Ethereum Classic Price Today

What Is Ethereum Classic?

Ethereum Classic (ETC) is an open-source cryptocurrency and decentralized blockchain that split from the Ethereum (ETH) blockchain back in 2016.

Ethereum Classic is not a clone or new version of Ethereum but, rather, the original Ethereum protocol that existed before the split and has been running uninterrupted since then.

How Does Ethereum Classic Work?

As a continuation of the original Ethereum protocol, Ethereum Classic combines elements similar to both Bitcoin (the inspiration for the chain) and Ethereum (Ethereum Classic’s predecessor).

Like Bitcoin, Ethereum Classic operates under the Proof-of-Work (PoW) consensus mechanism and has a supply cap on the amount of ETC that can be created (210,700,000 ETC). Ethereum Classic’s developers have prioritized immutability, hence the hesitation to roll the chain back - which led to the split with Ethereum in 2016.

However, Ethereum Classic also sports smart contract functionality (like Ethereum). This adds a degree of flexibility and programmability to the blockchain that is not present in Bitcoin’s first layer.

This combination of immutability and basic smart contract functionality has made Ethereum Classic popular for applications that value censorship resistance over flexibility while still requiring a degree of customization. Examples include evidentiary tools and data certification.

History of Ethereum Classic

A group of programmers and developers founded the Ethereum network at the end of July 2015. However, in 2016, a flaw in the code allowed hackers to steal US $50 million.

As a result, a large majority of the Ethereum community suggested that the blockchain be reversed to compensate those affected by the theft. But a vocal minority opposed the reversal and argued that doing so would set a bad precedent.

Because of this split in opinions, the original blockchain forked into two separate entities: Ethereum and Ethereum Classic.

Proponents of the reversal adopted Ethereum. Ethereum has since made additional changes to its protocol, including an upgrade to a Proof-of-Stake consensus method.

Ethereum Classic was adopted by those who opposed the reversal and maintained the original, unaltered blockchain code and the Proof-of-Work consensus mechanism.

How To Buy Ethereum Classic

Buying ETC, the digital asset of the Ethereum Classic blockchain, is easy and follows the same protocol as buying other cryptocurrencies.

It starts with finding a crypto platform — like Binance.US — that supports ETC, offers reasonable fees, gives you resources and tools to help you make the right choices, and provides access to other popular cryptocurrencies on the market.

Once you’ve found a platform that works for you, create an account and verify your identity.

Next, fund your account with fiat currency (e.g., U.S. dollars) via one of several methods, including:

• Debit card
• ACH from an existing bank account
• Wire transfer
• Other established payment services such as Apple Pay (check platform for details)

After the money arrives in your account, you can use those funds to specify how much ETC you want to buy and when you want to buy it.

When the transaction is complete, store the ETC in a crypto wallet — either the cold version (an offline space like an external hard drive) or the hot version (an online space typically provided by the platform through which you made the purchase, like Binance.US).

How To Sell Ethereum Classic

Selling Ethereum Classic is just as easy as buying it and starts with creating a new account (or logging in to an existing account) on a crypto platform like Binance.US.

Buy or transfer ETC to that account, and then decide how you want to sell it, choosing from methods such as:

• A market order at the current market price
• A limit order at a future price you indicate
• A stop-limit order (sometimes known as a stop-loss), where you can set a stop price to trigger the sale at market price

When the sale transaction has gone through, the crypto platform will deposit the equivalent fiat currency into your account. You can then withdraw those funds, use them to buy other digital assets, or conduct other transactions on the platform.

How To Trade Ethereum Classic

If you’ve bought or sold Ethereum Classic, you can trade it just as easily.

Open or log into an account on a crypto platform like Binance.US that offers trading activities. Fund the account with fiat currency so you can buy ETC or transfer ETC from another platform. Once you have ETC in your account, you can start trading.

First, however, it’s important to research and analyze the market. Trading ETC, or any cryptocurrency for that matter, can get complicated at times, so prepare yourself by creating a strategy and sticking to it.

Binance.US offers you all the tools and resources, plus ultra-low fees, to start buying, selling, and trading ETC today.

Resources

Official Ethereum Classic Website

This material has been prepared for general informational purposes only and should NOT be: (1) considered an individualized recommendation or endorsement of any digital asset or services discussed herein; and (2) relied upon for any investment activities. All information is provided on an as-is basis and is subject to change without notice. We make no representation or warranty of any kind, express or implied, regarding the accuracy, validity, reliability, availability or completeness of any such information. Binance.US does NOT provide investment, legal, or tax advice in any manner or form. The ownership of any investment decision(s) exclusively vests with you after analyzing all possible risk factors and by exercising your own independent discretion. Binance.US shall not be liable for any consequences thereof.

Risk warning: Buying, selling, and holding cryptocurrencies are activities that are subject to high market risk. The volatile and unpredictable nature of the price of cryptocurrencies may result in a significant loss. Binance.US is not responsible for any loss that you may incur from price fluctuations when you buy, sell, or hold cryptocurrencies. Please refer to our Terms of Use for more information.