In this guide the most reliable exchanges to buy Ethereum Classic. Also, some decent research into the foundations of this interesting blockchain project.
Ethereum Classic is considered to be an alternative coin or ‘altcoin’ in the cryptocurrency industry. Moreover, many ‘altcoins’ are based upon the mother of all cryptos which is Bitcoin. Additionally, Bitcoin was being introduced to the markets as an alternative to the existing fiat currencies like the US dollar or Euro. Also, Bitcoin is considered to be a totally digital currency and only exists in cyberspace.
Because this type of digital money is new, the underlying value can fluctuate a lot in price. Since, the introduction of Bitcoin back in 2009, this type of asset has risen massively in dollar value, however, it has been a bumpy ride! Due to the fact that blockchain technology became more and more popular, other initiatives appeared in the quickly evolving crypto space.
One of these initiatives is Ethereum Classic which has its origin based upon the Ethereum blockchain. Moreover, both projects started as the original Ethereum chain until block 1920000. After that, the famous DAO hack happened which caused both chains ‘to split up’ and where Ethereum Classic followed it’s own path. At the time of writing, Ethereum Classic is ranked 18th on Coinmarketcap website with a total valuation of 950 million USD. In this guide, the most reliable exchanges to buy Ethereum Classic and some decent background information on its crypto token called ETC.
Short history of Ethereum Classic
As explained above, Ethereum Classic is the original chain Ethereum started working on with until, in 2016, the ‘hard-fork’ event happened. After that, the Ethereum Classic team members decided to stick to the principles of Satoshi; the founder of blockchain technology. In general, these principles include:
- Decentralization – The Ethereum Classic network is designed in a decentralized way. The major reason for this is that decentralized networks are more secure and stable compared to the centralized variant.
- Immutability – Ethereum Classic maintains an immutable global blockchain. Additionally, it is preventing any possibility of fraud, censorship, or unjust interference by any actor.
- Adaptability – ETC is based upon open-source software and also open for continuous improvement and adaptability. Adaptability is essential to the future viability of any technology.
Ethereum Classic vs Ethereum the stats
| ||Ethereum Classic||Ethereum|
|Market cap||950 million||24 billion|
|24-hour volume||1.6 billion||18 billion|
|Total supply||210.000.000 ETC||Infinite|
|Circulating supply||116.313.299 ETC||109.929.543 ETH|
|ICO funds||18.5 million||18.5 million|
|Blocktime||18 seconds||13 – 15 seconds|
|Throughput||15-20 transactions per second||15-20 transactions per second|
Although it’s big brother in law, Ethereum has serious plans to change to the Proof-of-Stake consensus mechanism, the ETC foundation has no plans whatsoever. In fact, the Ethereum Classic team has a strong believe in the PoW solution which is the most secure in the industry. Additionally, this solution is also being used by the Bitcoin miners which is the big example for the project team. According to the ETC Twitter account, the PoW solution has a big future in the blockchain industry and a potential to rise 1000x for ETC.
In short: How does Ethereum Classic Work?
The foremost thing to know about Ethereum Classic is smart contracts. Nick Szabo invented smart contracts in 1994. However, at the time, there was no decentralized platform that could securely store the smart contracts. Additionally, blockchain technology provides the perfect platform. Smart contracts are built on top of the Ethereum Classic blockchain and automatically enforce the rules of an agreement. Smart contracts are designed to eliminate countless intermediary services. For example, they can be used in banking, file storage, insurance, identity and reputation services, etc.
Ethereum Classic’s Turing-complete Sputnik Virtual Machine executes the smart contracts. A Turing complete machine can simulate a Turing Machine. The hypothetical machine by Alan Turing is the manipulation of a string of 1’s and 0’s to simulate any computer algorithm. It’s never been proven that a computer can actually do more than a Turing machine and thus the Sputnik Virtual Machine can run any computer program coded onto it. The idea of Ethereum Classic is to not simply decentralize currency, but make a decentralized world computer.
What is Ethereum Classic: Video Explanation
Most trustworthy exchanges to buy Ethereum Classic
Nowadays it’s quite easy to go to sign up for an exchange and buy ETC if you compare it with the early days back in 2013. Back then not many altcoins existed besides Bitcoin or Litecoin and the few crypto exchanges out there were only willing to sell for Bitcoin.
Since then a lot of developments took place, new tokens and ICO were launched and foremost a lot(!) of new exchanges appeared. As a result, it’s very easy to buy ETC with fiat or credit card in a very short time.
Where to buy Ethereum Classic(ETC)
Below is the list of the cryptocurrency exchanges with the highest daily volumes on a global scale. Moreover, these high volumes make them reliable and it will give you a good opportunity to successfully buy Ethereum Classic. These exchanges are:
The general process of buying crypto at any exchange
One of the most famous properties of cryptocurrency is that it isn’t tied to physical borders. Also, it’s very easy for anyone in the world to buy a cryptocurrency like ETC.
Nowadays, buying ETC instantly can be done with only one limit and that is a working internet connection!
How to do this properly?
The process of buying crypto at a regular exchange could vary, but the basic principles of buying remain the same:
- Register at an exchange which sells Ethereum Classic(*See list above*)
- Complete KYC/AML checks if any
- Chose the preferred method for a deposit(Wire transfer/credit card)
- Make the deposit in any currency(USD/EUR/GBP etc)
- Buy ETC tokens with these funds
This guide discusses the best exchanges to buy Ethereum Classic and is aimed at investors who are relatively new to cryptocurrency.
Where To Buy Ethereum Classic: Best cryptocurrency exchanges
In particular, Coinbase is a USA-based cryptocurrency exchange. Based on daily trading volumes it’s one of the biggest and most popular exchanges in the world. They also support the instant purchase of ETC via Visa/MasterCard credit and debit card.
To purchase Ethereum Classic(ETC) with a credit card, your card should support ‘3D Secure’. To find out if your card supports this, you can just try adding your card to Coinbase and it will give you an error if it doesn’t.
Furthermore, you can buy Ethereum Classic at this exchange, provided that they serve your country. At present, they serve more than 100 countries, but unfortunately, not all countries are able to buy and sell.
You can check if their service is available in your country here.
How to buy ETC on Coinbase?
Steps to add credit card to Coinbase
- Register at Coinbase.
- Complete ID verification with photo.
- Go to the payment methods page.
- Click on +Add Payment Method on the right-hand side.
- Choose Card and add the credit/debit card.
- Accept and allow Coinbase to make two small transactions.
- Coinbase will make two very small test transactions between 1.01 and 1.99 in your local currency. Log in to your card statement account and note the amount of those transactions.
- Enter the amounts transacted in the Coinbase app/website.
You should now see a window that says “Credit/Debit Card Added” and a Buy Digital Currency button.
Next in the procedure of buying ETC on Coinbase is submitting a buy order on their platform. To buy ETC on Coinbase you have the following trading pairs available:
Binance is founded by Changpeng Zhao and is a well-known blockchain industry expert and expert in setting up trading systems. In the past, he also founded BijieTech and was head of development at Blockchain.info. Furthermore, Binance can be considered as the best altcoin trading platform, if you consider the trading volume and the number of coins listed on the exchange.
Binance which is originally a company from China, recently moved it’s headquarters to Malta because the China government banned cryptocurrency trading. Despite this ban, this crypto platform managed to grow to the biggest altcoin trading platform as it is today.
US residents on Binance
If you are a USA resident, then I have to warn you. Recently, the main trading platform at Binance didn’t allow US residents at their platform anymore. This due to regulations by USA government. However, don’t worry too much about that, within no time the trading company opened doors to Binance.us.
First of all, trading in this domain is allowed for all US customers. In case, it meets US regulations and compliance standards based on its Digital Asset Risk Assessment Framework.
Token pairs available for Ethereum Classic(ETC)
BitFinex has been around for many years in the cryptocurrency space and is one of the exchanges with the highest daily trading volumes. To start trading at this exchange you have to sign up and go to a regular KYC/AML procedure first.
This online trading company is based in Hong Kong and has been operational since 2014. It gives its users the option to trade more than 100 cryptocurrencies/pairs in exchange for USD, EUR, ETH or BTC. Depositing EURO or USD to this is exchange is currently only available by wire transfer.
Trading on Bitfinex
Bitfinex offers a very liquid order book and this makes it a very reliable exchange. Furthermore, it allows users to easily exchange Bitcoin, Ethereum, EOS, Litecoin, ETC and many other digital assets with minimal slippage. Bitfinex also boasts a suite of order types to help traders take advantage of every situation.
Following are the supported pairs on Bitfinex exchange for ETC:
Bitpanda GmbH (formerly known as Coinimal) is a fin-tech company based in Vienna, Austria specializes in selling and buying Bitcoins and other cryptocurrencies. Firstly, it has quickly grown to become Europe’s leading retail broker for cryptocurrencies. Secondly, with over 900K users the company has recently expanded its services to allow users to invest in precious metals (gold, silver) as well.
The company was founded in late 2014 and has since grown to become one of the more popular options to purchase Bitcoins around Europe. Moreover, if you live inside the EU it’s one of the cheapest ways to buy Bitcoin with a credit card or SEPA transfer.
How to buy Ethereum Classic on Bitpanda
Like any other cryptocurrency exchange, you have to undergo the sign-up process first which is pretty straightforward. After this, it’s time to buy ETC token. In short, the steps to purchase Ethereum Classic on Bitpanda:
- Choose Dashboard
- Click ‘Trade’ – button in upper right
- Choose ETC token
- Give payment method(Credit card or Bitcoin)
Compared with the crypto exchanges above, Kucoin is probably a modern platform for trading any cryptocurrency. In addition, this platform was founded by a group of cryptocurrency enthusiasts from Asia aiming to offer comfort and security of your mighty assets. Besides, Kucoin which was launched in May 2017, has its headquarters in China despite the difficult climate towards cryptocurrencies performed by the local government.
This difficult climate towards cryptocurrency exchanges doesn’t affect the business model of KuCoin much because they’re aiming at foreign markets. Back in 2013, the founders started with setting up the foundation by making a technical implementation of the trading platform.
KuCoin a modern trading platform since 2017
Later on, in 2017, the founders finished this work and made the platform available for the public. As of writing the platform ranks at position 70 on the list of exchanges which is based on trading volume for the past 24 hours.
One of the remarkable policies this online trading platform has is its liberal sign up policy for new users. As a result, signing up at this platform can be done with just e-mail and mobile phone which speeds up the process of buying Ethereum Classic instantly.
Trading pairs available for Ethereum Classic
What pairs of ETC has this cryptocurrency exchange to offer? Check the pairs below:
Buying crypto like Ethereum Classic has become easier these days if you compare it with trading cryptocurrency a few years back. Furthermore, it totally depends on you what your intentions are with this newly purchased crypto. By showing you the general way to buy crypto, I hope I have given you a clear view of what Ethereum Classic is all about and what the best places are to buy this cryptocurrency.
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