A quick survey of popular cryptocurrency exchange platforms will reveal two major types of Bitcoin - Bitcoin and Bitcoin Cash. Bitcoin is the most successful crypto project and everyone is crazing to buy bitcoin in India. Bitcoin Cash is also successful but its price is nowhere near that of bitcoin.
The same story goes for Ethereum - we have Ethereum (ETH) and Ethereum Classic (ETC). So, how come we have two types of Ethereum? What is Ethereum Classic (ETC)? How does it differ from Ethereum (ETH)? This guide aims to explain all the questions you might have about Ethereum Classic (ETC). The crypto world has a long history of heated debates and ideological disagreements among communities of different projects. This sometimes divides the community into different factions with each holding on to their own set of beliefs.
Sometimes, a new fork of a project happens when technological upgrades are done to improve its blockchain protocol. However, there have been cases of forks that happen due to deep ideological and ethical disagreements among the community during proposed protocol changes. This sometimes led to a big divide among the community and ultimately split the project and its community into irreconcilable factions.
One of such events is that of the Ethereum Classic (ETC). A project that came into existence due to the outcome of one of the greatest ideological and ethical disagreements in crypto history. So, what is ETC and what does it do? What makes it different? To understand this, it's important to understand the events that led to its creation.
Backstory on Ethereum
Initially, the Ethereum ecosystem started as a single platform following the same consensus rules to facilitate transactions and run smart contracts using the cryptocurrency Ether (ETH). As the platform grew, the developers were constantly experimenting on means to improve the network optimally. One of such ideas led to the formation of a project called DAO (Decentralized Autonomous Organization).
The DAO is a promising smart contract that was supposed to change the future of the Ethereum ecosystem. It was meant to be a sort of self-governing venture capital that will fund all future decentralized applications that will be created on the Ethereum blockchain. Investors interested in the project will need to buy DAO tokens with Ether (ETH). This will give them the staking power to vote for Ethereum-based projects they think it's worth financing. Projects that receive 20% of the community vote will be awarded a share from DAO's crowdfunded investment fund.
The idea was a hugely promising one, and it generated lots of frenzy among the community when it was announced. Within weeks, the project attracted 14% of all ETH in circulation at the time totalling $150 million, making it the largest crowdfunding campaign in history.
The DAO's Attack
However, the momentum did not last long. On June 17, 2016, two months after the project launched, the DAO was exploited. A group of unknown hackers exploited a vulnerability from within DAO's source code and stole a third of the total ETH on DAO’s investment, worth $50 million. Fortunately, the money was not completely lost, as the hackers were not able to bypass the 28-days wait rule necessary to withdraw funds from the platform.
Ethereum Classic Blockchain
The effect of the hack left huge reputational damage on Ethereum and the team had to act quickly to mitigate the effect and redeem itself. However, finding a satisfactory solution proves to be difficult. Discussion on how best to rectify the issue led to a series of ideological debates that ultimately divided the community.
The majority of the community suggests implementing a hard fork that will roll back the blockchain to a point before the hack took place. This will reverse the transaction and guarantee that the money stolen can be returned to its owners. However, some people in the community view the approach as undermining the basic principle of blockchains such as immutability and code is the law.
After much deliberation, the hard fork was adopted and implemented by the developers. As a result, the Ethereum project split into two — The new blockchain received the name of Ethereum, while the original was rebranded as Ethereum Classic.
What is Ethereum Classic (ETC)?
Ethereum Classic is an open-source project that allows the deployment and execution of smart contracts on its blockchain protocol. It is a project created out of an unwavering belief in core principles. It symbolizes the importance of a cryptocurrency being fungible and its blockchain immutable. Ethereum Classic is a distributed network; thus, it consists of a blockchain ledger, native crypto, and a robust ecosystem of on-chain applications and services.
Ethereum Classic facilitates the creation of decentralized applications on its blockchain protocol. It provides a permission-less way to manage digital assets without the need for any intermediaries. Transactions and applications executed on its blockchain are automated, enforced, uncensored, and are executed exactly as programmed without any downtime or third-party interference.
How to Get ETC
Two methods can be used to primarily obtain ETC coins. You can get ETC the same way as to how to buy cryptocurrency in India through exchanges. The second option is to mine ETC coins with the help of mining hardware and software.
Where to Buy ETC
Many cryptocurrency exchanges will allow you to buy ETC, but the one of choice should depend on where you live and how you intend to make the payment. If you’re looking to buy ETC in India, Remitano is your best bet.
Remitano allows you to buy bitcoin in India and swap it to ETC and other altcoins within a few seconds. If you already have bitcoin or ETH, you can easily swap it to ETC.
Wallets to Store ETC
Once you buy ETC, you are going to need to keep it in a secure crypto wallet. Some of the wallets that support ETC include Ledger, Trezor, MetaMask, Squarelink, TrustWallet among others.
ETC Price Prediction 2021
The crypto rally at the beginning of the year and the renewed development activity on the Ethereum Classic blockchain have lifted the ETC price sharply since the beginning of 2021. At the beginning of February, the ETC price climbed to $16 and traded between $9 and $14 until the end of March. The price then skyrocketed to $46 by mid-April, before falling back to $25 by the end of April. From May 2 to May 6, the ETC price rose by 200% soaring to an all-time high of $176.
However, the generally negative trend in the crypto market undermined the pattern and knocked the ETC price down 50% from the rally high to the May 12 low at $78. Over the past five days, the bearish trend in the crypto market has knocked ETC price down and it’s currently trading at around $63. This is still some 128% higher than the previous all-time high of $47 set in December 2017.
Short-term technical analysis points to a bullish sentiment ETC. The resistance indicator shown in the technical analysis indicates the potential of the coin to move close to the $100 mark before the end of the year.
ETC has shown great endurance ever since the split. The community has been working hard to upgrade the platform and have clear goals for the future. All this while staying true to its core values. Lately, ETC has been getting a lot of attention and exchanges are reporting great trading volumes of the coin daily. There has never been a better time to join in the trend and make a profit.
The easiest way to get ETC is to buy bitcoin and swap for ETC on Remitano. You can also buy ETC the same way as to how to buy bitcoin in India through Remitano. Getting ETC on other exchanges may not be easy because of the ban on bitcoin in India.
Indian banks have restricted the automation banking systems that allow crypto traders to buy bitcoin from their bank account, thus making it nearly impossible to buy or sell bitcoin through these exchanges. The only legitimate way to buy bitcoin or dogecoin in India now is through Remitano P2P exchange, thanks to their unique and secure fiat wallet feature.