Today we offer you a look at how to buy and earn Ethereum Classic. This coin is a fork of Etherium, which appeared in 2016 due to the controversy in the community concerning the integrity of the blockchain. Since then, the project has been actively developing and expanding its user base. For example, in December 2020, blockchain research firm IOHK announced the restart of its Mantis client.
Ethereum Classic cryptocurrency can be used with hardware wallets (Ledger, SafePal, Trezor), online wallet ETCWallet, created specifically to work with Ethereum Classic, as well as many multicurrency services, for example: Metamask, Exodus, Coinomi, Trust Wallet, MyEtherWallet, Guarda. Thus, Ethereum Classic can be stored and used in any convenient way, including from mobile devices or via a browser.
The ETC cryptocurrency rate is growing very fast now, so it is useful to know how to get it.
There are four main ways to get ETCs by buying them:
- Purchasing on an exchange.
- Purchasing through an exchange service.
- Purchasing through a wallet.
- Using Telegram bot.
Cryptocurrency exchanges are large-scale trading platforms where you can exchange cryptoassets for each other or for fiat money, as well as perform many other operations - for example, earn from trading, receive passive income on cryptocurrency, take cryptocurrency loans, participate in free giveaways, etc. The set of features depends on the specific exchange.
Instructions for buying cryptocurrency Ethereum Classic on the exchange:
Go through the standard registration procedure.
Verify the account, if the rules of the exchange require it.
Deposit the assets to the exchange account to be used for the purchase.
Create a trade order to exchange available currency into ETCs.
Also some exchanges provide the ability to buy directly from the card. You don't need to fund your account in this case, but go to "Buy Cryptocurrency" or a similar section, then enter the amount and pay with your bank card.
Through exchangers you can easily and quickly buy the desired cryptocurrency by paying with a card or a wallet in the payment system. There are a lot of such services in the network, but to avoid falling for the tricks of scammers, use special resources of exchangers monitoring to choose.
Here is how you should proceed when using an exchanger service:
- Specify the currency you plan to spend.
- Specify the currency to receive - Ethereum Classic (ETC).
- Specify the purchase amount.
- Enter details.
- Create a request.
- Pay for the request within the allotted time by transferring assets to the specified account.
- Confirm the transaction and wait.
When you use an exchanger, it is important to specify the wallet address of the exact cryptocurrency you are buying. If you buy ETCs and you indicate Ethereum wallet address in your application, your funds will be irretrievably lost, you will not be able to cancel such transaction after it is processed.
Buying cryptocurrency through software or online wallets is convenient because the purchased assets are immediately credited to the account, eliminating the need to perform extra operations, such as transferring from an exchange. However, you have to pay higher commissions for convenience.
It is true that at the moment, among wallets working with Ethereum Classic, none allows you to buy the coin directly. But it is possible to buy Ether in a multicurrency wallet, such as Guarda or TrustWallet, and then exchange it for ETC.
In addition to the website, many exchangers provide the ability to make purchases using Telegram bots. To do this, you need to find information about the bot on the exchanger's website, copy the address and find it in the messenger.
Using bots is a simple procedure, just use the buttons in the chat window to select the desired functions. Management is intuitive and allows you to quickly create a request for exchange, and then it remains only to pay for it. However, here, as in the case with the exchangers, you need to be careful not to become a victim of fraudsters.
Mining Ethereum Classic (ETC)
Ethereum Classic is mined using the Etchash algorithm and GPUs can be used for mining. To start mining, you will need to:
- Calculate the potential yield. This can be done using calculators such as https://whattomine.com/coins.
- Acquire equipment. Graphics cards with 3-4 GB of memory will do.
- Assemble a farm for mining. In addition to video cards you will need other computer components - motherboard, power supply (enough power to pull all the elements), CPU, RAM.
- Using the utility MSI Afterburner overclock graphics cards. Do it very carefully. Gradually increase the key parameters, and if you see that the equipment starts to behave abnormally, roll back the settings one step at a time. However, if you want to minimize your efforts at this stage, you can buy a fully configured farm with already overclocked video cards.
- Choose a program to mine Ethereum Classic. Common applications are Gminer, PhoenixMiner.
- Choose a pool and join it. The most popular options are Etherpool, BeePool, Hiveon, f2pool, 2Miners.
- Set up a safe wallet for ETCs and configure the software so that the income from mining goes there.
After that, it remains to run the software and watch the addition of cryptocurrency in the wallet.
Earning Ethereum Classic on cranes
Examples of ETC cranes: FaucetCrypto, Final Autoclaim.
A crane allows you to get a small amount of cryptocurrency once in a while. It is absolutely free. It is not easy to find really working cranes with Ethereum Classic, because there are much less of them than, for example, for BTC.
Many cranes also offer additional earning opportunities - lotteries, gambling. Any options related to investing money, you use at your own risk. Also, cranes make money with the help of a referral program, inviting new users.
Ethereum Classic, according to analysts, has as good prospects as Ethereum. Now, against the background of the general bull market, this coin is one of the fastest growing, which attracts the attention of investors. The main thing is that the developers do not stop there, but continue to develop and improve the project. We talked about how to get and earn Ethereum Classic in modern conditions, in case you consider this coin as a promising investment asset.
Jamie is a graduate MBA from the UCLA Anderson School of Management and now is engaged in cryptocurrency analytics and forecasts. She also writes extensively on blockchain, cryptocurrency, and the modern digital technologies for business.
Jamie's Twitter: https://twitter.com/@JamieEMartinez1