Ethereum Classic is the original version of the Ethereum blockchain. It was released on 30 July 2015. The fork (new version) occurred on the 20th of July 2016 after a hack on a third-party project on the Ethereum blockchain, during which the hacker stole $50m of Ether. The new version took the ticker symbol ETH to distinguish itself from the legacy version, ETC.
This guide will take you through all of the steps needed to understand ETC and how it works in 2023.
Best Platforms to Buy Ethereum Classic – 2023
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Bitcoin is the most widely used and traded cryptocurrency in the world. Instead of requiring a centralised body such as a bank to verify transactions, all Bitcoin payments are recorded on a public ledger called a Blockchain which is constantly maintained by users of the cryptocurrency. This means that Bitcoin can be bought, spent, and traded without the need for any institution to oversee the process.
Of Ethereum's original 8 co-founders, only Vitalik Buterin is still working on the project. Buterin's initial co-founder, Gavin Wood, has left the project. Buterin, the Russian-Canadian programmer founded it when he was 19 years old in 2013 with Wood. He owns 333,500 in his public wallet, worth more than $1bn today. The Thiel fellowship gave the then 20-year-old Buterin $100,000 to pursue his mission in the 2-year Thiel Fellowship program, created by Peter Thiel, co-founder of Paypal and founder of a startup, Palantir, a high tech surveillance company named after the orb used by the wizard Saruman in Lord of the Rings to see into the future.
Barry Silbert made most of his $1.5bn fortune from Crypto ownership and companies. He has been an outspoken supporter of ETC, as we have already seen.
Today, ETC states that its “global development community is a permission-less 'do-ocracy,' where anyone can participate.”
How Does ETC Work?
Ethereum Classic is a decentralised Turing Complete virtual machine, like most modern computers. Turning complete simply means a computer can solve problems.
This "machine" executes scripts using an international network of nodes.
ETC secures contracts and enables dApps to be built on its network.
"Gas" is the internal mechanism for pricing which is used to allocate network resources.
The network is secured by proof of work but it has suffered regular and numerous attacks, which it is now attempting to address.
How to Buy - Step by Step
Step 1: Exchange
Find an exchange.
Step 2: Sign up for an Account
Sign up and fund a purchase.
Step 3: Purchase
Make a purchase.
Top Tip: If you live in a jurisdiction or deal with a bank that prohibits Crypto transactions, Binance has a nifty feature where you can trade coins directly with other users in exchange for a variety of FIAT currencies. There is no way for the banking system to tie this transaction to Cryptocurrency and it can save you a lot of time. Check it out!
Congratulations, you've just bought your first Ethereum Classic!
How to Trade ETC - Step by Step
Step 1: Exchange
Find an exchange.
Step 2: Deposite
Step 3: Trade
Decide how to trade (CFDs, Spread-betting).
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Amala is custom content and news editor based in London. She is a former financial journalist based in Singapore with 7 years of experience covering a range of business and financial topics. Now she focuses on crypto and macro-economics. She has also covered feature profiles, tech, business politics and ESG— she was the Environment Editor for the Solutions Newspaper, 2016 and worked in an editorial capacity at both News corp (Dow Jones) and JBN. She also has experience as a content creator, strategist and brand editor for various financial institutions and banks.