Ethereum Classic (ETC) is a decentralized blockchain platform that allows anyone to develop and use decentralized applications. The cryptocurrency of the Ethereum Classic network is known as ETC. Similar to the leading cryptocurrency Bitcoin, there is no person or group that owns or controls Ethereum Classic. Ethereum Classic is a smart contract-focused blockchain platform launched with the aim of facilitating the development of decentralized applications with ease.
So how does one purchase ETC, or what is needed to buy ETC?
What is Ethereum Classic?
As of the writing of this article, Ethereum Classic is the 28th largest cryptocurrency by total market value. Although some investors may confuse it with Ethereum (ETH), which is ranked second, the two protocols are distinct. In fact, Ethereum Classic is known as the original cryptocurrency project and blockchain network launched by Vitalik Buterin and other founding partners.
But how exactly did the transition from Ethereum Classic to Ethereum occur? This was less of a transition and more the emergence of a new network.
When the Ethereum-based DAO was attacked, causing millions of dollars in losses, an interesting proposal was put forward. The proposers suggested reversing the network to a previous state and making a permanent change in the network to refund the stolen funds. While the majority of Ethereum developers and community members accepted this, a small group did not. As a result, the group that accepted the change moved to a new Ethereum network based on a different codebase, while the minority that remained loyal to the old code facilitated the emergence of Ethereum Classic.
Analysis of Ethereum Classic
Ethereum Classic is definitely known as one of the staples of the cryptocurrency sector. With the recent Agharta hard fork, Ethereum Classic has actually started to resemble Ethereum more closely. Nevertheless, the 51% attacks that occurred at the beginning of August shook the confidence in the network. Still, it’s known that ETC, like ETH, has many innovations and unique technology.
This increases the number of people wanting to buy ETC every day. So how and where can you buy ETC? ETC can be purchased through Binance, one of the world’s largest cryptocurrency exchanges by trading volume, by following the steps below.
How to Buy Ethereum Classic
The steps to buy ETC on Binance are as follows:
- To buy ETC, you first need to deposit USD balance into the exchange or purchase a cryptocurrency that can be used instead. For this, first enter the Binance homepage and click on the “Buy Crypto” option at the top left, then click on the “Credit/Debit Card” tab.
- In the tab that opens, select how much USD you want to transact with, and mark USDT, that is Tether, in the Coin section.
- After buying USDT, preview the “Trade” option at the top left again and click on the “Classic” tab.
- In the section that opens, select the USDT tab at the top right, type ETC in the search button, and select the ETC/USDT pair that opens below.
- Then go to the “BUY ETC” tab in the middle, enter the amount you want to buy.
- Enter the amount you want and complete the ETC purchase by confirming the transaction.
