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What is Ethereum Classic (ETC)?

Most people in the cryptocurrency sphere are aware of Ethereum in one way or another. This is the second best-known crypto network after Bitcoin and was launched in 2015 to update and revolutionise decentralised blockchain technology. However, Ethereum Classic (ETC) is not quite so well-known or understood.

Ethereum Classic is the result of the split in the original blockchain that occurred back in 2016 when the Ethereum network was barely a year old. The split was executed due to a hacking incident in which cyber criminals stole ETH tokens from a set of smart contracts hosted on the network. This incident was a major issue for the Ethereum community and led to significant disagreement about what to do next. Eventually, it was decided that the Ethereum blockchain should be forked, with one fork seeking to reverse the theft and move on from there, while the other fork continued on the original blockchain. The first fork is now known as Ethereum (ETH), while the second fork, on the original chain, is Ethereum Classic (ETC).

It's important to remember that Ethereum Classic is the network rather than the cryptocurrency itself. Ethereum supports several cryptocurrency forms, but its native currency is Ether, which is used to power the network. This is true of both Ethereum and Ethereum Classic, but Ether on the Ethereum network has the code ETH, while the Ethereum Classic Ether currency is ETC. When you buy Ethereum Classic Ether (ETC), you may notice that the price is slightly different to that of ETH.

What is Ethereum Classic for?

The idea of Ethereum was to open up the cryptocurrency market, offering more possibilities, use cases and flexibility for users. While the Bitcoin network was revolutionary, its slow transaction speeds and exclusive support for BTC tokens meant it was not broadly viable. The developers of Ethereum sought to build on this, increasing the usability of the technology.

They created a network that would support different cryptocurrencies and its own native Ether coins. They also developed smart contracts that would support the transfer and trading of other digital assets — essentially decentralised digital contracts that are executed automatically when all preset conditions are met. In this sense, Ethereum and Ethereum Classic are designed to do the same thing. The difference is that Ethereum Classic uses the original Ethereum blockchain, while what is now known as Ethereum uses a blockchain that was remediated after the 2016 hack.

The ETC coin — or Ethereum Classic Ether — can be used in many ways. Traders can buy ETC through investment via a reputable crypto exchange like BTC Markets, or they may receive it as part of a transaction with another user. From here, they can use it as an alternative form of currency, or they can speculate on its future value movements. The ETC can also support other cryptocurrency projects based on the Ethereum Classic blockchain.

How is the price of Ethereum Classic determined?

The Ethereum Classic price in AUD is subject to change, and the currency displays significant volatility. This is because the ETC is not a Stablecoin and is not tied to any external sources of value — instead, the value is determined by market forces such as supply and demand.

The supply of ETC is limited to prevent rapid declines in value. Eventually, the supply of ETC will hit this limit, and no more tokens will be created. The finite nature of the currency offers some stability, although there are no guarantees that the value of the ETC will rise. This is a key difference between the ETC and ETH coins, as ETH does not currently have a supply limit.

The demand for ETC depends on two basic factors — the public desire to buy Ethereum Classic coins and the usefulness of the Ethereum Classic blockchain in the wider market. As mentioned, Ethereum was designed to make blockchain technology more broadly viable for developers and financial service providers — if more developers and financial service providers decide to work with Ethereum, the value will be driven up. Currently, the Ethereum Classic to AUD rate is 1 ETC to around 57.3 AUD. This ETC price in AUD will move up and down multiple times each day.

Trade in Ethereum Classic Ether (ETC) with BTC Markets

Ethereum continues to be a popular choice in the crypto market. Buying ETC can help traders further diversify their assets and investments. The BTC Markets platform is ideal for this, thanks to its convenience, security and reliability, and various features. Reach out to our team to discover more, or sign up for a BTC account today to get started by researching ETC prices.

Frequently asked questions

Is it safe to buy Ethereum Classic?

It is understandable for traders to be concerned about safety and security when they buy Ethereum Classic Ether or other forms of cryptocurrency. In fact, this is one of the most frequently asked questions on the BTC Markets site.

Firstly, Ethereum Classic is just as well-established as Ethereum itself, and both networks stem from the same original blockchain. This gives traders peace of mind, knowing they’re trading with a reputable and long-standing network. Secondly, ETC is at the stronger end of the spectrum regarding past performance and is well recognised among seasoned traders.

Despite this, there are always risks when purchasing cryptocurrency. The value of the ETC token is subject to market forces and may go up or down at any time. This is why a responsible trading strategy often provides the best results for traders.

How do I store Ethereum Classic?

Your crypto wallet is where you will store your Ethereum Classic Ether. When you buy ETC or receive it as part of a transaction, it will automatically be transferred to your crypto wallet. From here, you can execute further transactions or manage your currency reserves. Platforms such as BTC Markets offer a crypto wallet as part of their array of built-in features.

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