Ethereum Classic: History, Advantages, Prospects and Forecasts

Retrospective, idea and history of the birth of Ethereum Classic

In order to understand what Ethereum Classic is, you need to go back a couple of years and remember the history of the Ethereum cryptocurrency. At the end of 2013, a young and promising native of the city of Kolomna near Moscow, co-author of the cryptocurrency magazine Bitcoin Magazine, presented a new vision of the next-gen crypto platform.

In July 2015, a new cryptocurrency, Ethereum, was released into the network, which was created not only as a coin, but also as a decentralised blockchain-based network, which immediately attracted crypto investors and large developers. Due to the fact that the service was gaining more and more popularity, the number of not only decent users, but also malicious scammers began to increase. In 2016, a mysterious hacker found gaps in the system and, taking advantage of the vulnerability of the service, withdrew about $50 million from fund accounts. Such news quickly spread around the world and the total capitalization of the coin immediately decreased. Many believe that such an Ethereum hack can hardly be considered a hacker, since the system was not protected from such attacks by fraudsters as much as possible. Users were shocked by this and they demanded from Vitaly Buterin, the creator of Ethereum, to resolve the situation as soon as possible. Since the pressure from the users was great, Vitaly closed all transactions after such an unpleasant incident. Only after a while was it possible to stabilise the situation on the market and regain the trust of people. Today, Ethereum is the second most popular crypto-coin after Bitcoin. The coins are called ether (ETH) and their capitalization is more than $480 billion.

Ethereum representative, Vitaly Buterin, decided not to rely only on the Ethereum network and create a new chain of the network, while continuing the concept of the old one. He brought together programmers and developers around the world to create a new project in the same direction. The team's motto was that the code is equal to the law and within a couple of days, after the official launch of the site, the well–known Poloniex exchange included a new cryptocurrency ETC in its lists - this meant that the global financial market recognized Ethereum classic as the new official cryptocurrency.

Key Benefits of the ETC Hard Fork:

• Absolute decentralisation of applications;
• Freedom and transparency of payments;
• Reliable protection and completeness of transactions;
• Impossibility of plagiarism;
• Former stability;
• Stability in the financial market;
• Positive liquidity indicators.

Ethereum vs Ethereum Classic Differences:

• The total supply of ethereum classic is 210 million crypto coins, while ethereum has no restrictions.
• Ethereum is suitable for long-term investments, but if you decide to simply diversify your crypto portfolio, then choose Ethereum Classic.
• It is worth noting that Ethereum has a higher hash rate than Ethereum Classic.
• ETC does not allow any changes in the system, but ETH is very positive about such innovations if most of the entire team agrees with them.
• Also a big difference is the course of each of the cryptocurrencies. The price of Ethereum, since the beginning of 2021, was at least $730.99 and reached a maximum value of $4,210.13. But Ethereum Classic met 2021 at $5.69 and reached its maximum of $134.14 per coin.

Where to store Ethereum Classic?

When buying any cryptocurrency, the necessary crypto wallet and ETC is no exception. It is worth knowing that not all wallets may be compatible with a particular coin, so you should find a crypto wallet where you can safely and securely store your assets in ETC. Let's look at several options for quality wallets:

• Hardware wallets for Ethereum Classic - they were developed by two well-known companies "Trezor" and "Ledger". These wallets will serve as flash drives where you can store available Ethereum Classic coins. This is a kind of cryptocurrency safe that connects to a computer or phone with the Internet. After connecting, you can carry out your transactions.
• Cold wallets: "Mantis Exodus" and "Emerald". You will need to install and configure cold wallets on your PC. But, you should be prepared for the fact that synchronization will be configured for about a month.
• Mobile wallets: "Trust Wallet" and "Coinomi" are made for IOS and Android. Easy to use and always at hand. Here you can easily check or replenish your balance.
• Online wallets: "My Crypto" and "Classic Ether Wallet" are less secure and easy to hack.
• One of the ways to store coins is an exchange. This is convenient, but risky, since the exchange can be hacked or it will completely close at any time, which means the complete loss of all money.

Of course, no matter which Ethereum Classic Wallet you choose, the security of assets still depends on you.

Mining ETC

You can get ETC cryptocurrency without investing in fiat, for this mining comes to your aid. Mining is the extraction of crypto coins using your own computer or mining farms. Comparing the mining of other cryptocurrencies, mining Ethereum Classic is much easier, since it does not require a large amount of electricity, you just need a powerful PC.

You can mine Ethereum Classic on ordinary video cards, as Ethereum works on Ethash algorithms.

In order to start Ethereum Classic mining, you need to choose a mining pool, you can read how to do it here. After choosing a pool, set up and download a special bat file for mining, run the program and start mining!

Prospects and forecasts ETC

For Ethereum Classic, the prospects are quite bright, as the capitalization of the cryptocurrency is only increasing every day. But despite this, there is one point that causes concern among many users. After a hacker hacked into the system in 2016, tens or even hundreds of thousands of cryptocoins were lost. As soon as the hacker is acquitted and his account is unfrozen, then a large number of digital assets will be publicly available. If a hacker decides to sell his assets, prices on the market will drop rapidly and all cryptomaniacs will not be laughing. As soon as the hacker is acquitted, and his account is unfrozen, then a large number of digital assets will be in the public domain. If a hacker decides to sell his assets, market prices will drop rapidly and all crypto fans will not be laughing. After the unfreeze, the digital market will be very unstable in relation to Ethereum Classic. But many argue that the fears of users are in vain, as tens of thousands of miners continue to mine the coin, find out the Ethereum Classic rate against the dollar, and the coin itself is successfully operating on the most popular exchanges.

Due to the huge interest of investors and the attraction of new individuals, the system can afford successful further development, preservation of liquidity and resistance to hacker hacks.