Ethereum Classic (ETC) is an open-source, decentralized, blockchain-based distributed cryptocurrency platform that runs smart contracts. It was created in 2016 after a hacking incident on the original Ethereum blockchain, with a split in the community over whether to reverse the hack. ETC continues to operate on the original blockchain, adhering to the principle of "Code is Law," while Ethereum was forked to reverse the hack. ETC aims to become a global payment network using smart contracts without centralized governance, similar to other cryptocurrencies.
Ethereum Classic (ETC) is used in various ways, primarily as a decentralized platform for executing smart contracts and decentralized applications (dApps). Here are some key use cases:
Smart Contracts and dApps: ETC is used to facilitate the execution of smart contracts, which are self-executing agreements written in code. These contracts automate specific actions when certain conditions are met, ensuring trustless and secure transactions. dApps built on the Ethereum Classic platform provide various services, such as decentralized exchanges, wallets, and other applications.
Payment and Store of Value: ETC can be used as a store of value, similar to Bitcoin, allowing users to save and exchange it while maintaining its purchasing power over time. It can also be used for payments, with large corporations like Amazon and Microsoft considering it for settling transactions without financial intermediaries.
Censorship Resistance: ETC transactions are verified by a network of nodes that follow the original Ethereum rules, making it censorship-resistant. This feature allows for the use of ETC in decentralized applications that require freedom from central authority control.
Utility Token: The ETC token is used as a utility token for decentralized applications built on the Ethereum Classic platform, enabling users to access and participate in various services and functions.
Investment: ETC can be used as an investment, with its value potentially appreciating over time. However, its market performance is subject to fluctuations and uncertainties.
Overall, Ethereum Classic offers a robust platform for decentralized applications and transactions, with its native token ETC serving multiple purposes within the ecosystem.
To store Ethereum Classic (ETC) tokens, you need to set up an Ethereum Classic wallet. Here are the steps to follow:
Choose an Official Ethereum Classic Wallet:
- Visit the websites of official Ethereum Classic wallets such as Jaxx, Classic Ether Wallet, Ledger Nano S, Ethereum Parity, and Mist. Choose a wallet that meets your requirements, considering whether you want a hardware or software solution.
Download and Save Your Private Key:
- The wallet you choose will provide you with an encrypted private key. Download and save this key in a secure location, such as your hard drive, documents folder, or an external USB. Make sure to have a backup, as a lost private key cannot be retrieved.
Use Your Private Key to Unlock Your Wallet:
- Paste your private key into the space provided on your Ethereum Classic wallet and click unlock. This will grant you access to your wallet, where you can store, send, and receive ETC tokens.
Buy Ethereum Classic Tokens:
- To use your wallet for products and services, you need to buy some Classic Ether. You can do this through exchanges, brokers, or OTC markets. Ensure you understand the different order types and trading options available.
Manage Your Wallet:
- Familiarize yourself with the wallet interface, which allows you to check your balance, store funds, and interact with the blockchain. Be aware of the different fee management options available, such as manual control, suggested fees, or predetermined fees.
By following these steps, you can securely store and manage your Ethereum Classic tokens.
To buy Ethereum Classic (ETC) tokens, follow these steps:
Choose a Platform: Select a reputable cryptocurrency exchange such as MEXC, Binance, Coinbase, KuCoin, or Kraken.
Create an Account: Sign up for an account on the chosen platform. This typically involves providing identification and verifying your email address and phone number.
Verify Your Identity: Complete the Know-Your-Customer (KYC) process by submitting the required identification documents to ensure compliance with regulatory requirements.
Add a Payment Method: Connect a payment method such as a bank account, debit card, or credit card to fund your account. Some platforms also support third-party payment services like Simplex, Banxa, and Mercuryo.
Navigate to the ETC Page: Find the Ethereum Classic (ETC) page on the platform and select it as the asset you want to purchase.
Choose Your Purchase Method: Decide how you want to buy ETC. You can use fiat currency, stablecoins like USDT, or other cryptocurrencies. Some platforms offer peer-to-peer trading and futures trading options as well.
Set the Amount: Enter the amount of ETC you want to buy, and the platform will automatically convert it to your local currency.
Confirm the Purchase: Review the details of your purchase, including the price and fees, and confirm the transaction.
Store Your ETC: Once the purchase is complete, you can store your ETC tokens in your account wallet or transfer them to a non-custodial wallet for added security.
Remember to always follow the specific instructions and guidelines provided by your chosen platform, as the exact steps may vary slightly.
