Ethereum Classic is a cryptocurrency that operates based on the Ethereum source code. The coin has firmly established itself in the top twenty leaders in terms of capitalization and trading volume. The price of Bitcoin affects the ETC rate. Like “digital gold,” the cryptocurrency fell significantly in price in 2018.
Buy or sell cryptocurrency
The Classic platform emerged as a result of a scandal in 2016, when hackers stole 3.6 million ETH coins. Despite the support of Vitalik Buterin, Ethereum Classic (ETC) has its own ideology and attracts the attention of investors.
Characteristics Classic
The open source code of Ethereum Classic allows you to create decentralized applications based on smart contracts.
Features of cryptocurrency:
- Community members are equal to each other. The platform gives everyone a voice. Users make suggestions to the public protocol.
- A course towards complete decentralization. The influence of third parties on the platform is excluded. Creators have no privileges over contributors.
- Blockchain immutability. No one can make changes to the transaction ledger. Code changes are only possible to update and optimize the software.
- Each network participant can create a personal decentralized project and raise funds to implement the idea.
The creators announce a rapid increase in project participants. The speed of transactions also increases regularly.
Classic course changes
Until April 2022, the cryptocurrency rate did not exceed three dollars. Then the quotes began to increase sharply: in two and a half weeks, the Classic rose to 7.2 USD. After a slight correction, the price continued to rise. In July 2022, the rate reached 24 USD, and in December the coins were trading at $44. The exchange rate of Ethereum Classic to the ruble is characterized by a similar increase.
Reasons for the rapid rise in exchange rate:
- Support for network members. Immediately after entering the market, Ethereum Classic aroused the interest of the cryptocurrency community. The coin began to be traded on major exchanges, and experts were unanimous in their positive forecasts. The growth of the exchange rate was greatly influenced by the support of banks and large organizations.
- Preserving the benefits of the Ethereum network. Classic is a decentralized and anonymous project.
- Demand among traders. They make good money from exchange rate volatility. The coin is on the list of leaders in short-term investments.
- Sustainability. The developers took into account the weaknesses of Ether and tried not to repeat them in Classic. The mechanisms involved prevent hacking of the platform. The increased degree of protection has been confirmed more than once.
- Limited number of coins. The issue is 210 million coins, which increases the liquidity of the cryptocurrency.
Since February 2022, the Classic rate has declined following Bitcoin. A minor correction was observed in May, June and July. Since August 2022, the rate began to decline rapidly without rollbacks.
Quotes on stock exchanges
The volatility of the exchange rate makes the token attractive to traders. The coin allows you to earn good profits on a short-term basis. Each resource provides a chart of Ethereum Classic price changes and tools for analysis. Using a chart, traders track current quotes and analyze the dynamics of exchange rate changes.
Many exchanges work with Ethereum Classic. Quotes between resources can differ significantly, which opens up opportunities for additional earnings.
Classic quotes
Where to buy Ethereum classic
You can buy this cryptocurrency on all the most popular exchanges and exchangers. You can carry out a trading operation on more than 200 platforms. Examples include resources such as:
- bitfinex.com;
- exmo.com;
- bittrex.com;
- yobitex.net;
- bestchange.ru.
You can pay for it in fiat, i.e. the national currency of a country. In most cases, these are rubles, dollars or euros. It is also possible to exchange some crypto coins for others.
On most resources, you can not only choose from current offers or trade on the market, but also create a limit order.
The disadvantage of buying on the exchange is the need to pay a commission for the operation. Additional fees may also apply for deposits and withdrawals.
Therefore, there are resources where 2 people can agree on a deal directly. Most often, Telegram channels, Skype chats or thematic forums are used for this. However, it should be borne in mind that such transactions may be unsafe, and there is a high risk of encountering a fraudster.
The difference between Ethereum Classic and Ethereum
The Classic platform is devoid of many of the disadvantages of Ether.
Main differences:
- It is prohibited to make any changes to the Ethereum Classic blockchain unless the changes concern a software update. On Ether, this is possible with the consent of the majority of users. Some participants express caution about prohibiting edits, since if funds are stolen, nothing can be changed. The developers claim that the high degree of protection of the platform excludes precedent.
- Thanks to open source, both platforms are open to suggestions from contributors to improve the experience. In Ether, a proposal from one user is enough (subject to the approval of other participants); in the Classic platform, changes are possible only after submitting applications from three teams that are responsible for the design and development of the project. It cannot be said that the teams are well coordinated, but the creators assure that active work is underway to eliminate the shortcoming.
- Today, blockchains interact well and can adopt each other’s edits. Ethereum is focused on attracting more smart contract participants, while ETC focuses on security, sacrificing the overall developer base.
- Creating a block on the ETH network takes 15 seconds. In Ethereum Classic, a node is created in 14 seconds. Classic developers are working to increase speed - in the future, it will take 10-12 seconds to form a chain element.
- A block of the Ethereum network can accommodate up to half a million transactions per day. Increasing the number of participants can negatively affect scalability, which can lead to a queue of transactions and an increase in their cost. Classic platform blocks have more free space. Whether the situation will continue in the future is still unknown.
- The total supply of Ethereum Classic coins will be reached by 2059. Then deflation is provided, which will have a positive effect on the value of coins. The emission of Ether is not limited, the annual inflation of coins is 3%, which threatens the depreciation of the cryptocurrency in the future.
- Mining of both platforms is based on the PoW algorithm. The reward for a block in the Ethereum network is 3 coins, in the Classic network it is 4 coins. Since ETC is a young project, mining is more profitable, unlike Ethereum. After 5 million blocks have been mined, the premium is reduced by 20%. Over time, the difficulty of mining Classic coins increases.
The ETC cryptocurrency has many advantages over Ethereum, but whether they can be maintained with the development of the project and the increase in the number of participants is still unclear.
Mining ETC coins
To start mining ETC, you need:
- select a pool;
- create a storage wallet or account on any of the exchanges working with these coins;
- install the miner.
You should try to select a pool with a strong hashrate and a large number of participants. Weak communities will not allow for high income. In addition, you need to take into account the size of the commission and ping. The best resources are:
- Nanopool;
- Ethermine;
- Etc.epool.
The most popular wallets and exchanges are mentioned above. You can use any of them for mining.
You can use Claymore's Dual Ethereum+Decred AMD+NVIDIA GPU Miner as a miner. It's not free. Every hour, the crypt earned with its help goes to the account of the software creator.
Alternative options are Claimer and PhoenixMiner. Commissions are respectively 2% and 0.6% of mined coins.
Before starting work, you need to create a start.bat file containing the following information:
- pool address;
- ID of the person mining;
- wallet;
- password.
This entry is created as a text file in Notepad.
Please note that mining requires a video card with at least 4 GB of memory. Before you start mining coins, you need to reset its settings. In stores you can find components pre-optimized for this task.
However, before purchasing them, you need to calculate the potential return on investment and return on costs. This can be done using an online calculator, for example, on the WhatToMine resource. It takes into account:
- video card parameters;
- cost of electricity;
- various commissions.
The calculation can be done for different coins. In 2022, ETC coin ranked second in mining profitability (using an AMD RX 570 graphics card).
You can view your statistics by going to the pool website and indicating the address of your wallet, which was specified in start.bat. The minimum withdrawal amount depends on the resource used. For Ethermine - 0.1 coin.
Strengths and weaknesses of ETC
Advantages:
- Complete decentralization. The functioning of the platform is not controlled by third parties or a specific group of people. Network participants are equal to each other.
- The speed of transactions, which the creators plan to increase.
- Resistance to cyber attacks. The system has been subject to hacker attacks more than once, but the attempts of the scammers were unsuccessful. The factor attracts users who are interested in network security.
- Availability of large investors. At the beginning of its development, the platform experienced financial difficulties, but today the problem has been solved thanks to large investors who support the development of Classic.
- High liquidity. Ethereum Classic has repeatedly outperformed Ethereum in terms of trading volumes. Today, cryptocurrency is one of the twenty most liquid assets.
Disadvantages of Classic
- ETC coins are not backed by anything. Predicting the price of cryptocurrency is quite difficult. The course depends on the demand for the project.
- The platform runs on an outdated PoW algorithm, while most blockchains have switched to PoS, which makes mining more profitable.
Today ETC is attractive for short-term investments. Traders earn good profits from exchange rate volatility. The further well-being of the project depends on various factors.
Most experts are positive about the platform's prospects. In their opinion, absolute decentralization will have a positive impact on the development of the network. The lack of large-scale projects based on Ethereum Classic suggests that the project has not yet earned the full trust of users.
Classic is a liquid cryptocurrency that has no serious grounds for failure. Over the past month, the coin rate has increased by 17%. Perhaps the cryptocurrency will be able to maintain its upward trend.
Ethereum Classic exchange rate to ruble and US dollar
As of today, December 25, 2019, the price of this coin is within:
- 3.9038 - 4.0599 dollars;
- 245.2226 - 256.8647 rub.
Trading volume over the previous day exceeded $660 million.
Moreover, at the time of the separation of ETC from the original classical crypt ETH, 1 coin was valued at 75 cents. This asset reached its maximum value on January 13, 2022. It exceeded $43.
Over the past year, the price has fluctuated in the range:
- 3.3495 - 9.8469 ETC/USD;
- 221.1433 — 628 ETC/RUB.
The 2022 value peaked in June. Ethereum Classic, like all cryptocurrencies, is characterized by high volatility.
