Ethereum Classic is a hard fork of Ethereum. This split took place after Ethereum faced major problems. In this article, you can read how Ethereum Classic was created.
About Ethereum Classic
To understand where Ethereum Classic comes from, we have to go back to a hack in 2016, when a hacker stole over $50 million worth of Ethereum as a result of an error in the code of “The DAO.” This is a kind of fund that invests in various DApps that you can participate in by exchanging your ETH for DAO tokens.
However, participants in this fund were also able to restore their DAO tokens back to ETH. The hacker found an error in the system that allowed him to constantly convert his DAO to ETH without it being registered on the blockchain. The hacker managed to steal $50 million in ETH.
The Ethereum community decided in July 2016 to initiate a hard fork to prevent the hacker from eventually gaining access to the stolen ETH. These could not be moved for 28 days as a kind of protection mechanism of the system. This allowed the community to prevent the thief from running away with the ETH.
However, a group within the community disagreed with the planned hard fork. Their opinion was that Ethereum's code should never be modified in this way. According to them the group the hard fork would have destroyed the whole idea of an immutable blockchain. The group decided to stay with the original Ethereum blockchain, and Ethereum Classic was born.
Buy Ethereum classic (ETC) safely and easily via Knaken+
If you find the project interesting and you have read a lot about it, you may want to buy Ethereum Classic (ETC). This can be done on various cryptocurrency exchanges, for example on Binance and Coinbase. There are also several over-the-counter (OTC) platforms that offer the altcoin.
On this page, you will find some tips for buying Ethereum classic. There are some important things to consider before making a decision on where to buy Ethereum Classic.
Sell Ethereum classic (ETC) safely and easily via Knaken+
Selling Ethereum Classic is quite easy. Suppose you bought the ETC through a platform mentioned in the paragraph above, you can often sell this ETC there as well. The same applies if you received the ETC in any other way.
Knaken helps you buy or sell Ethereum Classic safely and easily. It doesn't matter if you are a beginner or a veteran. These three simple steps apply to everyone.
• Select your cryptocurrency
• Pay via payment methods such as IDEAL.
• Receive and manage your crypto in your Knaken dashboard or your own wallet.
Why do people buy or sell Ethereum Classic?+
The decision to buy or sell Ethereum Classic can be the result of a number of situations. When you have thoroughly researched the project and believe that Ethereum Classic will do very nice things in the future, you can buy Ethereum Classic as an investment.
You can also trade with Ethereum Classic. This means that you actively buy ETC when the price is low and sell again when you think the price has peaked. That way you can make a profit. However, as with all cryptocurrencies, this comes with great risks. The ETC price is quite volatile.
Why choose Knaken?+
• Safe & Easy
• No extra costs
• Manage crypto via your Knaken Dashboard or your wallet
• Knaken has its own exchange
Important tips when buying/selling Ethereum Classic+
Blockchain technology is a great revolution from many perspectives. However, you must take extra measures to ensure that you do not lose your Ethereum Classic. If you lose your ETC, they'll be lost forever.
It is therefore important to choose a good Ethereum Classic wallet. This can be an online, software or hardware wallet. A hardware wallet is considered by many to be the safest solution because it is not connected to the internet.
Only invest money you can really miss. The Ethereum Classic price can drop quickly, so your investment can lose a lot of value within a short timespan. So think carefully about how much money you can miss and how much you want to put into it.
Always do good research on the company where you buy and sell Ethereum Classic. Search the internet for reviews such as on Trustpilot, ask friends for experiences and use common sense; if a website looks suspicious, look for another company.