Embark on a journey to financial freedom by investing in Ethereum Classic, the original blockchain platform that has continued to appeal to crypto enthusiasts. If you have always wanted to add Ethereum Classic to your crypto portfolios, there is no better time than now to make the move.
Since it was forked several years ago, Ethereum Classic has continued to break barriers and reach new heights. In today’s guide, we will go over everything you need to know about Ethereum Classic, including what it is, how to buy it and the best places to buy this remarkable crypto token. Let’s jump right in, shall we?
Key takeaways
- Ethereum Classic is a decentralized, open-source blockchain platform that runs smart contracts
- It was created as a result of a hard fork from Ethereum after a controversial hack in 2016
- Ethereum Classic maintains the original vision of Ethereum as a decentralized platform with an emphasis on immutability and censorship-resistance
- It is available on many reputable exchanges and brokers, such as eToro, Binance, and Coinbase
- To buy Ethereum Classic, it is important to research the technology, choose a reputable exchange or broker, set up a secure wallet, and verify your identity
- Consider using a limit order to set the maximum price you are willing to pay and diversifying your investments to reduce risk
- Cryptocurrency prices can be volatile, so stay informed and monitor market news and trends to make informed investment decisions
- Investing in cryptocurrencies, including Ethereum Classic, is considered high-risk and it is crucial to thoroughly research and understand the risks before investing.
What is Ethereum Classic?
Ethereum Classic is a leading crypto project. Being a decentralized and open-source platform, Ethereum Classic brings something remarkable to the crypto space. For those who are new to the crypto space, it will interest you to know that Ethereum Classic is a hard fork of the original Ethereum blockchain. It was launched following the controversial hack of the Ethereum blockchain in 2016.
What is interesting about Ethereum Classic is that it maintains the original plan of the Ethereum ecosystem as a decentralized platform. Unlike Ethereum, Ethereum Classic’s emphasis remains on immutability and censorship-resistant.
Ethereum Classic offers a secure and transparent platform where developers can build decentralized applications for users to securely store and transfer digital assets.
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Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Although Ethereum Classic and Ethereum were identical from the very onset, they have followed different trajectories after the fork.
A brief history of Ethereum Classic
Ethereum Classic is a leading cryptocurrency and blockchain platform that was launched in July 2016. It was a hard fork of the original Ethereum (ETH) blockchain. Following the Ethereum decentralized autonomous organization (DAO) hack, where nearly 3.6 million ETH were stolen, the community decided to hard fork the Ethereum blockchain.
The fork was decided upon by the Ethereum community as a move that will help return the stolen funds to the original owners. This resulted in two separate chains: Ethereum (ETH) and Ethereum Classic (ETC). While Ethereum Classic maintained the original vision of the original Ethereum blockchain, including its principles of immutability and censorship resistance, the original Ethereum implemented the hard fork to recover all stolen funds.
Since its launch, Ethereum Classic has metamorphosed into one of the most exciting blockchain projects in the crypto space. Today, it boasts of its own unique features and a robust developer community. While it has struggled to reach the heights that Ethereum has attained in the last couple of years, there is no denying that Ethereum Classic has provided valuable investment opportunities for millions of crypto lovers across the globe.
How has Ethereum Classic performed since it was hard forked?
Since its launch in 2016, Ethereum Classic has remained a force to reckon with in the crypto space. Although it still trails Ethereum in terms of performance, Ethereum Classic has earned its place among popular cryptocurrencies. Like other cryptocurrencies, Ethereum Classic has experienced significant price fluctuations. Even then, it hasn’t performed badly.
Following its successful launch in 2016, after the hard fork of the Ethereum blockchain, Ethereum Classic saw significant growth, reaching as high as $45 in January 2018. Over the next few years, Ethereum Classic edged lower, no thanks to the bearish market of 2018 and the years after that.
While the massive sell-off experienced in the crypto space for much of 2022 saw Ethereum Classic lose nearly 98% of its value from its all-time high of $52, it’s exciting to see Ethereum Classic regain some of its value. It would be recalled that Ethereum Classic traded for as low as $13.8 during the bearish winter of 2022.
As of today, Ethereum Classic is trading for around $24 across different exchanges where it is listed. Plus, it currently has a market capitalization of approximately $2.7 billion.
While Ethereum Classic hasn’t performed badly since it was hard forked, keep in mind that its price and market performance is greatly impacted by factors such as regulations, investor sentiment, global economic conditions and more.
Let us also quickly add that cryptocurrency prices are highly volatile and can experience significant fluctuations. So before investing your hard-earned money into any cryptocurrency including Ethereum Classic, it’s important to do thorough research. Make sure you understand the risks, before investing.
Is now a good time to buy Ethereum Classic?
Are you wondering whether now is a great time to invest in Ethereum Classic? To be honest, that decision is left for you to make. That said, it is important to add that Ethereum Classic has been regaining some lost ground following the massive sell-off in the crypto market for much of 2022.
During the bearish winter of 2022, Ethereum Classic dropped to as low as $13.8. If you missed investing in Ethereum Classic because it was too expensive in 2021, when it was trading for $52, you’ll agree that investing right now will not be such a bad decision, especially with Ethereum Classic trading for $24 today.
More so, experts believe that the renewed attention the crypto market is getting in 2023 will see most cryptocurrencies including Ethereum Classic shelve some of the losses made in 2022.
While we encourage our readers to consider investing in Ethereum Classic, it’s important for investors to do their due diligence before buying into any crypto project.
Tips for buying Ethereum Classic online
Before you invest your money in Ethereum Classic, here are some important tips you want to know.
- Research: Before buying any cryptocurrency, it’s important to thoroughly research and understand the technology, the team behind it, and the potential risks and rewards.
- Choose a reputable exchange or broker: Ethereum Classic is available on many reputable exchanges and brokers, such as eToro, Binance, and Coinbase. Choose a platform that is secure, regulated, and has a good reputation.
- Set up a wallet: Before buying Ethereum Classic, you will need to set up a secure wallet to store your investment. Consider using a hardware wallet, such as a Ledger or Trezor, for added security.
- Verify your identity: Most exchanges and brokers require you to verify your identity before buying Ethereum Classic. This may include providing a government-issued ID and proof of address.
- Consider using a limit order: A limit order allows you to set the maximum price you are willing to pay for Ethereum Classic, helping you avoid buying at an unexpected high price.
- Diversify your investments: Diversifying your portfolio can help reduce your overall risk. Consider investing in a mix of cryptocurrencies, stocks, and other assets to spread out your risk.
- Keep an eye on the market: Cryptocurrency prices can be volatile and subject to rapid fluctuations. Stay informed and monitor market news and trends to make informed investment decisions.
It’s important to remember that cryptocurrency investing is high-risk and can result in significant losses. Always do your own research and consult with a financial advisor before making any investment decisions.
How to buy Ethereum Classic
Even though there are several ways to buy and trade Ethereum Classic, the easiest option is to open an account with an exchange like Kraken, Binance, BitPanda and others. That said, brokers like eToro have made it insanely easy for users to buy and trade Ethereum Classic. Many users love eToro because they make the entire process of buying and trading ETC seamless.
How to trade Ethereum on eToro
- Before you can start trading Ethereum Classic on eToro, you need to first open an account, that’s if you don’t already have one. If you’re signing up for an account for the first time, it will interest you to know that signing up for an account on eToro takes only a few minutes. More so, you’re only required to submit basic information.
- After signing up for an account, you’ll need to have your eToro account funded. Thankfully, eToro supports multiple payment methods, including credit/debit cards, PayPal, bank transfer, and more, so funding your account won’t be an issue.
- With your account now funded, you can navigate the eToro dashboard and click on the “Trade Markets” option.
- On the page that pops up, select crypto.
- Scroll down through eToro’s crypto selection and choose Ethereum Classic or use the search function to find ETC.
- Click on the buy button and choose the amount of Ethereum Classic token you would love to purchase.
- Click on the open trade option, and you’re good to go.
That wasn’t so difficult, was it?
Final thoughts
As you set off on your cryptocurrency investment journey, remember that Ethereum Classic is more than just a coin – it’s a symbol of decentralized power and resilience. With its strong focus on immutability and censorship-resistance, Ethereum Classic offers a unique investment opportunity for those looking to diversify their portfolios and join the blockchain revolution. So why wait? Take the leap and start exploring the world of Ethereum Classic today! The future is yours for the taking, and eToro is the perfect broker to help you get there.
Frequently asked questions
What is Ethereum Classic?
Ethereum Classic is a decentralized, open-source blockchain platform that runs smart contracts and is based on the original Ethereum codebase. It was created as a result of a hard fork from Ethereum after a controversial hack in 2016.
Is Ethereum Classic a good investment?
Like any investment, buying Ethereum Classic has potential risks and rewards. It is considered a high-risk investment and its price can be volatile. It’s important to thoroughly research and understand the technology and market trends before investing.
Where can I buy Ethereum Classic?
Ethereum Classic is available on many reputable exchanges and brokers, such as eToro, Binance, and Coinbase. Choose a platform that is secure, regulated, and has a good reputation.
Do I need a wallet to buy Ethereum Classic?
Yes, you will need a secure wallet to store your Ethereum Classic investment. Consider using a hardware wallet, such as a Ledger or Trezor, for added security.
What is a limit order?
A limit order allows you to set the maximum price you are willing to pay for Ethereum Classic. This can help you avoid buying at an unexpectedly high price.
Is it safe to buy Ethereum Classic?
The safety of your investment depends on several factors, including the security of the platform you use to buy Ethereum Classic and the security of your wallet. Always choose a reputable exchange or broker and use a secure wallet to store your investment.
Can the price of Ethereum Classic change rapidly?
Yes, cryptocurrency prices can be highly volatile and subject to rapid fluctuations. Stay informed and monitor market news and trends to make informed investment decisions.
