Ethereum Classic (ETC) is one of the most popular cryptocurrencies currently. In terms of market cap, it is currently the 28th-largest cryptocurrency (over US$7.14 billion market capitalizations). Now, the question comes should you invest in it? Is it a good investment? To answer all your queries, let me walk you through Ethereum Classic (ETC), its fundamentals, and the ETC price forecast.
Ethereum Classic (ETC) is Ethereum’s legacy chain. Therefore, it was founded by the original developers of the Ethereum protocol, Vitalik Buterin and Gavin Wood. The Ethereum Classic was originally thought of when the Ethereum blockchain’s integrity was questioned after a major 3.6 million ETH hacking on the Ethereum network.
Ethereum Classic was founded in July 2016 as a hard fork of Ethereum (ETH) and its main functions are:
ETC is the native token of Ethereum Classic digital currency. Right from its launch, the technical roadmap has been diverging further from each other.
The main aim of Ethereum Classic is to preserve the originality of the Ethereum blockchain (original Ethereeum) without countering the DAO hack artificially. This new blockchain, which was formed after the hard fork of the Ethereum blockchain, is revered by those who disregard the response of Ethereum. This legacy network has gained a wide array of investors such as investment firm Grayscale’s CEO Barry Silbert.
One of the unique aspects of the Ethereum Classic network is that it is completely voluntary in nature. No dedicated team of the organization is working on the Ethereum Classic project. No plan is there to make it a for-profit entity. It is run by the volunteers of community members and anyone can participate in this network.
If you’re a user, you would have to pay a transaction fee just like that of the Ethereum network. The fees are collected by the miners on the basis of work done as per the PoW (proof of work) mining algorithm.
While many developers are working on future improvements of the protocol like scaling solutions, there is no such plan of converting the mining algorithm from PoW to PoS (proof-of-stake).
All these facts and figures (as of Oct 13, 2021) will help you to make a decision on investing in Ethereum Classic:
It is secured by using the PoW (proof of work) algorithm. As Ethereum Classic is a minority chain, it suffers from cyber-attacks regularly. The recent most attack took place in August 2020.
You can buy ETC coins in almost all reputed cryptocurrency exchanges including:
You can use credit cards, debit cards, or money transfers from a bank account to fund your cryptocurrency trading or investing account in a leading cryptocurrency exchange.
The most popular price pairs of ETC are:
Before investing, check out historical data of token ETC, crypto news, Ethereum Classic price charts, ETC to BTC exchange rate, and others.
The best Ethereum Classic wallets to store ETC coins are:
You can buy and sell Ethereum Classic ETC and other virtual currencies against various fiat currencies (US Dollar USD, British Pound, Canadian Dollar CAD, South Korean WON, Singapore Dollar, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of crypto exchanges (centralized or decentralized exchanges), crypto APIs, and bitcoin cash markets. Use Dollar Cost Averaging DCA strategy to invest in cryptos to minimize the risks associated with high volatility.
If you want to increase your investment explosively in the coming 5-to-10 years, buy crypto coins now. Keep an eye on the market news, price statistics, block times, blockchain news, and others to time your trading of Defi protocols and tokens for maximum profit.
You can also diversify your crypto coin portfolio by including other cryptocurrencies such as ETC, WBTC, BCH, BTC, AAVE, Ripple XRP, Bitcoin Ether ETH, Bitcoin Gold (also called Bit Gold), Bitcoin Cash BCH, Basic Attention Token, Ethereum Classic, Shiba Inu SHIB, Binance Coin, Wrapped Bitcoin (some also call it wrap bitcoin or wBTC), USD Coin, Gemini Dollar, ERC20 tokens (created on Ethereum blockchain), nonfungible tokens NFTs, and others.
Also, invest in various types of stocks, mutual funds, index funds, real estate, and others to improve your personal finance. If possible, get help from a portfolio manager or wealth management firm for maximum return.
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