traction and support. When referring to a blockchain, the phrase “Hard Fork” refers to significant modifications to the programming that may culminate in either a whole or partial transformation and upgrade of the platform in terms of its effectiveness and functionality.
Once again, there was a substantial amount of discussion over hard fork as well. Despite this, there was a diversity of opinions about the topic among the participants of the Ethereum community. Customers who transferred their accounts to the Ethereum platform after the deployment of the hard fork became shareholders in the Ethereum 2.0 blockchain. Users who remained on Ethereum Classic as a result of their support for the previous Ethereum-based ledger are referred to as Ethereum Classic supporters.
Ethereum vs. Ethereum Classic: What’s The Difference?
Both Ethereum and Ethereum Classic are based on the same code; it’s simply been forked into two different directions. The manner in which these two courses of action have evolved over the course of time has had a substantial impact on the intangible value of each item. Because of the way similarly they are, there aren’t very many distinctions between them, but the ones that do exist are significant. Let us throw some light on their differences.
Ideas and Original Production
Coded and processed smart contracts may take the form of simple agreements between two parties, such as those used in the transfer of property, or they may take the form of more complex programs that operate and manage decentralized markets, decentralized payment systems, and a great deal beyond. One illustration of this is the Uniswap smart contract, which was developed on Ethereum Blockchain and which functions as a separate platform used for a particular set of operations.
Ethereum Classic is capable of doing every task that can be accomplished with Ethereum, despite the fact that the development industry has basically abandoned it. Because of this lack of cooperation, Ethereum Classic had not really been used in any decentralized exchanges, decentralized applications, and non-fungible tokens (NFTs) despite it being capable of performing all these sophisticated tasks.
Transactions and Quickness
Both networks average 12-15 transactions per second, and Ether receipt time depends on ETH gas expenses. The greater the price, the more quickly the process will be completed. In addition to Ethereum payments, ERC-20 assets developed on Ethereum also need ETH to transfer, which means that the currency is continually in request as new tokens are created in the ecosystem.
The ETH 2.0 version, which has been spreading down since the beginning of 2020, would allow Ethereum to handle a greater number of transactions in a given second. It takes 32 Eth to activate stake using the new version of the protocol (ETH2.0), and that number keeps growing.
Supply and Demand
The exact amount of Ethereum in circulation is a contentious topic. However, a number of prominent Ethereum engineers made the assertion that they were unaware of the entire quantity, prompting the blockchain system to confront them. Martin Holst Swende, a key researcher for Ethereum, estimates that there are now approximately 112 million ETHS in circulation.
However, according to CoinMarketCap, the total supply of Ethereum Classic is somewhere around 118,000. The Securities and Exchange Commission (SEC) views cryptocurrencies as commodities rather than securities if they are sufficiently decentralized, and as Ethereum is just one of these digital currencies, it is assisting in expanding the use of cryptocurrency among organizations, too though.
Case Studies and the Intended Audience
Both of these digital currencies were developed with the intention of accomplishing the same goals, catering to identical business scenarios, and reaching the same demographic of people. As a result of this, Ethereum Classic is frequently regarded as an “attack” on Ethereum, given that it competes with Ethereum for the identical market dominance and number of subscribers.
However, there is not even a close comparison. ETC is not used in the development of any DeFi applications or NFTs, and its addressable marketplace places it quite low in the ranking of cryptocurrency. When it pertains to alternative cryptocurrencies, Ethereum is ranked first, and when it comes to all virtual currencies combined, Bitcoin is the leader. Ethereum is destined to maintain its position as the dominant cryptocurrency, whereas Ethereum Classic is doomed to fall farther and further into oblivion. Movements often shift, but not in the situation of Ethereum and Ethereum Classic.
How to Purchase Ethereum Classic with a Debit Card or Credit Card
It doesn’t really matter what other folks assume; using a credit card to purchase Ethereum Classic is a simple process and the easiest of all other methods. Your very first move should constantly be to use our credit card to purchase some cryptocurrency, such as Ethereum or any other altcoin of your liking. After that, you’ll have the ability to convert them into Ethereum Classic.
Proceed in the following manner: Purchase some Bitcoins or Eth on a marketplace that suits your needs. Send the appropriate amount of Bitcoin or Ether to an institution that handles the Ethereum Classic currencies. Last but not least, you should convert Bitcoin or Ethereum into Ethereum Classic. To purchase Ethereum Classic, please proceed in the following manner and apply our step-by-step tutorial, which has been crafted in detail for your aid.
Make an Account on Coinbase
In order to purchase Ethereum through Coinbase, which you’ll afterward trade in for Ethereum Classic (ETC), users will first register an account with Coinbase. Simply type “Coinbase” on google. Fill out the form and after that, click the “subscribe” option. Submit your identity details for the purpose of authorization, such as your accurate name (make sure no spelling errors are made), your email address, your username, and the region where you are.
Coinbase is subject to oversight by the federal united states of America and adheres to all applicable regulatory requirements. As a result of this, they have to confirm your identity via a long process. Otherwise, you won’t be allowed to create a profile. Despite the fact that using Coinbase to transfer fiat cash into Bitcoin requires some work and attention on the user’s part, it is widely considered one of the most trustworthy methods available. So, it’s worth the hard work.
If you utilize any of your digital cards on Coinbase, the platform will charge you extra charges; but your transactions will be completed immediately. Bank transfers are the most cost-effective method, but they are also the slowest; it may actually take to one week for you to collect your coins. Select the “buy/sell” option in the main menu after the verification of your financial information has been completed.
Choose ‘Ethereum’ from the drop-down menu, and then use the panels at the bottom of the screen to specify the amount of money you would really like to invest or the number of coins you wish to purchase. After you have completed this step, go ahead and click the “Buy” button. At this point, you will be asked to validate your transaction. To complete this step, hit the button labeled “Confirm purchase.” You now also have ownership of some Ether. Nevertheless, please refrain from closing Coinbase just yet; we may need it in the future!
Next, you will need to convert your Ethereum holdings into Ethereum Classic using Binance. Let’s now learn how to sign up with Binance.
Make an Account on Binance
In order to be registered, you will be required to provide your email address, a username, and a password for your Binance account. Always pick stronger passwords as they are securer. Verify that you aren’t a robot, agree to terms and conditions and then register yourself by clicking relevant buttons. The email address you entered will be verified when the Binance team sends you an automated confirmation email.
To proceed, click the link provided in the email where you will be redirected back to Binance, where your email address will be validated. Then you will be required to reenter your login information. After providing the password and email address you originally utilized to register for the account, click the “Login” button.
You will see a popup that provides you with instructions for enabling two-factor identification, often known as 2FA, on your profile. If you accomplish this, your currency will be protected even if a burglar manages to get your credentials from Binance since level 2 of authentication would very probably prevent anybody from being able to access your wallet.
Get Ready to Make the Transfer from Coinbase to Binance
Now that you’ve signed up with Binance, you would obviously have no funds there. Next, you need to type the word “Ethereum” and click on the “deposit” option. Once you click on it, you will receive an extremely lengthy number of characters and consonants that will serve as your Ethereum transaction location. Make a copy of this information and store it in a secure location or write it down. Note: Before you transfer your currencies to the account, make absolutely sure that you have truly picked Ethereum (ETH). If you send them to the incorrect wallet, your funds will be lost forever. If you transfer your currencies to the incorrect wallet, you will indeed be responsible for the loss of that money.
Return to the Coinbase website and locate your Ethereum wallet on the left side of the screen after selecting ‘Accounts’ from the top menu bar. Enter your Binance wallet address and then click the “Continue” button. Coinbase would next ask you to validate your passcode. Once authenticated, you will be required to be patient for a few moments as the Ethereum currencies are sent to Binance so that you may purchase them. If it takes longer than 20-60 minutes, don’t worry, as the process takes longer during traffic hours.
Exchange Ethereum Against Ethereum Classic (ETC)
In order to trade/exchange for Ethereum Classic, users must have Ethereum in their ‘available balance’ on Binance. For this, you need to head onto Binance and then purchase ETC coins. Follow instructions written there, and then enter the amount of Eth you need to exchange in return for ETC. Click “Buy ETC,” followed by clicking on the “Market” button. In the text box that is titled ‘Value,’ enter the number of ETC that you would like to purchase.
To simplify the procedure, you may make use of the percentage numbers that are located underneath the box. To convert fifty percent of your Ethereum holdings into ETC, for instance, choose the option labeled “Fifty Percent” from the drop-down menu. The purchase button should be pressed after the required amount has been entered into the window. Once done, your assets would be transformed in no time. Lastly, go to the “balance” tab by first selecting ‘Funds’ from the navigation bar located at the very top of the screen. I hope this guide was helpful, and now you know how exactly you should buy ETC assets for your everyday operations.