Ethereum Classic (ETC) – an open-source blockchain platform developed for decentralized smart applications. The founders of Ethereum are Vitalik Buterin and Gavin Wood.
Ethereum Classic provides an outdated OS platform for developers who have been disabled by Ethereum. A good example is the transition ETH from PoW to PoS. ETC does not have the ability to implement this transition due to the fact that the software simply does not allow the use of updates.
In fact, ETC Classic is the original Ethereum. Just as ETH has Ether tokens as its cryptocurrency, ETC Classic uses Ether Classic tokens.
Ethereum Classic benefits from sharing its name and a large part of its code base with one of the most successful platforms of all time.
Buying Ether Classic tokens directly with fiat is problematic. However, investors/clients can exchange BTC, LTC or ETH cryptocurrency for ETC tokens.
Ethereum Classic is stable and has a high level of liquidity. ETC guarantees users a high level of protection of personal data. The high level of liquidity demonstrates the trend of blockchain development.
Most team members use pseudonyms. However, the main problem with ETC is the lack of backward compatibility with ETH.
In June 2017, the Twitter ETC account publicly stated its suspicions regarding the hacking of the Classic Ether Wallet website. Subsequently, this information was confirmed by team members.
Since most markets already supported ETH at the time of branching, many supported ETC to the same extent, including Bithumb, Coinbase, Coinbit, EXX, OKEx, RightBTC, Huobi, Binance.
In January 2019, Ethereum Classic was subjected to hacker attacks several times. During this incident, trading on Coinbase was suspended, due to a 51% chance of repeat attack.
From 2009 to 2019, more than 6 billion bugs were revealed in the Bitcoin network. Many of them became tools in the hands of hackers, others led to the development of problems, one of which was scalability. The numbers are impressive and those who know what they are talking about are not in a hurry to invest in cryptocurrencies.
Ethereum Classic is aimed at solving all known and still unknown problems of the blockchain. The project is created by nitpickers and rationalists who do not strive for quick profits but want to offer the world a truly unique and 100% working product.
These circumstances determine the fact that not many people know about such a currency and even fewer users are willing to invest money in it. This is confirmed by the fact that during the growth of the Bitcoin, Ethereum Classic increased in price only 8 times, against x50-100 multiple jumps of other coins.
On the other hand, this only proves the stability of the asset and the appropriateness of its use as a hedging instrument. The prospect is long-term. In 2019- 2020 the project continues to develop in a slow mode.
But current trends in the cryptographic market say that in the near future, banks will grab interesting blockchain projects that make transactions cheaper and faster. In this case, Ethereum Classic will become almost the only coin that will provide decentralized payments and a sufficient level of anonymity.
The currency is not adapted for pure trading because exchange rate fluctuations rarely exceed 10-20%. At the same time, for large traders with a capital of 50-100 thousand dollars, the coin will become a real find.
Very low and fully expected fluctuations alternate with periods of growth. Therefore, trading Ethereum Classic one does not have to worry about the fact that the asset will sharply drop in price.
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