On August 1, 2022, a hard fork took place in the Bitcoin network, as a result of which a new cryptocurrency was formed - Bitcoin Cash. The brainchild of Roger Ver and a group of Chinese miners not only took root in the cryptocurrency market, but received solid support among developers, investors and other market participants, establishing itself in the top ten capitalization of CoinMarketCap.
The Ethereum Cash project appeared in October 2022 just in the wake of the success of BCH. Its name alone clearly demonstrates the desire of the creators to play on the hype around Bitcoin Cash. Cryptocurrency with the ECASH market marker is intended to become a convenient payment instrument in the hands of ordinary people. In practice, she had other tasks. This Ethereum Cash review will reveal the history of the cryptocurrency, its features and true purpose.
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Ethereum Cash rate and prospects
The Airdrops series in mid-October 2022 attracted several thousand participants. Already on October 12, a token with the ECASH marker appeared on the EtherDelta exchange. A day later, the daily trading volume exceeded $10,000, which allowed the token to be listed on CoinMarketCap.
The first peak of the Ethereum Cash rate occurred on October 17, 2022. Then the cost of one ECASH unit reached 18 cents. Airdrops participants saw positive dynamics, so they quickly transferred the received tokens to the exchange and sold them while Ethereum Cash was worth something.
However, by November the price had dropped to 1 cent. Reviews about Ethereum Cash appeared on thematic forums. Mostly negative. Most came to the conclusion that this is a typical scamcoin launched with the aim of making a quick profit. That is, the creators of the project pumped up its cost and then sold it off. Classic speculative scheme.
ECASH was “forgotten and washed down with water.” And at the beginning of 2022, to the surprise of investors and traders, the token appears on the Yobit exchange. In parallel with this, allegedly insider information appears on a number of thematic portals and forums: Shinhan Financial Group is going to annually invest $1.5 million in the development of Ethereum Cash.
Back on January 5, 2022, one ECASH token cost less than $0.05, daily trading did not exceed $20,000, and capitalization was $700,000. Around the same time, the market watched Bitcoin and altcoins rally, leading to a massive influx of newcomers. And the cryptocurrency called Ethereum Cash by default attracts attention. The peak was reached on January 12th.
The maximum price of Ethereum Cash was $1.52 with a capitalization of $22 million. However, by March 2018 the price had dropped to 0.05 USD, and by June – to 0.025 USD.
Does Ethereum Cash have a future? No one is involved in the project and in fact no one was involved. And besides the beautiful name, ECASH has no advantages. In the summer of 2022, daily trading volumes amount to measly hundreds of dollars. But in the event of a new boom in the market, enterprising token creators can perform the pump n dump operation for the third time and earn money again. ECASH does not have any practical benefit for the crypto world.
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How to withdraw ETH to a card through an exchanger?
Withdrawing Ethereum through an exchanger is the most convenient way. This is due to the fact that such services offer many exchange directions, unlike exchanges. In addition, if exchange platforms require registration, account and card verification, then working with exchangers is as simple and convenient as possible.
How to cash out Ethereum? To begin with, you should choose a reliable service. Monitoring exchangers Bestchange (bestchange.ru) will help with this. On it you will find hundreds of options for directions for exchanging Ethereum. For example, let's look at how to withdraw money from an Etherium wallet on Qiwi:
- Select ETH on the left side of the table and QIWI RUB on the right. A window will appear in front of us with the most profitable options offered by exchangers/
- We switch to a service that suits us in terms of limits, reviews and operating mode. Enter the required data and confirm the operation.
At the time of writing (June 8, 2022) for 1 ETH in exchangers they give up to 186,900 Qiwi rubles. The situation is similar with Yandex.Money (YMoney). But the exchange for WMR title units (rubles in the WebMoney system) is completely unprofitable, in this case the rate is 1 ETH = 147,900 rubles. The situation with Visa/Mastercard cards is not bad, the rate is 186,000 per 1 Ether.
Transferring ETH to a card through the rotator bestchange.ru is quite safe, because only verified sites with a good reputation are associated with this site. However, when making this type of transaction, it is worth considering several nuances:
- Exchange rate. The table will immediately indicate how many rubles are credited for 1 ETH. The higher a resource is located in the list, the more favorable its conditions.
- Reserve . Under this column the amount in rubles that the site has at a particular moment will be indicated. It may happen that the service does not have enough funds, which is why you will have to use another site (even if its conditions are worse).
- Reviews. From them you can understand how honest and high-quality a particular resource is. We said above that only the best platforms are associated with bestchange.ru. But even this fact will not insure you against any problems with the exchange. Based on the reviews, you can understand what difficulties users encountered, whether the problems were resolved, and so on.
- The lifetime of the exchanger. This information can be obtained in the reviews section (the period of work is indicated in the field above user comments). Here you should adhere to a simple principle: the longer the platform operates, the more reasons you have to trust it.
- Minimum amount to complete a transaction. Any exchanger has its own threshold, below which you cannot fall (otherwise the system will not even allow you to create an application). On average, the threshold is 0.1-0.5 ETH. There are also sites where a minimum of 1-2 and even 5 whole Ethereum coins are installed.
- The principle of operation of the exchange office. Most sites operate in manual or semi-automatic mode. But there are also platforms that offer automatic exchange. In this case, the system itself will credit your account with the amount specified in the application (usually it takes a couple of minutes), but you will still have to transfer Ether to the intermediary’s wallet yourself. In addition, auto exchangers rarely offer the most favorable rate.
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How to withdraw Ethereum through a cryptocurrency exchange
Ethereum can be withdrawn to a card through a cryptocurrency exchange. Such exchanges trade various cryptocurrencies, and also allow you to sell cryptocurrency for fiat money, in our case, rubles.
It is best to study the ratings of crypto exchanges and among them choose the best option for the platform on which the required pair “Etherium - Russian ruble” is traded. First of all, pay attention to reviews. You should not take your money to young exchanges that offer pleasant conditions until you study the reviews about it. Some sites may be fraudulent projects or simply unable to fulfill their obligations. In such cases, returning funds may be problematic.
How to withdraw Ethereum to a card from an exchange account? The general principle is similar to the operation of an exchanger. Only in this case, you must first register on the exchange and top up your account wallet with the amount you want to sell. As a rule, to do this, you should click the “Finance” button, select our ETH cryptocurrency in the field that opens and click on the replenishment button. Below you will see a wallet address that will be generated specifically for you, and you need to transfer your coins to it.
We sell (exchange) our ether on the exchange for rubles or any other currency. Then again in the “Finance” tab click on the “Withdraw” button. In the window that opens, enter your card details. The average transfer time is about half an hour. Sometimes this can take up to a day.
How to withdraw Ethereum to a bank card from the Exmo exchange
As a specific example, let's look at how to withdraw ETH from the popular Exmo exchange. Let's say you bought a certain amount of ETH coins on this platform. To transfer money to a card, you first need to exchange cryptocurrency for rubles. This can be done in two ways:
- Let's go to the exchange section. In the “I give” field, select Ethereum, and in the “I receive” line - ruble. Click on the “Exchange” button and wait for the money to be credited to your account (usually this takes about a minute).
- On the main page of the site, in the table on the right, select the ETH column. Then we find the ETH\RUB pair and scroll down the page. By default, in the buy/sell blocks there is a section “By limit” (we leave it). In the “ETH Sales” column, enter the number of coins to be sold and enter your cost of one coin. Here you can enter a price that is more favorable to you, but it should not differ much from the official rate, otherwise no one will accept your terms. Click on the “Sell ETH” button and wait until one of the users agrees to carry out the exchange.
When the rubles are credited to your account, you can begin transferring them to the card. We do this:
- Go to the “Wallet” section, find the RUB line and click on the “Withdraw” button.
- From the proposed options, select a transfer to a VISA/MasterCard card. You can withdraw money to almost any card of the bank we are interested in (except for the pension card, because it works through the MIR payment system).
- We go through the verification procedure (if you have not done so already) - enter your passport data, date/month/year of birth and transfer a scanned copy of your passport to the appropriate field.
- After that, enter the card number and the amount to withdraw.
- We order withdrawal. We just have to wait for the money to be credited.
Now you know how to withdraw Ethereum from your exchange wallet to your card. The principle of withdrawal on other cryptocurrency exchanges is not much different from that described.
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Comparison with Ethereum
Drawing parallels between Ethereum and ECASH is a fun idea. There are several billion light years between these projects. Ethereum is the largest platform for the development of decentralized applications based on smart contracts, one of the main reasons for the growth of the cryptocurrency market in 2016-2018. Hundreds of partnership agreements, billions of dollars in investments, a stable top 3 capitalization, Vitalik Buterin, conferences, Casper - all this I could list them for hours.
On the other hand, we are talking about Ethereum Cash, an ERC20 token that would never have existed without the Ethereum platform. It can be called a small “parasite” of a large network. Firstly, ECASH uses the ERC20 standard; secondly, Ethereum appears in its name. So without its progenitor, Ethereum Cash would be worthless.
Here are the differences between Ethereum and ECASH on the latter’s website:
- “Etherium’s internal token, Ether, is primarily designed to run smart contracts within the platform. This means that it is mainly used by developers and coders. It is not considered as a payment instrument for ordinary people. Vitalik Buterin himself spoke about this many times.
- Ethereum Cash aims to fill this “gap in the market.” Using Ethereum technology, we will create a reliable, decentralized and successful currency that will be easy for the average person to operate. All developments are carried out with one goal: the introduction of Ethereum Cash into the everyday life of ordinary people. Our project is not dedicated to any niche, we just want to create applications and services that will make ECASH more accessible."
Dispute Resolution
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8.2. The recipient of the claim, within 30 calendar days from the date of receipt of the claim, notifies the claimant in writing or electronically of the results of consideration of the claim.
8.3. If an agreement is not reached, the dispute will be referred to the Moscow Arbitration Court.
8.4. The current legislation of the Russian Federation applies to this Privacy Policy and the relationship between the User and the Administration.
Where to buy ECASH
Ethereum Cash was initially traded on the EtherDelta exchange. At the moment, the only platform with volumes paired with ECASH is Yobit.
Yobit is one of the leaders in the number of active trading pairs in the entire market. There are over 200 coins on the exchange. Trading volumes are not the largest, but the commission for the transaction is low + there is a Russian version. Additional services offered: InvestBox, Dice. There is a chat for communication between participants. Ethereum Cash on the Yobit exchange is offered only in pairs with Bitcoin.
ECASH has no plans to list. Therefore, you should not wait for this token on Bitfinex, Poloniex or other major exchanges.
