Ethereum Classic (ETC), sharing a rich history with its sibling Ethereum (ETH), is a Blockchain platform and cryptocurrency. Ethereum Classic emerged as a fork of the original Ethereum Blockchain due to an ideological and technical split within the crypto community. In this article, you can find answers to two frequently asked questions: What is Ethereum Classic (ETC), and how to buy Ethereum Classic (ETC) with TRY.
What is Ethereum Classic (ETC)?
Ethereum Classic is an open-source Blockchain computing platform that allows developers to create and deploy smart contracts similar to Ethereum. Ethereum Classic emerged in 2016 following the controversial fork of the Ethereum Blockchain. This fork resulted in two separate cryptocurrencies: Ethereum (ETH) and Ethereum Classic (ETC). The fork was a result of a disagreement within the community regarding the resolution of a hack involving a decentralized autonomous organization (DAO).
While Ethereum Classic shares many features with Ethereum, there are significant differences between the two. Ethereum Classic remains immutable and resistant to updates, using Proof of Work (PoW) as its consensus mechanism, whereas Ethereum has transitioned to a Proof of Stake (PoS) consensus mechanism. This difference reflects varying views on Blockchain governance and decentralization principles within the crypto world.
Ethereum Classic’s commitment to immutability and PoW has both advantages and disadvantages. On one hand, it maintains a strong commitment to decentralization and security, as demonstrated by the continued support of miners following Ethereum’s transition to PoS. However, this resistance to change also creates issues in terms of scalability and adaptability, limiting Ethereum Classic’s potential for mass adoption compared to Ethereum.
While Ethereum Classic continues to operate as a separate entity from Ethereum, its community remains dedicated to preserving the principles of decentralization and immutability. Despite facing challenges in scalability and development, Ethereum Classic remains a resilient and influential player in the crypto world, attracting miners and enthusiasts who value its commitment to the original vision of Blockchain technology.
How to Buy Ethereum Classic (ETC) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Ethereum Classic (ETC). On Binance TR, where an account can be created quickly, more than 100 cryptocurrencies, including ETC, can be bought and sold. To buy Ethereum Classic (ETC) with TRY on Binance TR, you can follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. For this, you need to go to trbinance.com and continue from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and accurately, email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or through the official Binance TR website. Note that you will need your mobile phone to perform identity verification from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on the “Copy URL” option to have the identity verification address sent to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first, tap on the “Identity” option to continue.
Then a screen like the one below will appear. To continue the verification process, first, select the document type that suits you and continue.
After selecting the document type, tap on the “Upload Front” option to continue. After taking a photo of the front of the document according to the document type you selected, tap on the “Upload Back” option and take a photo of the back of the document and upload it. When taking photos of the front and back of your ID card or driver’s license, make sure the images are clear and the information in the photo can be easily read.
Then you can continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Once the camera is open, make sure your face fills the camera area as much as possible.
After completing all these steps accurately and completely, your identity verification process will be completed in a short time.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account through all banks. You can deposit and trade 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts without interruption. For other banks, you can deposit up to 50,000 TL 24/7 with FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first, go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is to use the information shown on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your wallet in your Binance TR account.
How to Buy ETC Coin with TL on Binance TR?
After the deposit process, you can proceed to the step of buying ETC coin with TL by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the page below will open. By typing “ETC” in the search section on the right side of this page and clicking on the ETC/TRY option from the results, you can go to the ETC purchase page with TL.
Now the ETC trading page will open as shown below. On this page, in the area marked with a red box, you need to enter the price at which you want to buy ETC in the first box and the number of ETC you want to buy in the second box. After entering the amount, you can complete your purchase by clicking on the “Buy ETC” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers trading services from fiat to cryptocurrency and from cryptocurrency to cryptocurrency by leveraging Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through direct bank channels and trade various cryptocurrencies with TRY pairs via Binance TR.
Users gain access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls, all supported by Binance’s core functions through Binance TR.
