Why Ethereum Classic Vs. Bitcoin?
Ethereum was always smaller than Bitcoin, similar to every other cryptocurrency. Ether prices were dropping rapidly not too long ago and the solution that was suggested was to roll back the entire Ethereum blockchain. Experts suggested it be rolled back the point before the system was attacked, then change the code that would be used on the platform. This way, it is said that investors would be able to undo any shoddy investments that were made and change their investments to get everything back they had lost.
Suddenly millions of people started to buy into the Ethereum Classic - hundreds of millions of dollars-worth of it. The paradigm of Ethereum Classic was finally born after the split that occured because of people's uncertainty in Ethereum.
What Makes Ethereum Classic Unique Vs. Other Cryptocurrencies?
Ethereum is the second most valued cryptocurrency in the world. Ethereum Classic now ranks as the 5th largest cryptocurrency according to its market cap. After the infamous hacker exploited the bug that was in the contract's code, it allowed him to drain the funds from the DAO into another contract that he controlled. This is really why Ethereum Classic happened - to increase the security of the the platform operated.
For Ethereum the only option was to rewrite history. They performed something that would never happen again, and it wouldn't be possible in the future because of the immutable ledger. Here's where it truly changed: Ethereum is said to be a unique and unstoppable code – a system where the code is law. And whatever you program into the system no one can stop. The unfortunate thing about this, is that the system doesn't take into any consideration as to whether the code is accurate or not, it just runs it.
And because the entire development team at Ethereum couldn't stop the hacker, it was clear that there were a lot of issues that needed to be resolved. The problem is that a few phone calls with some key people could cause the code in the blockchain to be replaced. And that's not truly unstoppable according to others.
Ethereum Classic uses the original code but without the rollback ability. There is also no significant following after the loss of the rollback. feature There are literally hundreds of millions of dollars worth of market cap which means a lot of people have bought into the Ethereum Classic Platform.
When the split happened, there was a lot of uncertainty about both coins. Both had volatile price swings, and everyone was uncertain as to whether or not they would see it through. The split has been seen by many as the downward price trend that has lasted for nearly a year now. The market has seen both Ethereum and Ethereum Classic experience massive price growth now that is heading in a different direction.
Live ETC Price Chart
Best Ethereum Classic Trading Strategies
The first step is to get an Ethereum Wallet. A great application for that is Coinomi, a multi-currency platform that is ideal for cryptocurrency trading. ETHER is just one of the many different currencies offered on the app. There's also a Mist wallet, which is a full-fledged wallet on native software that runs Ethereum. The Mist wallet has already been adjusted to work with Ethereum Classic.
After that, your next step is to buy Ethereum Classic. There are three primary exchanges where you can purchase the cryptocurrency. The recommended ones are Poloneix, Bitfinex, and Kraken.
The next step is to withdraw Ethereum Classic into your wallet once you have finished buying it. Never forget to get your coins out of any exchanges you have them in, as this is extremely important to keep your money safe. While using exchanges can be lucrative, it's vital never to put too much trust into any of them.
Once you have your Ethereum Classic Tokens in your wallet, you can use them. It's essential that you back your wallet up, so you never lose the tokens.
And after you have the ETC address you can go back to your exchange like Poloniex. At the Deposit & Withdrawal Tab, you can look at the ETC line and push withdrawal.
The last step is to put the address into your wallet, pick an amount to take out and unless you're trading at the time, it should be all of it. There may be daily withdrawal limits so take into consideration. Hopefully, this gives you a better understanding of ETC or Ethereum Classic.