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What is Ethereum Classic? Learn about Ethereum Classic (ETC) cryptocurrency

What is Ethereum Classic?? Create stars Ethereum classic (ETC) was born again? What is its history and development? How dangerous. Quite a lot of questions arise around this issue, and many of you who regularly visit the Cryptocurrency Blog have asked so today Blogtienao.com I wrote this article to share with you the concept of Ethereum classic and some related important events.

What is Ethereum classic (ETC)?

Ethereum Classic (ETC) is a type of Cryptocurrency it is developed and created from the Blockchain technology of Ethereum. At first, these 2 Blockchains were similar in every way, but when the second hard fork at block 1,920,000 of Ethereum proceeded to return the entire amount of the stolen investors' DAO funds. . Transactions active on Ethereum are still valid for Blockchain of Ethereum classic until the hard fork, from then on, these 2 blockchains moved to separate operations.

However, the features of Ethereum classic are still similar to those of Ethereum, such as the use of smart contracts and distributed techniques. Besides, the specifications of Ethereum classic are similar to Ethereum: Average block time, reward and block size.

Why was Ethereum classic born?

It can be said that the version Hard fork 2nd of Ethereum virtual currency received a lot of attention, there was a lot of controversy, this incident caused the Ethereum user community to split into 2 groups.

Why was Ethereum classic born?

Here are the views of users who disagree with the Hard Fork:

  • All recent events with Blockchain are not interfered with and cannot be interfered with
  • Cryptography should be the law, according to the fund's terms of use DAO under any circumstances
  • This is seen as a rescue for Ethereun investors
  • Making a refund decision will cause Ethereum rate decline

And here are the views that agree with the Hard Fork:

  • Code is the law: That's too tough at the moment, the majority will be the voice of most people
  • Hackers can't profit, it's illegal to profit from stealing, this is against ethics and the community must intervene
  • If it's considered an investor rescue, it's not, it's just a refund
  • Value of Ethereum will be harmed when it is in the hands of such a person
  • We need to act because this amount is too big
  • If you don't handle it quickly, this is likely to happen a second time

And from there Ethereum classic was born

How dangerous is Ethereum classic?

Before Bitcoin also mentioned the problem of 2 Blockchains co-existing and developers are afraid of that happening. As it can confuse Bitcoin investors as well as users, it also creates an opportunity for Replay attacks on both Blockchains.

Furthermore, when there is a transaction made on Blockchain, it can be reproduced on the other Blockchain without consent, leading to the disclosure of the account owner's private-key information.

What is the value of Ethereum Classic virtual currency?

Price of Ethereum Classic cryptocurrency often fluctuate, up and down erratically and change from hour to hour or even minute to minute, similar to Ethereum or Bitcoin. Because of this feature, ETC coin is also the currency chosen by many "surfing" investors. At the time of writing this article, the price of 1 ETC = $7.40 = 0.00369020 BTC, market capitalization is $679,843,508 = 338,904 BTC.

The value of virtual currency Ethereum Classic

Buy and sell Ethereum Classic (ETC) on any exchange?

Present Ethereum Classic cryptocurrency has been listed by many exchanges, I can name some big exchanges such as: OKEx, Bitfinex, Huobi, Binance, Bithumb, Upbit, Bit-Z,..In which ETC coin trading volume at OKEx is the largest, besides Huobi, Bitfinex and Binance, if you are in need invest in ETC then I recommend you choose the floor Huobi or Binance, because these are 2 exchanges with low transaction fees and extremely fast transaction speeds. You can watch exchange rate ETC which we update 24/7 here.

In Vietnam, there are quite a few services that support direct ETC to VND transactions, but it's not impossible, you can transact directly on Vicuta.com, This is a pretty reputable service so you can rest assured. .

Store ETC Coin in which wallet?

Present, ETC . digital virtual currency There are many versions of wallets (Wallets) such as Web wallets, software wallets and some cold wallets that support storing ETC coins. Here are the types of wallets that you can use to store ETC:

Also, if you regularly trade ETC, you can store ETC directly on your wallet exchanges for the convenience of trading and exchanging ETC with other coins, this helps you save money on deposit/withdrawal transaction fees, however, in terms of security, it will not be equal to storing in the above private wallets.

But in the long run, you should store on hot wallets, if you have conditions, use cold wallets, you can read more about different types of wallets. cryptocurrency wallet

Conclusion

Simple to understand Ethereum Classic (ETC) is a 2nd version of Ethereum and currently has a very fast growth rate and value and has future investment potential for anyone passionate about digital currencies. Here is the article "What is Ethereum Classic? Why was Ethereum classic born?Hope to bring useful information to readers.

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Virtual Currency Bloghttps://blogtienao.com/
Hi, I'm Hen Vai, Founder of Blogtienao (BTA), I'm very passionate about community, that's why blogtienao was born in 2017, hope the knowledge on BTA will help you.
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