All about Ethereum Classic Cryptocurrency

Ethereum Classic cryptocurrency
  • Where can I buy Ethereum Classic?
  • Paying with Ethereum Classic
  • Ethereum Classic as a CFD
  • Evaluation of Ethereum Classic’s development so far
  • A brief overview of key data about Ethereum Classic

Ethereum Classic is the “old Ethereum.” It happened after the hard fork, which was not necessary even under the luckiest circumstances. The hard fork was a measure deemed necessary by Ethereum developers after hackers successfully manipulated the smart contract. As a result, they were able to grab huge amounts of Ether, Ethereum’s native cryptocurrency. Its production at the time corresponded to about 14% of the volume.

How was this possible? The extremely successful crowdfunding process, which was very popular on the Ethereum network at the time, resulted in a lot of cryptocurrency being collected. However, as we should say in hindsight, all of these funds were carelessly collected in one account, making it a logical and extremely worthwhile target for attack.

The subsequent hard fork was then inevitable for the developers, as they did not want to allow a hacker to take so much from their mining. Especially since it could have had a significant impact on Ethereum’s price dynamics with 14% of its total production. However, this drastic measure shook the confidence of some users in future business practices, so not everyone agreed to the hard fork and instead wanted to continue using the original blockchain. They eventually did it, giving birth to Ethereum Classic.

In the end, 90% of the Ethereum community voted for the hard fork. The 10% who were against it reasoned mainly ideologically. In their opinion, the idea of a decentralized currency was incompatible with such an intervention. In other words: simply fixing the blockchain backwards would speak against the idea of decentralization.

But for all the ideological love, it remains to be said that, from an entrepreneurial point of view, this is what should have been done.

The piquant thing is that after a successful hardfork, hacker prey costs nothing in the new Ethereum blockchain, but not in Ethereum Classic. As part of the fork discussion, a hacker allegedly even intruded (if it was really a person and not a naughty joke). He offered payment in ETH and BTC to miners who would not go for the fork and continue using the original blockchain. This indicates that the hacker may still be active in the Ethereum Classic market with his money. 

Ethereum Classic is technologically fully identical to Ethereum in terms of coding and also offers the ability to program smart contracts and self-executable blockchain applications. These are contractual obligations that are written as part of a program in the blockchain . They can be completely self-executing or depend on user input. For example, a delivery confirmation followed by an automatic on-time payment is initiated. Essentially, all contracts and business processes that can be represented mathematically and programmatically can be handled by smart contracts.

Where can I buy Ethereum Classic?

ETC can be bought on most of the leading crypto exchanges. It can also be mined if you join a mining pool.

Paying with Ethereum Classic

The adoption rate is not very high. Most of those interested in using Ethereum or Ethereum Classic will opt for Ethereum. Frankly, there is little commercial incentive to bet on Ethereum Classic. And we’ll talk about that in a moment.

As soon as word got out that the Ethereum blockchain was going to switch to Proof of Stake technology, all the miners immediately turned their attention to Ethereum Classic. This is not surprising, because the similarity of the blockchains in terms of mining is very significant. And as soon as Ethereum 2.0 will replace today’s Ethereum, mining the popular cryptocurrency will become impossible and miners see no better alternative than Ethereum Classic.

Ethereum Classic as a CFD

Where can I buy Ethereum Classic as a CFD?

In the English-speaking region, Ethereum Classic is offered as a CFD. However, one should keep in mind the extremely speculative nature of such investments. Especially in the case of ETC.

Evaluation of Ethereum Classic’s development so far

Evaluation of Ethereum Classic's development so far

The community behind ETC is relatively small compared to the community of Ethereum itself. And almost all commercial users or developers rely on the new Ethereum. Technically, Ethereum Classic is not inferior. Like I said: it is identical, but has much less support from developers and the community. Not to mention the user base.

In particular, commercial users who want to use smart contracts and self-executable applications in a blockchain context will have very little incentive to choose Ethereum Classic.

Incidentally, the hacker sent a grateful “tip” of 1,000 ETC to the development team gathered on the ETC side after the hard fork. This is definitely not the kind of news you can afford if you want to sell blockchain technology.

From this perspective, a viable, long-term optimistic outlook seems unattainable. But things may soon change dramatically with the arrival of the Ethereum 2.0 update.

A brief overview of key data about Ethereum Classic

  • On the market since: 2015.
  • Who’s behind it : ETC DEV team, formerly of Ethereum
  • Market capitalization : over $3.0 billion.
  • ETC price as of May 11, 2022: $22.7

Read also: What’s The Best Way To Buy Ethereum In Canada?

All about Ethereum Classic Cryptocurrency

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