If you are learning about Ethereum Classic (ETC) for the first time, you may be surprised to find that it is the original version of Ethereum. Today, with few users and developers, Ethereum Classic, created by Vitalik Buterin, was the first smart contract compatible blockchain. The creation of Ethereum and the abandonment of Ethereum Classic took place in a process called the Hard Fork.
In 2016, Decentralized Autonomous Organization (DAO), a community of investors and developers residing in Ethereum (now Ethereum Classic), was hacked. There was one small bug in the code that slowly ejected millions of dollars worth of Ether from the DAO. Buterin faced one of the most difficult decisions he had to deal with. Fork Ethereum blockchain to refund stolen funds or to keep the spirit of “code is the law” and maintain a practical approach.
This decision was difficult, mainly because of the ideals that the blockchain holds. Many cryptocurrencies have the idea that blockchains such as Ethereum are permanent and transparent and should not have central authority. Potentially, branching Ethereum into two different blockchains could set a bad precedent for the future of Ethereum.
In the end, Buterin decided to use his influence to hard fork the blockchain and replenish the stolen Ether. The original blockchain still exists and is today known as the Ethereum Classic. As the majority of programmers and investors move to the new chain, some believe in the potential of Ethereum Classic. These individuals tend to emphasize blockchain persistence and decentralization over justification of injustice.
The main difference that Ethereum Classic holds with Ethereum is that it remains a Proof of Work (PoW) network as it moves to the Proof of Stake (PoS) network. This factor may be the bullishness of Ethereum Classic. Although it is rumored that PoS has many technical advantages over PoW, the actual implementation of PoS has not yet proven to be feasible, at least for a sufficient period of time. Also, many do not consider PoS to be a fully decentralized concept and are concerned that the users with the greatest stakes will ultimately control the network.
The failure of Ethereum does not mean the success of the Ethereum Classic. In fact, another hard fork can occur. Regardless of your opinion about Ethereum Classic as an investment, the history behind the blockchain is interesting.
Why is Ethereum Classic down?
The simple answer to why Ethereum Classic is down is that the entire crypto market is down. Bitcoin is below $ 30,000 and Altcoin is subject to Bitcoin price fluctuations. Ethereum Classic is no exception, as both Bitcoin and Ethereum Classic sank in early 2022.
Even in the wake of the bull market, Ethereum Classic hasn’t seen much positive momentum, at least compared to most other cryptocurrencies. The price of ETC tokens can struggle as developers are migrating to the latest Ethereum with hard forks and there is little blockchain development.
Ethereum Classic price fluctuations
The massive outflow from the Ethereum Classic to the modern Ethereum blockchain was the driving force behind the negative price volatility that occurred in 2016.
After the end, Ethereum Classic was relatively flat from 2018 to 2020. However, coins soared in 2020 along with other crypto markets.
The execution of Ethereum Classic was short-lived and prices began to be revised. Currently, it’s about $ 20 per token.
Cryptocurrency market cycle
The crypto market is trending near the area of the bear market. Most coins are well below record highs, so everyone is wondering if this sale can continue. Bitcoin and many altcoins peaked in 2021, but given that the Fed has begun a tightening cycle, the crypto market has been put up for sale following the stock index.
It has not yet been discovered whether the market will see a full-fledged crypto winter. If cryptos can’t find support right away, it can take months to reach their true bottom.
Where to buy Ethereum Classic
let’s start
Safely through Robin Hood’s website
Buying and selling Dogecoin
Robin Hood is a broker for traders who want a simple and easy-to-understand layout without all the bells and whistles offered by other brokers. With limited trading options and account types, even beginners can quickly learn Robin Hood’s intuitive and streamlined platform. On the other hand, more advanced traders may be dissatisfied with Robin Hood’s lack of technical analysis tools. This feature has become almost universal across other platforms.
Optimal
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- Limited altcoin selection
- No wallet function
Ethereum Classic can be purchased on several large trading platforms, albeit with little or no use.both Coinbase Global Inc. (NASDAQ: COIN) and Robinhood offer ETC tokens for trading. Another trading option for Ethereum Classic is to use a decentralized exchange. This is sometimes referred to as DEX for short. The most notable of many DEXs is Uniswap.
So is Ethereum Classic dead?
Ethereum Classic will be part of the history of blockchain forever. Being an original work by Buterin, it offers sentimental value.
When it comes to real projects, or real use cases, that appear in Ethereum Classic, the coin is almost dying. Ethereum Classic needs to rely on the connection between emotions and Ethereum in order to stay in the top 30 blockchains by market capitalization.
