Cryptocurrency

How to buy Ethereum Classic – A beginner’s guide

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how-to-buy-ethereum-classic-etc-is-3-simple-steps-a-beginners-guide
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Introduction – Ethereum Classic 

There are many cryptocurrencies in existence, one of which is the Ethereum Classic. The ETC, as it is popularly called, was formed after the Ethereum platform was forked into two versions; the Ethereum Classic and the Ethereum. The ETC is, however, the older version of the Ethereum platform, but instead of being called “Ethereum” it was named “Ethereum Classic, ” and it is represented in the cryptocurrency exchange with the ticker symbol “ETC.”

It is a cryptocurrency that can be stored in a supported wallet and can be transferred between wallets. It is a blockchain based computing platform that is open sourced and publicly available. It uses GAS, an internal transaction processing mechanism to prevent network spam and proportionally allocate resources.

How to buy Ethereum Classic

If you are interested in getting ETC and you have no idea of how to get it, the following steps may guide you.

  1. Get an Ethereum Classic (ETC) wallet

The very first step if you do not already have a cryptocurrency wallet that supports Ethereum Classic, is to get one. This is usually done by registering for a secure and reputable wallet. There are several types of wallets that support it, and they are available. Some of them are mobile wallets including Coinomi that works on Android; there are other mobile wallets that work on both android and ios as well. There are web wallets as well and hardware wallets (which is the safest solution) that also support the wallet. Then, there is a mist wallet whose software runs the ETC also.

Also Read: 10 BEST ETHEREUM WALLETS 2018

  1. Search for an Ethereum Classic supported exchange

After creating an ETC wallet, search for an exchange that actually trades it. Some exchanges may accept fiat currency (e.g., US dollars) to enable you to purchase ETC, some may require you pay for it in bitcoin and some may accept both fiat currency and bitcoin as a means of payment for ETC (note that if you decide to purchase ETC with bitcoin you need to have an already funded bitcoin wallet). Some existing ETC exchanges are Kraken, Bitfinex, and Poloniex.

Also Read: TOP 5 ETHEREUM MINING POOLS

  1. Transfer your ETC to your wallet

After you have successfully gotten an ETC wallet and decided on what exchange to purchase ETC from, you can then pay for the amount of ETC you want and then get your ETC out of the exchange and into your wallet to ensure you have absolute control of your ETC.

All you do is make sure you include your correct wallet receiving an address in the exchange so that the amount of ETC you have bought would be transferred into your wallet successfully.

Expert’s Opinion

With the presence of hackers and fraudsters in the cryptocurrency market and the fact that the crypto world is highly decentralized, ensure that your ETC wallet is backed up properly so that you have full control of your ETC and that you do not lose them easily.

Related: HOW TO MINE ETHEREUM ? 14 STEPS OF ETHEREUM MINING


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About the author

Tayyab M

I love to talk about global tech-happenings, startups, industry, education and economy.

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